CAM, Latham, Khaitan, Sidley advise on proposed $3.1 bln NSE IPO
Cyril Amarchand Mangaldas and Latham & Watkins are advising the National Stock Exchange of India (NSE) on its proposed IPO that looks is expected to raise $3.1 billion, one of two mammoth IPOs in the country this year.
Khaitan & Co and Sidley Austin are advising the book-running lead managers, including Citigroup Global, JM Financial, Kotak Mahindra Capital, Morgan Stanley, HDFC Bank, ICICI Securities, IDFC Bank, IIFL Holdings, and Link Intime.
The NSE is the country’s primary stock exchange and the backbone of its financial system. Founded in 1994, it ranks as the world’s largest equity derivatives exchange by the number of contracts traded.
For the financial year ending March 2026, the NSE brought in 187 billion rupees ($1.97 billion) in total income and kept a 53 percent net profit margin. With an unlisted market valuation touching $57 billion, a successful listing would put the NSE as the 5th most valuable stock exchange in the world, beating out America’s NASDAQ
The NSE listing will likely become one of India’s two biggest IPOs ever, alongside Jio Platform’s proposed $3.8 billion IPO, and possibly eclipse Hyundai Motor India’s $3 billion listing in 2024.
Cyril Amarchand Mangaldas’ team comprised senior partner Yash J. Ashar, partners Manan Lahoty, Devaki Mankad, and Oishika Dasgupta, principal associate Rishav Buxi, senior associates Vartika Bhatnagar and Abishek Sankar, and associates Arjun Badola, Tanishq Mohta, Aditya Maheshwari, Gaurav Lalwani, Khushi Parekh, Rishika Saraswat, and Sajal Soni. Managing partner Cyril Shroff and senior partner L. Viswanathan provided guidance.
Khaitan & Co’s team was led by executive director Sudhir Bassi and partners Madhur Kohli, Thomas George, and Nagashayana S, with counsel Prathiksha Panduranga.
