Temasek Holdings Pte. and Life Insurance Corporation of India Ltd. are expected to be among the largest sellers in the long-awaited initial public offering of the National Stock Exchange of India Ltd., reported Bloomberg, citing sources.
The IPO could raise about $2.5 billion and would mark one of India’s most significant capital market listings in years.
The offering is expected to be entirely a secondary sale, with existing shareholders collectively offering between 4% and 4.5% of NSE’s equity.
The person cited in the report said all of the exchange’s roughly 190,000 shareholders will be given the option to participate in the sale.
Major shareholders line up for secondary sale
LIC and Temasek are likely to be key participants in the IPO, alongside State Bank of India Ltd. and SBI Capital Markets Ltd., which are also expected to sell shares.
According to data published on NSE’s website, LIC holds a 10.72% stake in the exchange, while Temasek owns about 4.5%.
SBI Capital Markets held roughly 4.5% as of Dec. 31, 2025, and SBI’s direct stake stands at about 3.2%.
Shares of NSE are currently trading at around ₹2,150 in the unlisted market, according to Incredmoney.com.
That price implies a valuation of roughly ₹5.3 lakh crore ($58 billion), which would make NSE the world’s fourth-most valuable exchange among listed peers, based on data compiled by Bloomberg.
Board committee to oversee IPO preparations
NSE’s board is expected to form a committee in the coming days to oversee the IPO process, the person said.
The committee is likely to include senior executives of the exchange as well as representatives of major shareholders, including LIC and SBI.
The board is scheduled to meet on Feb. 6 to approve the financial results for the quarter ended December 2025 and is also expected to decide on the formation of the committee at that meeting.
The committee’s mandate is expected to include assisting the board in appointing investment bankers, negotiating fees, determining how many shares existing investors will sell, and filing the draft prospectus.
NSE is targeting a timeline of about three months to file the draft prospectus, the person added.
Deliberations are ongoing, and the details of the offering could still change.
Regulatory clearance after decade-long delay
The IPO preparations come after NSE said on Friday that it had received regulatory clearance to begin the listing process.
The approval follows nearly a decade of setbacks after the exchange first filed for an IPO in 2016.
That plan stalled after India’s markets regulator, the Securities and Exchange Board of India, raised allegations of corporate governance lapses and unfair market access at the exchange.
NSE later filed two settlement applications related to the case, proposing to pay close to ₹1,300 crore.
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