The planned share sale will be entirely an offer for sale, with existing shareholders expected to divest about 4 per cent to 4.5 per cent of the company’s equity

By Rajesh Mascarenhas, Baiju Kalesh and Dave Sebastian

National Stock Exchange of India Ltd. has issued a request for proposals to investment banks, inviting them to pitch for roles on its long-awaited initial public offering, according to people familiar with the matter.

The exchange plans to select advisers by mid-March, according to some of the people, who asked not to be identified as the information is private. The company didn’t immediately respond to an email seeking comment.

NSE this month formed a committee and appointed Rothschild & Co as an independent adviser to oversee the listing process. Rothschild is leading the selection of lead bankers, legal counsel and other intermediaries.

The move signals renewed momentum for what could rank among India’s largest ever share sales. The IPO had been stalled for several years amid regulatory and legal challenges. The exchange operates the world’s busiest derivatives market by number of contracts traded.

The planned share sale will be entirely an offer for sale, with existing shareholders expected to divest about 4 per cent to 4.5 per cent of the company’s equity, Bloomberg News has reported. Based on prices in the unlisted market, the IPO could raise approximately $2.5 billion.