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India’s capital markets are gearing up for a historic moment as the National Stock Exchange of India moves ahead with plans for what could become the country’s largest initial public offering (IPO) ever. The exchange, which is among the world’s leading derivatives trading platforms, is preparing to formally begin investor outreach for a proposed $3 billion share sale.

As part of its strategy, NSE is planning an extensive international roadshow to court institutional investors across major financial hubs, including the United States, London, Singapore, Hong Kong, the Middle East, and India. These meetings are expected to begin soon, with the IPO currently targeted for launch around September, although timelines and valuation details may still evolve as discussions continue.

Based on current unlisted market estimates, NSE’s valuation is said to be above ₹5.25 lakh crore (around $55 billion). If the IPO is executed at these levels, the issue size could potentially surpass ₹3 lakh crore, making it significantly larger than previous record offerings such as the Hyundai Motor India listing in 2024.

The offering structure is expected to be an Offer for Sale (OFS), meaning existing shareholders would sell around a 6% stake, while the exchange itself would not directly raise fresh capital.

To manage the scale and complexity of the deal, NSE has reportedly partnered with a large consortium of global and domestic investment banks, including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC, and Citigroup. Their role will be crucial in executing the international marketing and pricing strategy.

If completed as planned, the NSE IPO could mark a defining moment for India’s financial markets, giving investors a rare opportunity to own a stake in the very platform that powers daily stock trading across the country.