India’s largest stock exchange, the National Stock Exchange (NSE), has taken a significant step toward its long-awaited Initial Public Offering (IPO). In a fresh disclosure, NSE confirmed that its IPO Committee has completed the process of selecting intermediaries who will support the exchange in executing the proposed public issue.
For investors tracking the NSE unlisted share market, this development signals that the IPO preparation process is now moving into a more structured and execution-focused phase.
Structured Selection Process for IPO Advisors
The selection of intermediaries was carried out through a structured and competitive framework approved by NSE’s IPO Committee. The process aimed to ensure transparency and select experienced advisors capable of handling one of the most anticipated IPOs in India’s capital markets.
With this step completed, NSE now has a complete ecosystem of advisors in place to guide the exchange through regulatory filings, due diligence, documentation, marketing and final execution of the offering.
Leading Global Investment Banks Selected
A total of twenty merchant bankers have been selected to participate in the IPO process. These include some of the most prominent domestic and international investment banks such as:
- Kotak Mahindra Capital
- JM Financial
- Axis Capital
- IIFL Capital Services
- Motilal Oswal Investment Advisors
- ICICI Securities
- SBI Capital Markets
- Nuvama Wealth Management
- HDFC Bank
- Avendus Capital
- Morgan Stanley
- Citigroup Global Markets
- J.P. Morgan
- HSBC Securities
- IDBI Capital
- 360 ONE WAM
- Anand Rathi Advisors
- DAM Capital Advisors
- Pantomath Capital Advisors
- Equirus Capital
The presence of both global investment banks and leading domestic institutions indicates the scale and complexity of the proposed offering.
Top-Tier Law Firms to Handle Regulatory and Transactional Work
In addition to merchant bankers, NSE has also appointed eight prominent law firms to support the IPO process. These include:
- Cyril Amarchand Mangaldas
- Khaitan & Co
- Latham & Watkins
- Sidley Austin Singapore
- AZB & Partners
- S&R Associates
- Shardul Amarchand Mangaldas
- Trilegal
These firms will assist with legal structuring, regulatory compliance, documentation and international coordination associated with the IPO.
Additional Advisors Supporting the Offering
Several specialised intermediaries have also been appointed to assist with different aspects of the offering. These include:
- MUFG Intime India as registrar related support
- Makarand M Joshi & Company and Manian & Rao for secretarial work
- RBSA Advisors for valuation and advisory
- Concept Communication for communications and branding
- Redseer Strategy Consultants for strategic advisory
Together, these advisors will help manage multiple dimensions of the listing process, including investor communication and market positioning.
Rothschild’s Role as Process Advisor Concludes
The announcement also confirms that Rothschild & Co India Private Limited, which had been appointed as the process advisor for selecting IPO intermediaries, has completed its assignment with the conclusion of the selection process.
This marks the end of the initial advisory stage and the beginning of the formal IPO preparation phase.
Why This Development Matters for NSE Unlisted Share Investors
NSE’s IPO has been anticipated for several years and is widely expected to be one of the most significant listings in India’s financial markets. The exchange is already a dominant player in global derivatives trading and remains India’s largest stock exchange by turnover.
By appointing a broad panel of merchant bankers, law firms and advisors, NSE has effectively laid the groundwork for the next stages of the IPO journey, which typically include regulatory filings, preparation of offer documents and investor outreach.
For investors tracking the NSE unlisted share market, the appointment of intermediaries is an important milestone that indicates the IPO process is gradually progressing toward eventual public listing.