The National Stock Exchange (NSE) is targeting an IPO launch by mid-September 2026, with a potential listing by September 25, subject to regulatory clearance from SEBI. The exchange is expected to begin its final investor roadshows soon, while bankers work on price discovery and determining the IPO’s valuation. Retail investor outreach is likely to begin after the Red Herring Prospectus is filed with the Registrar of Companies. The IPO will primarily be an offer for sale (OFS), with existing shareholders planning to sell around 148.9 million shares, or nearly 6% of NSE. State Bank of India and SBI Capital Markets are also set to jointly sell shares in the offering. Since it is an OFS, the proceeds will go to the selling shareholders rather than NSE itself. The IPO comes as NSE continues to dominate India’s markets, accounting for 93.1% of equity cash-market turnover and 69.4% of the equity-options market as of June 2026.