The is pushing to file the draft red herring prospectus for its forthcoming initial public offer in the first week of May, with the size of the offer in the region of ₹23,000 crore, said sources.
Investment bankers working on the issue have been given a strict timeline to get the documentation ready so that the papers can be filed with the Securities and Exchange Board of India by May 8, according to sources in the know.
While the intermediaries are racing against time to comply with the deadline, the exchange is also getting its annual accounts ready by that time and sources indicated that a board meeting is scheduled towards the end of April, when the fourth quarter and annual results for FY26 will be approved.
While the stock markets have been falling, trading volumes have seen a surge and the exchange is expecting to end the year with decent numbers, which will form part of the DRHP. “The idea behind the timing of the filing and then the listing is that it will fetch the IPO an attractive valuation and pricing, and provide a lucrative exit to its investors,” said a source.
In the first nine months of the current fiscal year, the exchange reported a 22 per cent fall in net profit to ₹7,431 crore, and a 10 per cent fall in total income to ₹13,354 crore at a consolidated level. On a standalone basis net profit fell 5 per cent and total income 12 per cent.
Last month, the exchange had invited expressions of interest from selling shareholders to tender their shares in the IPO and sources indicated that discussions are underway on the quantum of stakes being sold by each of the shareholders.
Top shareholders in the exchange include LIC (10.72 per cent), SBI (3.23 per cent), SBI Capital Markets (4.33 per cent), Stock Holding Corporation of India (4.44 per cent), and Temasek (4.5 per cent).
Unlisted shares of the exchange currently trade in the region of ₹1,800 apiece, with a market valuation of around ₹4.7 lakh crore. Sources indicated the exchange could be looking at a valuation of over ₹6.5 lakh crore.
There was no response from NSE to an email sent seeking clarification.