The National Stock Exchange (NSE) has appointed a record 20 Book Running Lead Managers for its proposed Rs 30,000 crore IPO. | Photo Credit: iStockphoto

The National Stock Exchange (NSE) has appointed a record 20 Book Running Lead Managers (BRLMs) or Merchant Bankers for its proposed Rs 30,000 crore initial public offering (IPO), underscoring the scale and significance of what is expected to be India’s largest public issue.

According to the DRHP, the proposed IPO will be structured entirely as an Offer for Sale (OFS), involving up to 111.42 million equity shares by existing shareholders. As the issue is an OFS, the proceeds from the share sale will accrue to the selling shareholders, while NSE itself will not receive any fresh capital from the offering.

The list of merchant bankers mentioned in NSE’s Draft Red Herring Prospectus (DRHP) for its long-awaited public listing, which has remained one of the most closely watched offerings in the Indian capital markets.

Record 20-member merchant banking syndicate

The exchange has appointed a diverse syndicate of domestic and global investment banks and financial institutions to manage the issue. The BRLMs include Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company (marketing only), Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, SBI Capital Markets (marketing only), Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities (marketing only), IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM (marketing only).

The appointment of 20 BRLMs marks the largest syndicate ever assembled for an IPO in India, reflecting the expected size of the issue as well as strong investor interest in securing allocations and participation in the landmark offering.

NSE enters IPO process with strong financial position

NSE enters the IPO process from a position of financial strength. For FY26, the exchange reported revenue of approximately Rs 166 billion and a net profit of around Rs 103 billion, highlighting its dominant position in India’s capital market ecosystem and the robust growth witnessed in trading activity across asset classes.

The exchange remains a key pillar of India’s financial infrastructure, handling a significant share of the country’s equity and derivatives trading volumes. Its proposed listing has been awaited for over a decade and is seen as a major milestone for India’s capital markets.

Investor focus remains on India’s landmark listing

The broad-based syndicate comprising leading domestic and international investment banks is likely to ensure wide investor outreach across institutional, high-net-worth and retail segments, while supporting marketing efforts for what could become one of the most consequential public offerings in the history of the Indian stock market.

With the DRHP now in focus and preparations gathering pace, market attention is expected to remain firmly on the timeline and regulatory progress of the proposed NSE listing.

Published on June 18, 2026