NSE sounds out bankers, law firms for IPO process

The move comes after NSE appointed Rothschild & Co. as an independent adviser to help oversee the listing process earlier this month.  | Photo Credit: REUTERS

The National Stock Exchange of India (NSE) has reached out to investment banks and legal firms for advisory roles for its long-awaited initial public offering, according to people familiar with the development.

Sources said the exchange has circulated requests for proposals (RFPs) to multiple investment banks and law firms as part of the process to appoint intermediaries for the share sale.

Firms have been asked to submit details on their credentials, track record and deal teams by the end of this month. Following this , shortlisted firms will make presentations and are expected to be finalised by mid-March, said two persons aware.

The move comes after NSE appointed Rothschild & Co. as an independent adviser to help oversee the listing process earlier this month. The adviser is expected to evaluate proposals and help select lead bankers, legal counsel and other intermediaries.

IPO preparations

The exchange has been preparing internally for the listing as soon as it receives the market regulator’s no-objection certificate. Last month, NSE set up a committee to oversee IPO-related activities. The panel is chaired by non-independent director Tablesh Pandey and includes Managing Director and CEO Ashishkumar Chauhan.

Separately, the bourse recently appointed Walker Chandiok & Co LLP as its statutory auditor for a five-year term, replacing Price Waterhouse & Co.

Offer size

Market estimates earlier suggested the IPO could raise around ₹22,700 crore, with roughly 4-4.5 per cent of the company’s equity potentially being offered to the public.

NSE’s listing plans had been stalled for several years due to regulatory and legal hurdles linked to past controversies. However, the process gained momentum after the Securities and Exchange Board of India granted a no-objection certificate for the IPO in January.

In the unlisted market, NSE shares have been trading around ₹2,035 apiece. The price has slipped about 1.9 per cent over the past month but remains higher by over 7 per cent compared with a year ago.

As of December 31, public shareholders collectively held about 64.45 per cent of the exchange, while the non-promoter, non-public category, largely trading members and their associates, accounted for 35.55 per cent.

When contacted, NSE said: “Pursuant to the NOC issued by SEBI, the board approved an initial public offering of the Company through an offer for sale on 6 February 2026. No further comments at this stage.”

Published on February 26, 2026