NSE files papers for India’s biggest-ever IPO

The National Stock Exchange (NSE) has filed draft papers with SEBI for its proposed Rs 30,000 crore initial public offering (IPO), which is set to become the largest in Indian stock market history.

New Delhi: The proposed initial public offering (IPO) of the National Stock Exchange (NSE), estimated at around Rs 30,000 crore, is set to become the largest public issue in the history of the Indian stock market.

At the estimated size, the NSE share sale will surpass the Rs 27,870 crore IPO of Hyundai Motor India, which was launched in October 2024 and currently holds the record of the biggest IPO in the country.

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The NSE issue will also overtake the Rs 21,000-crore public offering of Life Insurance Corporation of India (LIC) in May 2022, which was India’s largest IPO before Hyundai Motor India’s market debut.

Among other large public issues, One97 Communications (Paytm) had raised Rs 18,300 crore in November 2021, while Tata Capital raised Rs 15,512 crore through its IPO in October 2025, and Coal India mobilised Rs 15,199 crore through its IPO in October 2010.

On Wednesday, NSE submitted its draft papers to Sebi for its proposed IPO.

Overall, India’s primary market witnessed a slowdown, with 23 companies tapping the IPO route to raise more than Rs 27,000 crore so far in 2026 amid heightened volatility and macroeconomic uncertainty, according to an Equirus Capital report.

This follows the launch of 103 maiden public issues in 2025, which together raised Rs 1.76 lakh crore. The fundraising figure far exceeded the Rs 1.6 lakh crore raised by 90 firms in 2024 and the Rs 49,436 crore garnered by 57 companies in 2023

However, the IPO activity is showing signs of a major pickup as geopolitical tensions eased with insurtech firm Turtlemint Fintech Solutions and Advit Jewels slated to launch their public issues this month.

Insurtech company Turtlemint Fintech Solutions will launch its IPO on June 19, while jewellery maker Advit Jewels will open its issue on June 23.

Waterways Leisure Tourism, which operates Cordelia Cruises, is also expected to launch its public issue this month.

Further, quick-commerce unicorn Zepto and the country’s largest fund house, SBI Mutual Fund, are planning to launch their public issues next month, people aware of the matter said.