NSE Becomes World's Fourth-Largest Exchange in IPO Fundraising
- NSE ranked 4th globally in IPO fundraising in H1 2025, raising $5.51 billion and contributing 8.9% to the global total.
- SEBI Chairman confirmed there are no remaining obstacles for NSE's own IPO, though no timeline has been set.
- NSE is awaiting SEBI’s NOC to file its DRHP, signaling that preparations for its public listing are actively underway.
The National Stock Exchange (NSE) has emerged as the fourth-largest exchange globally in terms of IPO fundraising in the first half of 2025, according to a report released on Monday by S&P Global Market Intelligence.
NSE raised $5.51 billion through initial public offerings (IPOs) in the six-month period, accounting for 8.9% of the global IPO fundraising total of $61.95 billion. The top three positions in the global IPO league table were occupied by the Nasdaq Global Market, New York Stock Exchange (NYSE), and the Nasdaq Global Select Market, which together raised $28.95 billion during the same period.
This robust performance has reignited interest in NSE’s long-anticipated IPO, a milestone event that could significantly reshape India’s capital market landscape. Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey recently stated that there are “no obstacles” remaining for the NSE to go public. “There is no obstacle that will remain in the case of NSE IPO”, Pandey said at the FE CFO Awards held in Mumbai, while refraining from confirming a timeline for the listing.
NSE’s Managing Director and CEO, Ashish Kumar Chauhan, previously said that the exchange is currently awaiting a ‘No Objection Certificate’ (NOC) from SEBI. Once received, NSE plans to prepare and file its Draft Red Herring Prospectus (DRHP) with the regulator. “We will prepare our DRHP and send it back to SEBI. After that, they will take their time to approve it”, Chauhan explained.
The delay in the NSE IPO had been attributed to legacy regulatory issues, but recent comments from SEBI and the exchange’s preparatory steps indicate that the long-awaited listing could soon become a reality. Meanwhile, SEBI continues to tighten regulatory oversight on IPO processes to ensure greater transparency and investor protection.
