Sebi clears long-awaited NSE IPO; listing likely around September 25

India's National Stock Exchange (NSE) is set to list in the week beginning September 21 after receiving an IPO clearance, according to sources familiar with the situation. Following a regulator's approval of the exchange's long-pending IPO on Friday, book-building is expected to commence on September 11, with the price band likely to be disclosed on September 15, sources said, without providing their names due to lack of authorization.

The NSE's IPO is anticipated to be one of the country's biggest, similar to billionaire Mukesh Ambani's Jio. The exchange's valuation in the unlisted market stands at approximately $55 billion, potentially placing it among India's top 10 most valuable companies by market capitalization. NSE holds significant sway in India's equity derivatives market and is recognized as the world's most active derivatives exchange by contracts traded.

The exchange runs India's benchmark Nifty 50 index. Post listing, NSE is expected to secure a top ten position among India's largest companies in terms of market cap, according to Deven Choksey, managing director of DRChoksey FinServ. The IPO's price-to-earnings valuation is projected at around 35 times, providing investors ample potential for gains post-listing.

India's primary market is gearing up for a record six IPOs on a single day next week, as companies expedite fundraising efforts following a sluggish start to 2026 amid the U.S.-Iran war. The impact of NSE's listing on investment competition remains uncertain. NSE's listing endeavor has been delayed by legal issues and regulatory investigations, including concerns over its co-location and dark-fibre facilities.

The exchange's draft prospectus was submitted to the Securities and Exchange Board of India (SEBI) on June 17, marking a crucial regulatory step towards commencing share sales.