Temasek, LIC likely to sell stakes in NSE's $2.5B IPO
02 Feb 2026

Temasek Holdings and Life Insurance Corporation of India (LIC) are likely to be major sellers in the upcoming $2.5 billion initial public offering (IPO) of India's leading stock exchange, the National Stock Exchange (NSE).

The IPO is expected to see existing shareholders selling between 4% and 4.5% of their stakes.

Other possible sellers include State Bank of India and SBI Capital Markets Ltd.

NSE board to form committee for IPO process
Committee formation

The NSE's board is likely to form a committee with senior management and representatives from major shareholders like LIC and SBI. This committee will oversee the IPO process.

The board is also tipped to meet on February 6, to approve financial results for the quarter ending December 2025, and decide on this committee's formation.

NSE shares trade at ₹2,150 in unlisted market
Market position

The NSE's shares are currently trading at around ₹2,150 in the unlisted market, giving it a valuation of around ₹5.3 lakh crore.

This makes it the world's fourth-most valuable exchange among its listed peers, according to Bloomberg data.

The committee formed by the board will help appoint investment bankers for the IPO and negotiate fees among other responsibilities.

NSE receives regulatory nod for IPO
Regulatory clearance

On Friday, the NSE announced that it had received regulatory approval to start preparations for an IPO.

The approval comes nearly a decade after its first filing in 2016, which was stalled due to allegations of corporate governance lapses and unfair market access raised by SEBI.

The exchange had filed two settlement applications related to this case, proposing a payment of nearly ₹1,300 crore.