The National Stock Exchange of India on Thursday said it has appointed 20 merchant banks to manage its long-awaited initial public offering, marking the largest number of bankers selected to manage any public issue in India thus far.
The list involves almost every investment banker active in the Indian ecosystem, including Kotak Mahindra Capital, SBI Capital Markets, J.P. Morgan and Citigroup.
As India’s largest bourse, the NSE is also the country’s largest unlisted company by number of investors, adding to the complexity of the listing process. It has not yet disclosed details around the offer-for-sale.
India’s National Stock Exchange IPO gains regulatory approval, NSE says
The exchange has been trying to list since 2016 and was embroiled in litigation with India’s markets regulator, which fined it 11 billion rupees ($120 million) in 2019 for failing to provide equitable access to all its trading members. It received the regulator’s approval to go public in January this year.
The NSE also selected eight law firms, including India’s Cyril Amarchand Mangaldas and Trilegal, and U.S.-based Latham and Watkins, among others. Other intermediaries include IPO management firm MUFG Intime and strategy consultancy firm Redseer.
Prior to this, the public issue of ICICI Prudential AMC in 2025 drew the largest number of bankers for an Indian IPO, with 18 banks involved.
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