The National Stock Exchange (NSE) is reportedly planning to adopt a relatively low-cost fee structure for its upcoming $2.5 billion (approximately Rs 23,000 crore) initial public offering. According to sources, advisory fees have been set at around 0.65% of the issue size—well below the levels typically seen in recent IPOs. At this rate, the total fee pool is estimated at about $16.25 million (roughly Rs 150 crore), to be distributed among the participating investment banks. The exchange has appointed nearly 20 bankers for the transaction, with key mandates given to firms including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC, Citigroup, and JPMorgan.

This pricing is significantly lower than the industry average, where companies paid close to 1.86% in fees last year and around 1.67% in 2024. The reduced fee structure reflects a broader pattern observed in large-scale or quasi-sovereign offerings, where issuers maintain strict cost discipline while banks are willing to accept lower fees in return for the prestige associated with a high-profile deal. The IPO is expected to rank among India’s largest, as NSE advances its long-awaited listing plans.