Singapore's state-owned investor Temasek and the Canada Pension Plan Investment Board are among 20 investors looking to sell down stakes when the National Stock Exchange goes public this year, sources familiar with the deal said.
The share sale by India's largest exchange would have a value of $2.75 billion, based on a total valuation for the NSE estimated at $55 billion by a platform that trades its unlisted shares.
It will be one of two large share sales in India this year, along with an issue by Mukesh Ambani's Reliance Jio Platforms. The NSE has been trying to list since 2016, with key domestic rival BSE Ltd listing in 2017.
Also among the sellers will be Life Insurance Corporation, State Bank of India and homegrown private equity fund ChrysCapital, the two sources said.
Overall, existing shareholders in the NSE will sell a 5 per cent stake in the IPO, added the sources, who spoke on condition of anonymity to name the investors for the first time, as they were not authorised to talk to media.
In response to Reuters' queries, the NSE said its board has approved an initial public offering through an offer for sale, but declined further comment at this stage.
LIC, SBI and ChrysCapital did not respond to requests for comment. Temasek and CPPIB declined to comment.
The NSE is also the world's most active equity derivative trading platform, with a listing approved this year after a long delay due to litigation with markets regulator the Securities and Exchange Board of India.
A monetary settlement to resolve the litigation is likely, opening the way for the public offer. With 177,807 shareholders, the NSE is India’s largest unlisted company by number of investors, making the offering exercise more complex.
LIC, SBI, Temasek Holdings, Morgan Stanley and CPPIB are the institutional shareholders.
Monday was the deadline for expressions of interest to sell, sought by merchant bankers as part of the IPO process, both sources said.
NSE will now move on to file its draft prospectus with SEBI by next month, after its financial results are declared.
NSE's quarterly after-tax profit rose 15 per cent to ₹2,408 crore in the third quarter ended December 31, boosted by improvements in derivatives trading. Its consolidated revenue from operations rose nearly 7 per cent from the previous quarter.
Published on April 28, 2026