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NSE appoints 20 bankers, 8 law firms for long-awaited IPO

Entrackr · 2h ago

Medial

The National Stock Exchange of India (NSE) has appointed a consortium of investment bankers and legal advisors for its long-awaited initial public offering (IPO). The exchange has empaneled 20 merchant bankers and eight law firms to advise on the proposed public issue. This is the highest number of book-running managers appointed by an IPO-bound firm in the history of Dalal Street. Among the investment banks appointed are Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, IIFL Capital Services, SBI Capital Markets, Avendus Capital, and Nuvama Wealth Management. Global banks such as Morgan Stanley India, Citigroup Global Markets India, and J.P. Morgan India are also part of the advisory group. On the legal side, NSE has appointed leading law firms including Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Trilegal, and S&R Associates, along with international firms such as Latham & Watkins and Sidley Austin. The IPO is expected to be structured largely as an offer for sale (OFS), allowing existing shareholders to partially offload their holdings rather than raising fresh capital for the exchange. As of February 2026, the exchange has around 25 crore trading accounts and 12.7 crore unique customers. Financially, NSE remains one of the most profitable market infrastructure institutions in India. The exchange reported 17% year-on-year growth in consolidated revenue to Rs 19,177 crore in FY25, while its net profit surged to Rs 12,188 crore during the same period. With the appointment of advisors now underway, the exchange appears to be reviving its long-pending listing plans, setting the stage for what could become one of the most closely watched IPOs in India’s capital markets.