National Stock Exchange Seeks Investment Banks and Law Firms for Initial Public Offering Services

National Stock Exchange (NSE) IPO Process Underway

Summary

The National Stock Exchange (NSE) has initiated the selection process for investment banks and law firms to advise on its upcoming initial public offering (IPO). The exchange has reached out to around 20 investment banks and 10 law firms, seeking information on their track record and team details by Friday.

Background

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

On February 6, 2026, the NSE board approved an initial public offering of the company through an offer for sale. Rothschild has been appointed as an independent advisor to oversee the IPO process. The firm's IPO Committee has been reconstituted to strengthen its IPO governance framework.

IPO Committee Composition

The reconstituted IPO Committee consists of:

• Tablesh Pandey - Chairperson (Non-Independent Director)
• Srinivas Injeti - Member (Public Interest Director)
• Prof (Dr.) Mamata Biswal - Member (Public Interest Director)
• Justice (Retd.) Smt. Abhilasha Kumari - Member (Public Interest Director)
• Prof. G. Sivakumar - Member (Public Interest Director)
• Ashishkumar Chauhan – Member (Managing Director & CEO)

Read also: Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO

NSE's IPO Governance Framework

The IPO Committee's role includes developing an objective evaluation framework, defining clear selection criteria, and managing all stages of the selection process. The committee will also ensure information parity, consistent stakeholder communication, and comprehensive documentation of decisions.

NSE's Financial Performance

As per the bourse's annual report for 2025, NSE had:

• 11.3 crore unique registered investors (up by 23% y-o-y)
• 22 crore investor accounts
• 2,720 companies listed on its platform
• Total revenues of Rs 19,177 crore (up 17% y-o-y)
• Profit after tax of Rs 12,188 crore (up 47% y-o-y)

Market Performance

NSE's listed peer, BSE, has seen its share price surge by over 62% in the last year, with a market cap of around Rs 1.14 lakh crore.