India’s primary bourse preps a landmark IPO alongside Jio, testing markets amid a global slowdown.
India’s National Stock Exchange (NSE) has filed for an initial public offering with the Securities and Exchange Board of India, in what is expected to be one of the most consequential listings in the country.
The official filing document revealed that a ceiling of nearly 149 million shares, each with a face value of 1 rupee (about one U.S. cent), is being offered. The NSE is India’s primary bourse and the leading market infrastructure company in the Indian capital markets.
Its IPO has been a long-awaited event, providing major investors — including the State Bank of India, the country’s largest public-sector bank; Singapore’s global investment firm Temasek; and Canada’s Pension Plan Investment Board — with an opportunity to monetize their stakes.
Formed by large Indian financial institutions, the NSE has attracted investors from global financial institutions and individual investors, has more than 35,000 individual shareholders, and has created long-term value.
India’s IPO boom in recent years has sharply waned, with the Iran conflict a significant geopolitical headwind for deal flow.
This is reflected internationally, according to S&P Global, which reported in a recent report that IPOs worldwide have fallen to their lowest level since the height of the COVID-19 pandemic. During the first quarter of 2026, completed global IPO transactions fell to 294, compared with 451 in the final quarter of last year.
A Definitive Market Test
Market sentiment in India may be shifting as IPOs on the NSE, including those of its largest telecom operator, Jio Platforms, are underway, with Jio Platforms having filed a draft prospectus for a public flotation.
The NSE IPO is entirely an offer for sale proposal, where investors may reallocate funds to their headquarters on a global scale after raising liquidity and reducing NSE stakes.
“NSE, along with JIO Platform’s IPO, will not only showcase the depth of India’s capital markets but also the confidence of global and domestic investors in India’s markets,” said Sanjay Doshi, head of KPMG India’s financial services advisory.
Shareholders earned handsome returns, and some may have made more than 10 times their investment in a company that has adopted technology since its inception, he added.
Ajay Shamdasani is a contributing writer based in Hong Kong.
