India National Stock Exchange Appoints 20 Banks for IPO

The National Stock Exchange of India (NSE) has appointed 20 merchant banks to manage its long-awaited initial public offering (IPO), marking the largest number of bankers selected for any public issue in India. The list includes nearly every major investment banker active in the Indian market, such as Kotak Mahindra Bank Limited, SBI Capital Markets, JPMorgan Chase & Co., and Citigroup Inc..

As the largest bourse in the country, the NSE is also the largest unlisted company by number of investors, which adds significant complexity to the listing process. While the banking syndicate is now in place, the exchange has not yet disclosed specific details regarding the offer-for-sale.