NSE IPO Buzz: Bankers Start ‘Beauty Parade’ Amid Rs.1,400 Cr SEBI Settlement Talks

Race for prestige intensifies as merchant bankers line up for India’s most-awaited IPO; NOC from SEBI awaited

Top merchant bankers have begun jockeying for position in anticipation of the National Stock Exchange’s IPO, even though the formal process hinges on regulatory clearance. Several leading firms have already initiated outreach efforts with NSE’s top management, hoping to secure the coveted role of lead manager to what could be India’s largest domestic IPO in years.

The ‘beauty parade’—a term for pitches by investment banks vying for a mandate—is unofficially underway, with bankers showcasing valuation models, global listing precedents, and strategies to highlight NSE’s appeal to institutional investors. The issue’s prestige is a key motivator, and even low-profile merchant bankers are making visible efforts to engage with NSE, insiders say.

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Settlement with SEBI in Final Stages

The IPO process is awaiting a No Objection Certificate (NOC) from SEBI’s Market Regulation Department, which in turn is dependent on the resolution of the co-location and dark fibre access cases. NSE has offered ₹1,400 crore as a settlement, of which ₹800 crore is already deposited with SEBI. A second meeting of SEBI’s High-Powered Advisory Committee (HPAC) is expected later this month.

If cleared, NSE could file its Draft Red Herring Prospectus (DRHP) within 4–5 months, targeting a listing in the last quarter of FY25.

What to Watch

• Merchant banker selection post-settlement

• Supreme Court verdict on the SAT ruling

• Timeline for DRHP filing and SEBI review

• Estimated IPO size and valuation metrics

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