National Stock Exchange of India Seeks Record 5.26 Trillion Rupee Valuation

The National Stock Exchange of India is preparing for an initial public offering that could become the largest in Indian history, seeking a valuation of up to 5.26 trillion rupees (approximately US$55 billion). The exchange has marketed shares between 2,000 and 2,100 rupees during a global road show involving roughly 120 large investors in New York, London, Singapore, and Hong Kong.

The offering consists entirely of secondary share sales, with existing shareholders planning to sell up to 148.9 million shares, representing a 6 percent stake. If priced at the top of the marketed range, the IPO could raise 315 billion rupees, surpassing the previous record held by the Indian unit of Hyundai Motor. At this valuation, the NSE would rank as the sixth most valuable global exchange operator.

While the exchange originally expected approval from the Securities and Exchange Board of India by early August, the timeline shifted after SBI Capital Markets Ltd. was added to the list of selling shareholders. The IPO is now expected to launch in the second half of September.