NSE IPO News: With India's primary market going through a subdued phase in 2026, a potential bright spot has emerged in the form of the much-awaited IPO of the National Stock Exchange of India.

According to a recent report by The Economic Times, the exchange is aiming to file its draft red herring prospectus (DRHP) for the public issue in the first half of June.

NSE targets DRHP filing in early June

The report said NSE and the lead bankers to the issue recently held discussions and reached a consensus to move ahead with the filing with the Securities and Exchange Board of India as early as next month.

"Work has actively started for the DRHP filing, and NSE may look to file papers between June 5 and June 15," The Economic Times quoted a person familiar with the development as saying.

The IPO is among the most closely watched public issues in India's capital markets and is expected to draw significant investor attention once the filing is made.

NSE IPO could revive sentiment in the muted primary market

The proposed IPO is being closely tracked by market participants, as it could help revive investor interest in India's otherwise sluggish primary market in 2026.

IPO activity this year has remained under pressure amid rising geopolitical tensions in the Middle East, persistent market volatility and cautious investor sentiment.

A successful listing by NSE could act as a catalyst for the broader IPO market, which has seen limited momentum so far this year.

IPO subscription trends reflect slowdown in 2026

The subscription trend in 2026 highlights the moderation in investor appetite.

Average IPO subscription this year stands at just over 10 times, largely lifted by the 107-times subscription seen in the IPO of Bharat Coking Coal.

However, compared with 2025, average subscription levels have declined sharply, signalling weaker demand across the primary market.

Additionally, of the 20 IPOs listed so far in 2026, 17 received subscriptions of less than 10 times, underscoring the broad-based slowdown in investor participation.

Only three IPOs saw strong demand this year

Despite the weak trend, a handful of issues managed to attract strong investor interest. Bharat Coking Coal, Amagi Media Labs and Shree Ram Twistex were the only IPOs in 2026 to receive subscriptions of over 17 times.

These offerings stood out in an otherwise lacklustre year for public listings.

Against this backdrop, the NSE IPO is expected to be a defining event for India's primary market in 2026, with investors closely tracking the filing timeline and regulatory progress in the coming weeks.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)