NSE Selects 20 Investment Banks and 8 Law Firms for Its Mega IPO

According to the reports, amid the mega IPO, NSE has now chosen 20 investment banks and 8 legal companies. The NSE is about to become the issuer with the most book running lead managers for a mainboard IPO in the history of India Inc. with the selection of 20 investment banks. In 2025, ICICI Prudential AMC set the previous record by selecting 18 investment banks for its initial public offering, the report states further.

The NSE IPO is being managed by Indian bankers like Kotak Mahindra, JM Financial, Axis and IIFL Capital, as well as foreign bankers like Citi, J.P. Morgan and Morgan Stanley, according to the media reports. The matter will be discussed by eight law companies, including Cyril Amarchand Mangaldas, Khaitan & Co and Latham & Watkins LLP.

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According to an official announcement on its website, the National Stock Exchange of India Limited completed the process of selecting merchant bankers, law firms and other intermediaries on March 12 for its planned Initial Public Offering. According to the release, the selection procedure was conducted through a fair, open and competitive process, in line with the framework and evaluation methodology that the IPO committee of the NSE had authorized.

20 Investment Banks and 8 Legal Companies Are:

Among the 20 merchant bankers chosen are Kotak Mahindra Capital Company Limited, JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Motilal Oswal Investment Advisors Limited, ICICI Securities Limited, SBI Capital Markets Limited, Nuvama Wealth Management Limited, HDFC Bank Limited, Avendus Capital Private Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IDBI Capital Markets & Securities Limited, 360 ONE WAM Limited, Anand Rathi Advisors Limited, DAM Capital Advisors Limited, Pantomath Capital Advisors Private Limited and Equirus Capital Private Limited.

Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore Pte. Ltd., AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal are among the eight law companies chosen, according to the reports.