NSE was expecting the Securities and Exchange Board of India (SEBI) to approve its draft prospectus soon. (File Photo) The National Stock Exchange of India Ltd. (NSE) is reportedly targeting a valuation of up to Rs 5.26 lakh crore, or around $55 billion, for its much-awaited initial public offering. The exchange, which ranks as the world’s largest derivatives market by trading volume, has been presenting a potential price range of Rs 2,000 to Rs 2,100 per share to prospective investors during its global roadshow, according to a Bloomberg report citing people familiar with the matter. NSE has already completed most of its overseas investor meetings, with engagements in the Middle East still pending. However, the final valuation, issue structure and launch timeline remain subject to change. The exchange has been making its case to institutional investors across major global financial centres, including Boston, New York, San Francisco, London, Singapore and Hong Kong. Around 120 major global investors are understood to have participated in the meetings. The list reportedly includes prominent names such as BlackRock Inc., Capital Group, GQG Partners, Janus Henderson Group Plc and Allspring Global Investments. The broad international investor outreach highlights the scale of interest surrounding what could become one of India's most closely watched stock market listings. An NSE representative declined to provide further details, reiterating that the exchange has already submitted its draft prospectus to the country's market regulator. NSE had initially expected to receive approval from the Securities and Exchange Board of India (SEBI) for its draft prospectus by early August. That schedule has reportedly been delayed by roughly three weeks. According to people familiar with the matter, the delay followed changes to the proposed selling shareholder list, including the addition of SBI Capital Markets Ltd. Since amendments to IPO documents trigger a 21-day window for public comments, the regulatory process has taken longer than initially anticipated. The share sale is now expected to hit the market in the second half of September, although the timeline is not final. The offering will be entirely an offer for sale, meaning NSE itself will not receive proceeds from the transaction. Existing shareholders intend to sell up to 148.9 million shares, equivalent to approximately 6 per cent of the exchange, according to its filing. $55 Billion Valuation Would Put NSE Among Global Giants At the upper end of the indicated price range, NSE's proposed valuation could place it among the world's largest listed exchange operators. A $55 billion market value would put the Indian exchange in sixth position globally, just behind London Stock Exchange Group Plc and slightly ahead of Nasdaq Inc. CME Group Inc. and Intercontinental Exchange Inc. currently occupy the top two spots, with market values of approximately $97 billion and $86.9 billion, respectively.