The National Stock Exchange (NSE), India’s largest stock exchange, has taken a major step toward its long-awaited Initial Public Offering (IPO) by appointing 20 merchant bankers and eight law firms to manage the proposed public issue. The move signals fresh momentum in the exchange’s listing plans, which have been in discussion for several years.
The appointment of a large group of advisors reflects the scale and importance of the planned IPO. The selected merchant bankers will assist the exchange in key areas such as regulatory filings, documentation, due diligence, marketing strategy and investor outreach. Their role will be crucial in structuring the offering and ensuring a smooth listing process.
20 Merchant Bankers Selected for IPO
The exchange has chosen a diverse group of leading domestic and global financial institutions as merchant bankers. These include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.
From this group, NSE is expected to appoint lead managers who will take charge of pricing, investor engagement and overall execution of the IPO.
Legal Advisors and Next Steps
Alongside the investment banks, NSE has also appointed eight prominent law firms to guide the exchange on legal and regulatory matters related to the public issue. These include Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas and Trilegal.
NSE’s IPO plans have faced delays since 2016 due to regulatory concerns, but the process has gained momentum recently after receiving regulatory clearance to move ahead. With advisors now in place, the exchange is expected to move forward with preparing the draft IPO documents and finalising the structure of the issue.
Market experts believe that the listing could become one of the most significant public offerings in India’s capital markets and may attract strong interest from both domestic and global investors.