The National Stock Exchange (NSE), India's largest stock exchange, is preparing to file its draft red herring prospectus (DRHP) by the end of June 2026, with a goal of completing its initial public offering (IPO) by December 2026. This move marks a significant step in NSE's long-delayed IPO journey, which has faced regulatory hurdles since its first attempt in 2016. The IPO is expected to involve a stake sale of approximately 4-4.5%, potentially raising between $1.5 billion and $2.5 billion (around ₹23,000 crore). NSE has appointed 20 merchant bankers to oversee the process, including major firms like Kotak Mahindra Capital Company and Morgan Stanley India Company. The exchange's previous attempt to go public was stalled due to governance concerns raised by the Securities and Exchange Board of India (SEBI) related to its co-location case. Following key regulatory clearances, NSE is now moving forward with its plans.