NSE appoints record 20 lead managers for one of India’s largest IPOs

The National Stock Exchange (NSE) has appointed 20 investment banks as book running lead managers (BRLMs) for its proposed initial public offering (IPO), highlighting the scale and complexity of what is expected to be one of India’s largest public offerings.

According to the Draft Red Herring Prospectus (DRHP), the lead managers to the issue include Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management and several other institutions.

The appointment is significant because BRLMs serve as the principal intermediaries responsible for managing the entire IPO process. Their role extends from conducting due diligence and preparing regulatory filings to overseeing the book-building process, marketing the issue to investors, determining pricing and ensuring compliance with market regulations. Acting as the critical link between issuers, investors and regulators, they play a central role in building investor confidence and ensuring the successful execution of a public issue.

With 20 BRLMs on board, the NSE IPO is set to establish a new benchmark for Indian capital markets. The exchange has appointed more lead managers than any previous mainboard public offering in the country, surpassing the earlier record held by ICICI Prudential Asset Management Company. The unusually large syndicate reflects both the expected size of the offering and the extensive investor outreach required for a transaction of this scale.

Moneycontrol reported that the proposed IPO is entirely an offer for sale (OFS), with existing shareholders planning to offload up to 14.89 crore equity shares. Since there is no fresh issue component, the proceeds from the sale will go to the selling shareholders rather than the exchange.

The DRHP states that Morgan Stanley India Company, SBI Capital Markets and ICICI Securities will participate only in marketing the issue because they are affiliated with some of the selling shareholders. Similarly, wealth management firm 360 ONE WAM will also have a marketing-only role in accordance with regulatory requirements.

The selling shareholders include a mix of domestic financial institutions and international investors such as State Bank of India, Canada Pension Plan Investment Board, Bank of Baroda, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, United India Insurance Company, The Oriental Insurance Company and Indian Bank, among others.

The proposed listing marks a major milestone for NSE, which remains India’s largest stock exchange by trading volumes and ranks among the world’s leading derivatives exchanges. For FY26, the exchange reported revenue from operations of Rs 166.01 billion and a net profit of Rs 103.02 billion.

The scale of the banker line-up sets the transaction apart from other large IPOs in recent years. While ICICI Prudential Asset Management Company had appointed 17 lead managers and HDB Financial Services engaged 12, NSE’s decision to bring on board 20 investment banks signals strong institutional confidence in the issue and the importance of distributing the workload associated with a landmark market debut.

Market participants expect the offering to attract significant investor interest given NSE’s dominant market position, robust profitability and strategic role in India’s financial ecosystem.