The exchange has not yet disclosed specific terms or a definitive timeline for the offering. According to the filing, existing stakeholders intend to offload 148.9 million shares. This group of sellers features significant institutional players, including the State Bank of India, Morgan Stanley, the Canadian Pension Plan Investment Board, and a Temasek-affiliated vehicle based in Mauritius.

This move marks a significant shift for the NSE, which first signaled its intent to go public in 2016. While its smaller competitor, the Bombay Stock Exchange, successfully listed in 2017, the NSE remained sidelined by protracted investigations and oversight challenges. A successful debut would arrive during a period of relative stagnation in Indian equity markets, where the benchmark Sensex Index has retreated nearly 10% this year. Investors remain cautious, citing valuation concerns and the volatility of oil prices amid escalating tensions in the Middle East. If realized, the NSE listing may coincide with a similarly massive IPO from Mukesh Ambani’s Reliance Jio, potentially reinvigorating investor interest in the region.