NSE hires 20 merchant bankers for its upcoming mega IPO

India's leading stock exchange, NSE, has moved a step closer to its long-awaited public listing after completing the selection of key intermediaries for its proposed IPO. The bourse on Thursday said that it has concluded the process for selecting merchant bankers, legal advisers and other intermediaries who will assist in executing the IPO.

The exchange said the selection process was conducted through a structured and competitive framework approved by its IPO committee. The evaluation followed a transparent process designed to identify institutions capable of handling the complex regulatory and execution requirements associated with the listing.

A total of 20 merchant bankers have been appointed to manage the proposed share sale. These include major domestic and global investment banks such as Kotak Mahindra Capital Company, JM Financial, Axis Capital, ICICI Securities and SBI Capital Markets.


Other selected investment banks include Motilal Oswal Investment Advisors, IIFL Capital Services, Nuvama Wealth Management, Avendus Capital and HDFC Bank. Global investment banks have also been included in the lineup, including Morgan Stanley India, Citigroup Global Markets, JP Morgan India and HSBC Securities and Capital Markets (India).

The remaining merchant bankers selected for the IPO include IDBI Capital Markets, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.

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In addition, eight law firms have been appointed to advise on legal and regulatory aspects of the offering. These include leading domestic and international firms such as Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore, AZB and Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal.

Other intermediaries appointed for the IPO include registrar MUFG Intime India, along with professional advisory firms Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.

According to NSE, the selected institutions will assist the exchange across several aspects of the offering process. This includes regulatory filings, due diligence, documentation, marketing of the issue and execution of the transaction in line with applicable laws and regulatory requirements.

The exchange also said that with the completion of the intermediary selection process, the role of Rothschild & Co India as the process adviser for identifying and appointing IPO intermediaries has formally concluded.

The development marks another step forward in NSE's long-awaited listing plan. The exchange has been working toward its IPO for several years after earlier attempts were delayed due to regulatory and legal issues.

The proposed listing is expected to be one of the largest share sales in India’s capital markets. Once completed, the IPO will provide an exit opportunity for several long-standing institutional shareholders and mark a significant milestone for the country's leading stock exchange.

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