NSE Narrows Down List to Around 20 Investment Banks for Upcoming Mega IPO

National Stock Exchange (NSE) Shortlists Investment Banks and Law Firms for Mega IPO

Key Highlights

• 20-21 investment banks, including Kotak Mahindra Capital, Citi, JM Financial, JP Morgan, HSBC Securities, and Morgan Stanley, have been shortlisted for NSE's mega IPO.
• 7-9 law firms have also been shortlisted for the IPO.
• Rothschild has been appointed as an independent advisor to oversee the IPO process.

Background

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The National Stock Exchange (NSE) has initiated the process for its mega IPO, which is expected to be a significant transaction in the Indian capital markets. The exchange has floated a request for proposal (RFP) and invited multiple investment banks and law firms to pitch for the mandate. The IPO committee has selected Rothschild as an independent advisor to oversee the IPO process.

IPO Committee

The re-constituted IPO Committee, set up post the NSE board meeting held on February 6, has been strengthened to ensure robust governance and oversight of the IPO process. The 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)

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NSE's Performance

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

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

Capital Mobilization

In FY24-25, NSE facilitated a record Rs 18.7 lakh crore ($219 billion) in capital mobilization, comprising:

• 14.2 lakh crore ($166 billion) in the debt segment (up 24% y-o-y)
• 4.26 lakh crore ($50 billion) in the equity segment