New Delhi, Sept. 4 -- The long-awaited National Stock Exchange IPO has received approval from market regulator Sebi to raise funds from Dalal Street investors, potentially making it the biggest-ever IPO the Indian stock market has seen.

The NSE IPO consists entirely of an offer for sale of up to 149 million equity shares by existing institutional shareholders, indicating a total of 6% of NSE's paid-up capital is being offered to new investors. No fresh equity capital will be issued as part of the transaction.

While the final issue size and valuation will be determined later, market estimates suggest that the IPO size could be around Rs.30,000 crore, implying a market capitalisation of more than Rs.5 lakh crore, putting it among the top ...