The National Stock Exchange of India (NSE), one of the country’s premier stock exchanges, has taken a significant step forward towards its much-anticipated initial public offering (IPO). The exchange has officially invited investment banks to pitch for managing this high-profile IPO, signaling a pivotal moment in the process that could see the NSE raise approximately ₹23,000 crore (about $2.5 billion) from the public.

This move comes after a long wait and several hurdles that have delayed NSE’s entry into the public markets. Regulatory scrutiny and legal challenges had previously stalled the process, but recent progress, including a green signal from the Securities and Exchange Board of India (SEBI), has now cleared the way for the IPO to move ahead.

The NSE has issued a Request for Proposal (RFP) to investment banks, asking them to present their credentials and strategic plans on how they would manage what is poised to be one of India’s most closely watched IPOs. This process not only confirms the seriousness of the listing plans but also indicates that NSE is looking for top-tier financial advisers capable of handling the complexities of such a massive sale.

According to insiders familiar with the matter, the board of NSE approved the IPO plans on February 6, 2026, following a no-objection certificate from SEBI that ended nearly a decade of regulatory delays. The plan involves issuing shares with a face value of ₹1 each through an offer for sale—the typical method used by exchanges going public, where existing shareholders sell their stakes in the company.

The proposed IPO size of around ₹23,000 crore makes it one of the largest public listings in India, attracting significant attention from investors, analysts, and market participants alike. Given NSE’s crucial role in the country’s financial markets, its public listing is expected to add considerable depth and transparency to the Indian securities market ecosystem.

NSE’s invitation for bids is also open to law firms, as such an offering requires meticulous legal oversight to navigate the regulatory landscape and ensure compliance with numerous rules and norms prescribed by market regulators.

Early reports suggest that the exchange plans to finalize its choice of advisers by mid-March, following the evaluation of pitches from shortlisted banks and legal firms. This timeline underscores the urgency and meticulous planning behind this IPO, reflecting NSE’s readiness to confidently step into the public domain.

Investors and market watchers are keenly observing global financial conditions and domestic sector-specific developments, knowing that this IPO’s performance will likely set the tone for future public offerings in India. As market volatility continues to present a backdrop of uncertainty, the NSE IPO stands out as a beacon of stability and confidence in India’s capital markets.

In summary, the National Stock Exchange of India’s move to invite investment banks to pitch for managing its IPO is a landmark event. It signals the beginning of a definitive phase for the exchange’s transition from a private entity to a publicly listed company, promising enhanced transparency and a broader shareholder base. With the regulatory hurdles mostly cleared and strategic advisors soon to be appointed, market participants can expect the IPO to launch within the coming months, charting a new chapter in India’s capital market history.