NSE IPO

About National Stock Exchange (NSE) IPO

The public issue of the National Stock Exchange of India (NSE) IPO, a mainboard IPO to be listed only on the BSE, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will also take place on TBA. The listing of shares will take place on TBA.

The offer consists entirely of an offer for sale (OFS) by the existing shareholders of NSE. The offer for sale portion includes 14,89,05,525 shares of ₹1 FV (aggregating up to TBA). The total number of shares offered is 14,89,05,525 shares aggregating to TBA. There is no fresh issue component to the IPO, so no fresh funds will come into the company.

National Stock Exchange of India (NSE) will be a book-built IPO with the IPO price band TBA. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is TBA. The minimum lot size investment for HNI is TBA. National Stock Exchange of India (NSE) started out as a technology-enabled stock exchange and has gained leadership position in volumes, which it has maintained for nearly 25 years. NSE is the largest stock exchange in India in terms of cash volumes and F&O volumes. It has also been the largest in terms of currency derivatives volumes. NSE has a global market share of 11.38% in number of trades in cash equities and 51.18% share in contracts traded in equity / index derivatives. In India, NSE has a market share of 92.99% in cash market, 99.79% in equity futures, and 74.71% in equity options. Its core settlement guarantee fund (SGF) stands at ₹13,079 crore.

Objectives of National Stock Exchange of India (NSE) IPO

Being an offer for sale, there are not fresh funds coming into the company. The IPO objectives are:

• Offering an exit to early shareholders / investors in the company.
  
• Getting the shares listed on the BSE.
  
• Ensuring greater visibility to the stock price through listing.
  
• Provide a rational and independent basis for valuing the shares of the company.
  

About National Stock Exchange (NSE)

According to a Redseer report, NSE ranks globally No.1 as a multi-asset class exchange. It is also the second largest listing platform. It has 12.91 crore unique registered investors (by PAN), covering 99% of the PIN codes across more than 1,400 cities. The NSE processes around 12 to 14 billion messages per day, or around 5 million messages across asset classes. It has over 2,00,000 trading terminals with a response time of just one nanosecond. NSE is also the No.1 clearing corporation in India and has a AAA rating, indicating highest safety in servicing interest and principal.

NSE had ROE of 32.98% in FY26 and has paid out dividend of ₹35 per share for FY26. Its operating EBITDA margins stand at 66.85% as of FY26 while its net profits have grown at a CAGR of 11.4% between FY24 and FY26. The market cap of all listed stocks on the NSE stands at ₹411 trillion while the total AUM of passive Indian mutual funds linked to NSE indices is ₹8.14 trillion. In FY26, the NSE platform was used to raise equity of ₹4.78 trillion and debt of ₹15.55 trillion. NSE also plays the role of a first level market regulator and supervisor, while it comes under the overall regulation of SEBI.

National Stock Exchange (NSE) IPO Latest News

• June 17, 2026 – NSE filed its Draft Red Herring Prospectus (DRHP) with SEBI for an IPO of up to 14,89,05,525 equity shares, setting the stage for the country's largest-ever corporate listing at an estimated ₹30,000 crore, surpassing Hyundai Motor India's ₹27,859 crore IPO. The DRHP disclosed LIC as the largest shareholder with a 10.72% stake, while SBI, GIC Re and other public-sector institutions are among the selling shareholders in the offer-for-sale.

• June 11, 2026 - Both Jio Platforms and NSE are likely to file their DRHPs with SEBI the week of June 15, setting the stage for two of India's most closely watched public offerings.

• June 5, 2026 - NSE asked its bankers to target the June 5–15 window for filing its DRHP with SEBI, with a listing before December 2026 as the goal. Filing in this window would allow the exchange to base its submission on March 2026 quarter financials.

• June 1, 2026: For its proposed IPO, the exchange and the lead bankers recently held discussions and are likely to move ahead with filing the Draft Red Herring Prospectus (DRHP) with SEBI. Preparations for the filing are already underway, with work on the DRHP progressing actively.

• May 6, 2026 - NSE declared a ₹35 per share final dividend for FY26 and asked its bankers to fast-track the DRHP filing, with an internal deadline set for June 15.

• April 27, 2026 - The EOI deadline closed, with sources indicating NSE received expressions of interest amounting to 4–5% of equity, broadly in line with the expected OFS size.

• March 30, 2026 - NSE invited existing shareholders to tender their shares for the OFS, with an expression of interest deadline of April 27, 2026. Eligibility is contingent on shareholders having held shares continuously for at least one year prior to the DRHP filing date.

• March 12, 2026 - NSE formally appointed its registrar - MUFG Intime India - and a large consortium of 20 Book Running Lead Managers including Kotak Mahindra Capital, JM Financial, Axis Capital, Morgan Stanley India, J.P. Morgan India, HSBC, Citigroup, ICICI Securities, SBI Capital Markets, and others.

• February 26, 2026 - NSE issued a request for proposals (RFPs) to investment banks, inviting them to pitch for advisory roles on its $2.5 billion IPO. Rothschild & Co. had already been appointed as an independent adviser to oversee the listing process and lead the selection of bankers and legal counsel. NSE aimed to finalise adviser selection by mid-March 2026.

• February 16, 2026 - The Delhi High Court dismissed a petition challenging SEBI's NOC for the NSE IPO, calling the plea an attempt to "interdict" the listing process. The decision removed an important legal hurdle in NSE's long-pending plan to go public.

• February 10, 2026 - A writ petition was filed in the Delhi High Court by former judicial officer KC Aggarwal, challenging SEBI's NOC. The petitioner alleged that NSE had breached SEBI's Corporate Action Adjustments (CAA) framework in its handling of derivative contracts.

• February 6, 2026 - NSE's board formally approved the IPO plan and reconstituted its IPO Committee to supervise all activities related to the public issue. The committee is chaired by Tablesh Pandey, a non-independent director and former LIC Managing Director, and includes NSE MD & CEO Ashishkumar Chauhan.

• January 30, 2026 - After a decade-long wait, SEBI issued its No Objection Certificate (NOC) to NSE - the mandatory regulatory clearance required for any market infrastructure institution before filing for an IPO. NSE CEO Ashish Chauhan stated DRHP preparation would take 3-4 months, with the full IPO process expected to take 8-9 months.

• January 10, 2026 - SEBI Chairman Tuhin Kanta Pandey publicly confirmed that the regulator would issue the NOC to NSE by month-end, stating that the exchange should be given the NOC before the end of January 2026.

• October 21, 2025 - During Diwali Muhurat Trading 2025, NSE MD & CEO Ashish Chauhan stated the NSE IPO could be listed by 2026 if SEBI grants its NOC soon, noting the exchange plans a listing within 8-10 months after approval.

• June 20, 2025 - NSE filed its settlement application with SEBI, offering ₹1,387.39 crore to settle the co-location and dark fibre cases - the largest-ever settlement plea made with the markets regulator and a critical step that paved the way for the eventual NOC.

• October 4, 2024 - SEBI passed its settlement order confirming NSE's payment of ₹643 crore (remitted on 25 September 2024) to settle the Trading Access Point (TAP) misuse case involving former MD & CEO Vikram Limaye and eight others, resolving a key regulatory hurdle on the path to the IPO.

• December 28 2016 - NSE filed its first DRHP with SEBI, planning a ₹10,000 crore public issue via the OFS route. The process was subsequently stalled due to the co-location controversy, where certain brokers were allegedly given preferential access to NSE's trading systems.

Industry Outlook

The capital markets are not just a barometer of economic growth, but also essential to economic growth of a fast-growing economy like India. According to the IMF WEO, India is poised to become the third largest economy in the world by FY32. In terms of trends favouring the stock exchange business; Indian households are seeing strong income mobility, while nationwide digitization has helped to democratize the capital markets. Rapid digitization combined with an entrepreneurial culture in India has been raising the stakes for the capital market vehicles like stock exchanges.

In the last few years, Indians are increasing investing in financial assets like equities and mutual funds. Between FY12 and FY24, the share of financial savings in India has gone up from 39.59% to 46.74%. This is still lower than developed markets like Japan and the US where the share of financial savings ranges between 63% and 68%, opening up a big window for Indian stock exchanges. Another trend has been the rise of passive investing in India, which has been helped along by robust indices on capital markets.

Between FY21 and FY26, the number of unique PANs registered with the NSE has gone up from 3.99 crore to 12.91 crore; a CAGR growth of 26.5%, post pandemic. This has been triggered by platform access, better bandwidth, increased awareness, and higher investor confidence in capital markets. Between FY21 and FY26, mutual fund AUM is up 2.7X while the SIP AUM is up 4X. While the FPI assets under custody has come down since the peak levels of October 2024, it is still more than 50% higher than the FY21 levels, showing high level of confidence of foreign investors in Indian capital markets.

Strengths of National Stock Exchange (NSE)

• Market leadership in equity and derivatives volumes.
• Well positioned to benefit from India’s structure growth tailwinds.
• Strong brand synonymous with trust and efficiency.
• Vertically integrated business model with a track record of product innovation.
• Sound technology platform to handle scale and resilience.
• Experienced and skilled top management.

Risks of National Stock Exchange (NSE)

• Volumes on the exchange is cyclical and that can impact earnings.
• SEBI regulation (like the restriction on retail derivatives) can post a risk to NSE.
• Continues to be subject to enforcement action and penalties over the colocation issue.
• Disruptions in IT infrastructure and connectivity poses a major risk to NSE.
• Over concentration of transaction charge earnings from options business.
• Revenue from listing services can be cyclical based on the IPO market cycles and market appetite.
• Cyber security and cyber attack risks are fairly substantial in this business.
• Nearly 50% of the revenue from operations come from the top-10 clients making the model vulnerable to concentration risk.
• Clearing corporation operations of NSE exposes the exchange to counterparty and capital risk.
• Several activities are outsourced to third parties and that remains a vendor risk to NSE.

Anchor Investor Bidding Date: TBA

IPO Registrar
MUFG Intime India Private Ltd
Phone: +91 810 811 4949
Email: nse.ipo@in.mpms.mufg.com

Book Running Lead Managers
Kotak Mahindra Capital Company Limited
Morgan Stanley India Company Private Limited
HSBC Securities and Capital Markets (India) Private Limited
SBI Capital Markets Limited
Avendus Capital Private Limited
DAM Capital Advisors Limited
HDFC Bank Limited
IDBI Capital Markets & Securities Limited
Motilal Oswal Investment Advisors Limited
Pantomath Capital Advisors Private Limited
JM Financial Limited
Citigroup Global Markets India Private Limited
J.P. Morgan India Private Limited
Anand Rathi Advisors Limited
Axis Capital Limited
Equirus Capital Limited
ICICI Securities Limited
IIFL Capital Services Limited
Nuvama Wealth Management Limited
360 ONE WAM Limited

NSE Contact Details
Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
Email: nse_ipo@nse.co.in
Phone: +91 22 2659 8100

Business Model

National Stock Exchange of India (NSE) business model is in providing a robust trading platform for dealing in capital market products. It substantially leverages on technology to make its offerings agnostic and fair. The business model has largely been based on promoting the derivatives activity in India, considering its potential for leveraged growth.

Company Growth Trajectory

The revenue of operations of NSE grew from ₹14,780.011 crores in FY 24 to ₹16,601.309 crores in FY 26. During the same period, its operating EBITDA grew from ₹9,869.805 crore to 11,097.903 crore. The EBITDA margins were stable around 66% in both these years. The PAT from continuing operations also went up between FY24 and FY26 from 12,675.493 crore to 14,120.706 crore. This led to the net profit margins improving marginally from 47.13% to 50.98%.

Market Position

The National Stock Exchange of India (NSE) has established a leadership position in cash equities, equity and index futures, equity and index options, as well as currency derivatives. It has leveraged technology to create a leadership position and its early initiatives in the F&O space has also allowed NSE to surge ahead of competition in terms of volumes.

IT has also catalysed the creation of a passive investment culture in India to enable low-cost access to equity markets to the retail investors, with its plethora of well-researched and popular indices.

How to Apply for National Stock Exchange (NSE) IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.