National Stock Exchange of India Shortlists Top Investment Banks for Mega IPO

India’s leading stock exchange, the National Stock Exchange of India (NSE), has taken a significant step toward launching its much-anticipated public offering by shortlisting more than 20 investment banks and several law firms to manage the process. The proposed IPO is expected to be one of the largest listings in India’s financial market history and has already attracted major global and domestic financial institutions.

NSE Shortlists Leading Investment Banks for Landmark IPO

Around 20 Investment Banks in Race for Mandate

The National Stock Exchange of India has shortlisted approximately 20–21 investment banks as potential book-running lead managers (BRLMs) for its highly anticipated initial public offering (IPO). According to industry sources, prominent names in the financial sector have made it to the shortlist.

Among the institutions reportedly selected are Kotak Mahindra Capital, Citi, JM Financial, JPMorgan, HSBC Securities and Morgan Stanley.

These financial institutions are expected to play a crucial role in structuring, marketing, and executing the IPO once the final advisors are officially selected.

Industry insiders indicate that an official announcement confirming the final list of advisors could be made soon.

Several Law Firms Also Shortlisted

Alongside investment banks, the exchange has also shortlisted between seven and nine law firms to assist with legal and regulatory aspects of the public issue. These legal advisors will help ensure that the IPO complies with the regulatory framework set by India’s market regulator and international listing standards.

Their responsibilities will include drafting legal documents, advising on compliance requirements, and managing legal due diligence related to the offering. Although the exchange has not publicly confirmed the shortlisted names yet, sources familiar with the matter say the selection process is progressing quickly.

IPO Advisory Process Began With Request for Proposal

The move follows an earlier development in February when the National Stock Exchange of India issued a Request for Proposal (RFP) to several investment banks and legal firms, inviting them to submit pitches to manage the public offering.

According to reports, the exchange initiated the process on February 26, seeking detailed proposals that outlined the firms’ technical expertise, experience with large IPOs, and commercial terms.

By early March, shortlisted banks had begun presenting their proposals before the exchange’s IPO committee in an effort to secure the prestigious mandate.

These presentations included detailed strategies for pricing the issue, attracting institutional investors, and managing regulatory requirements.

Rothschild Appointed Independent Advisor

To ensure transparency and strong governance in the IPO process, the exchange appointed Rothschild & Co as its independent advisor earlier this year.

The firm was selected after evaluating proposals from multiple advisory agencies based on both technical capabilities and commercial proposals.

As the independent advisor, Rothschild will oversee the entire IPO preparation process and ensure that the selection of intermediaries is conducted in a fair and transparent manner.

According to the exchange’s earlier statement, the advisor’s responsibilities include designing an objective evaluation framework for selecting book-running lead managers, legal counsels, and other intermediaries involved in the offering.

Additionally, Rothschild will coordinate the selection process, manage documentation, facilitate communication among stakeholders, and maintain comprehensive records of decisions taken throughout the process.

NSE Board Approved IPO via Offer for Sale

The groundwork for the IPO was formally approved during a board meeting held on February 6.

During this meeting, the board of the National Stock Exchange of India gave its approval for the public offering to take place through an Offer for Sale (OFS) route.

Under this structure, existing shareholders will sell a portion of their stakes in the company rather than the exchange issuing fresh shares.

Some of the major institutional investors expected to participate in the offering include Life Insurance Corporation of India, State Bank of India, and Singapore’s investment firm Temasek Holdings.

These investors are among the key shareholders in the exchange and could partially exit their holdings through the IPO.

Dedicated IPO Committee Formed

To strengthen governance and oversight of the listing process, the exchange has also reconstituted a dedicated IPO Committee. The committee is responsible for supervising the preparation, evaluation, and execution of the IPO.

The committee is chaired by Tablesh Pandey and includes several members such as Srinivas Injeti, Professor Mamata Biswal, Justice (Retd.) Abhilasha Kumari, Professor G. Sivakumar, and the exchange’s Managing Director and Chief Executive Officer Ashish Kumar Chauhan.

This committee will oversee key decisions related to advisor selection, compliance with regulatory requirements, and overall governance of the IPO process.

NSE’s Growth and Market Leadership

Established in 1992, the National Stock Exchange of India began operations in 1994 and quickly transformed India’s capital markets by introducing fully electronic trading systems.

Today, the exchange operates a technology-driven platform that supports trading across multiple asset classes including equities, debt securities, commodities, currencies, derivatives, and exchange-traded funds (ETFs).

Over the past three decades, NSE has emerged as the country’s largest stock exchange and one of the most active markets globally.

According to its 2025 annual report, the exchange recorded 11.3 crore unique registered investors, reflecting a year-on-year growth of 23 percent. The total number of investor accounts on its platform reached approximately 22 crore, demonstrating the rapid expansion of retail participation in India’s capital markets.

The exchange also hosts 2,720 listed companies, providing a major platform for businesses seeking to raise capital and expand their operations.

Strong Financial Performance

The exchange has also delivered strong financial performance in recent years. For the financial year 2024–25, the exchange reported consolidated revenue of ₹19,177 crore, representing a 17 percent increase compared with the previous year.

Profit after tax surged to ₹12,188 crore, marking a remarkable 47 percent year-on-year growth. Speaking in the 2025 annual report, CEO Ashish Kumar Chauhan highlighted the exchange’s role in strengthening India’s financial ecosystem.

He noted that the financial year marked a historic period for India’s capital markets, with the exchange playing a critical role in enabling businesses to raise capital and supporting entrepreneurial growth.

Record Capital Mobilisation in Indian Markets

During the financial year, the exchange facilitated ₹18.7 lakh crore ($219 billion) in capital mobilisation across equity and debt markets. Of this total, ₹14.2 lakh crore ($166 billion) was raised through the debt segment, representing a 24 percent year-on-year increase.

Meanwhile, the equity segment accounted for ₹4.26 lakh crore ($50 billion) in capital raised. These figures highlight the growing strength of India’s capital markets and the expanding role of the exchange as a key facilitator of economic growth.

A Highly Anticipated IPO

The upcoming IPO of the National Stock Exchange of India is widely expected to be one of the most significant listings in the history of India’s financial markets.

With major global investment banks competing for advisory roles and a strong investor base supporting the exchange, the listing could attract substantial interest from institutional and retail investors alike.

As the selection of advisors nears completion, the next phase of preparations will involve regulatory approvals, valuation discussions, and finalisation of the IPO timeline.