Shares of IFCI surged as much as 5.2% to hit an intraday high of Rs 89 on the BSE on Monday, extending gains for a second consecutive session. The stock has now rallied 27% over the two-day period amid growing optimism that the National Stock Exchange (NSE) could soon file its draft IPO papers with market regulator SEBI.
The state-owned financial institution holds a 52.86% stake in Stock Holding Corporation of India (SHCIL), which owns 4.4% of NSE as of the December quarter. As a result, IFCI has indirect exposure to the country's largest stock exchange through SHCIL, making the stock a key beneficiary of any progress related to NSE's long-awaited public listing.
The National Stock Exchange is expected to submit its draft red herring prospectus (DRHP) for its initial public offering next week, according to media reports. Business Standard reported, citing people familiar with the matter, that both NSE and Reliance Industries' Jio Platforms are likely to file their IPO documents with SEBI next week.
Separately, a person aware of the development had told The Economic Times last month that NSE was targeting a filing window between June 5 and June 15.
The proposed public issue is expected to rank among the biggest IPOs in India's capital market history. The listing would provide a liquidity event for several long-term institutional investors while marking a major milestone for the country's leading stock exchange.
Earlier this year, SEBI granted a no-objection certificate (NOC) for NSE's much-awaited IPO, removing a key regulatory hurdle that had delayed the process for years. The development is particularly significant for IFCI given its indirect ownership in the exchange through SHCIL.
IFCI shares have gained 64% so far in 2026 and have rallied 40% in the past one month alone. Over a longer horizon, the stock has delivered returns of 582% in three years and 517% in five years.
The company currently commands a market capitalisation of Rs 23,465 crore.
