India's National Stock Exchange Cleared for $3.6B IPO at $55B Valuation

The Securities and Exchange Board of India cleared the National Stock Exchange of India for a $3.6B initial public offering. The exchange carries an unlisted valuation of roughly $55B, which places it among the country’s top ten companies by market capitalization. The offering is structured as a 100% offer-for-sale of approximately 14.89 crore shares, representing about 6% of paid-up capital. Existing shareholders, including the State Bank of India, are cashing out portions of their holdings, and the exchange itself will not raise any fresh capital. This clearance ends a decade-long delay caused by a co-location controversy where the exchange paid roughly $155M to resolve allegations of preferential server access. Because regulatory rules prevent an exchange from listing on its own platform, the shares will debut on the Bombay Stock Exchange. "A monumental achievement in the exchange’s evolution." — Srinivas Injeti