Sidley Advises on National Stock Exchange of India’s US$2.36 Billion IPO — India’s Largest This Year

Sidley advised the book-running lead managers and the marketing book running lead manager on the approximately US$2.36 billion initial public offering (IPO) of equity shares of National Stock Exchange of India Limited (NSE). The shares were listed on the BSE on September 24, 2026.

To date, this IPO marks India’s second-largest IPO,the largest of 2026, and the largest-ever financial services IPO in India. The offering comprised an offer for sale by existing shareholders and valued NSE at approximately US$46 billion at the offer price.

NSE is one of the most important institutions in India’s capital markets. As India’s largest stock exchange¹ and the world’s largest derivatives exchange², its long-awaited IPO marks a major milestone for India’s financial markets.

The book-running lead managers were Kotak Mahindra, JM Financial, Morgan Stanley, Citigroup, HSBC, J.P. Morgan, Anand Rathi, Avendus, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama, Pantomath, and 360 ONE WAM. SBI Capital Markets was the marketing book running lead manager.

The Sidley team was led by Manoj Bhargava and Sam Gandhi, and included Rachna Talati, Dhanush Dinesh, Oindree Bandyopadhyay, Siddharth Urs, and legal manager Taran Narula (Capital Markets) with support from Prabhat Mehta (Capital Markets), Carla G. Teodoro (Investment Funds), Robert M. Kreitman and Andy J. Lau (Tax), and Maura Rezendes and Ben Vallimarescu (Global Arbitration, Trade, and Advocacy).

Sidley’s India practice is at the forefront of many of the market’s largest and most high-profile offerings. Recent highlights include advising on the US$1.75 billion IPO of Tata Capital, India’s largest IPO of 2025 and the largest-ever Non-Banking Financial Company IPO; the US$3.3 billion offer for sale (OFS) of shares in Life Insurance Corporation of India by the government of India, the largest-ever OFS in India; and the US$1.2 billion IPO of ICICI Prudential Asset Management Company Limited, the largest IPO in India by an asset management company to date. Sidley is ranked #1 international legal counsel for India equity and rights offerings for FY2025 by Bloomberg (manager-ranked, by deal count and volume) and was named among the “Top 15” foreign law firms for India-related work by India Business Law Journal in 2026, marking the firm’s ninth consecutive year on the publication’s “Top Foreign Law Firms” list.

¹ In terms of total turnover in cash market and total turnover in equity derivatives (based on notional turnover for equity options) from fiscal 2001 (June 2000) to fiscal 2026, and the three months period ended June 30, 2026.
² By number of contracts traded as of March 31, 2026.