NSE IPO

About NSE IPO

NSE IPO, a mainboard IPO, will open for subscription on Thursday, September 17, 2026, and close on Monday, September 21, 2026. The allotment of shares is expected on Tuesday, September 22, 2026, with the shares scheduled to list on Thursday, September 24, 2026, on the BSE.

The NSE India IPO price band is set at ₹1,700 to ₹1,785 per share and comprises solely an Offer for Sale (OFS) of up to 126,436,650 equity shares, aggregating up to ₹22,562 crore. The selling shareholders include State Bank of India (up to 15,969,410 shares), Canada Pension Plan Investment Board (up to 11,874,060 shares), Aranda Investments (Mauritius) Pte Ltd (up to 11,246,336 shares), MS Strategic (Mauritius) (up to 11,000,000 shares), among others.

The IPO also includes a reservation portion of up to ₹70 crore for eligible employees. Employees bidding under this portion will receive an employee discount of ₹170 per equity share.

Objectives of NSE IPO

• To carry out the offer for sale of up to 126,436,650 equity shares by the selling shareholders.
  
• To achieve the benefits of listing the equity shares on BSE, which the company expects will enhance its visibility and brand image, provide liquidity to its shareholders, and provide a public market for the Equity Shares in India.
  

About National Stock Exchange of India Ltd.

The National Stock Exchange of India (NSE) has a rich history dating back to its incorporation in 1992. Recognized by SEBI in 1993, NSE revolutionized Indian trading when it commenced operations in 1994 with its wholesale debt and cash market segments. Its products span the cash market, futures, options, a mutual funds platform, commodity derivatives, exchange-traded currency derivatives, the wholesale debt market, and interest rate futures. This one stop structure lets participants manage regulatory compliance, risk monitoring, and post-trade settlement in one place.

Scale defines the business. As of June 30, 2026, the platform supported 261.36 million registered investor accounts, 1,328 trading members, 132.37 million Unique Registered Investors, and 3,005 Listed Entities carrying a Market Capitalisation of Listed Entities of ₹474.08 trillion. Its Unique Registered Investors base grew at a CAGR of 26.23% from 30.87 million as of March 31, 2020 to 132.37 million as of June 30, 2026. Investors on the exchange span over 99% of Indian postal codes.

The company acts as a first-level regulator in India. In that role it enforces rules designed to uphold market integrity, investor protection, and orderly market functioning. Its operations run on proprietary technology built for high-speed, high-frequency transactions. It has been designated as a Critical Information Infrastructure entity by the NCIIPC.

Strengths of National Stock Exchange (NSE)

• It was the largest multi-asset class exchange globally by number of trades in cash equities and contracts traded in equity derivatives in Fiscal 2026, with a 51.18% global share of equity-derivative contracts traded.
• Its Unique Registered Investors base grew at a CAGR of 26.23% to 132.37 million as of June 30, 2026, giving it strong network effects as retail participation expands.
• Total Income rose to ₹18,713.37 crore in Fiscal 2026 from ₹16,352.06 crore in Fiscal 2024, backed by high margins and sustained cash generation that self-funds investment.
• Its technology platform is engineered for scale and resilience, with fault-tolerant and commodity servers, a 4:1 ratio for critical telecom links, and no data breaches across Fiscals 2024, 2025, and 2026.

Risks of National Stock Exchange (NSE)

• Revenue depends heavily on trading volumes, so any significant decline in the volume and value of transactions on the exchange would directly reduce transaction charges and hurt profitability.
• Transaction charges contributed 78.65% of revenue from operations in Fiscal 2026, with the options business alone contributing 60.22%, concentrating revenue in a single product line exposed to regulatory change.
• SEBI measures to strengthen the equity index-derivatives framework can lower derivative trading volumes, which would reduce the company's largest revenue stream.
• The top ten trading members accounted for 46.78% of revenue from operations in Fiscal 2026, creating dependency risk if any large member reduces activity.
• The company faces cybersecurity threats, including a distributed denial of service attack experienced in 2025, and any breach could disrupt trading and damage trust.
• As a heavily regulated market infrastructure institution overseen by SEBI, the Company has faced enforcement actions and monetary penalties, and further regulatory action could affect operations and reputation.

National Stock Exchange (NSE) Business Model

The company earns its revenue through transaction charges levied on trades executed across its products, which are its largest revenue stream and contributed 78.65% of revenue from operations in Fiscal 2026. It also earns listing fees from Listed Entities, colocation and connectivity charges, data feed and data terminal services fees, and licensing and index subscription fees. Its customer segments include trading members, listed companies, data vendors, and index licensees. The company differentiates itself through a vertically integrated platform spanning trading, clearing, listing, and post-trade services, a low marginal cost of adding new products at its scale, and proprietary technology that supports high-speed, high-frequency transactions.

National Stock Exchange (NSE) Growth Trajectory

National Stock Exchange of India Limited's Total Income for FY26 was ₹18,713.37 crore, whereas in FY25 and FY24 it was ₹19,176.83 crore and ₹16,352.06 crore, respectively. The Profit After Tax for FY26 was ₹10,302.06 crore, whereas in FY25 and FY24 it was ₹12,187.69 crore and ₹8,305.74 crore, respectively.

Their EBITDA for FY26 was ₹14,691.17 crore, whereas in FY25 and FY24 it was ₹16,808.21 crore and ₹11,588.07 crore, respectively.

National Stock Exchange (NSE) Market Position

The Company operates the largest exchange platform in India, with investors spanning over 99% of Indian postal codes as of June 30, 2026. As of that date it supported 261.36 million registered investor accounts, 1,328 trading members, and 3,005 Listed Entities carrying a Market Capitalisation of Listed Entities of ₹474.08 trillion. It was the largest derivatives exchange in the world by number of contracts traded for seven consecutive years, according to the World Federation of Exchanges.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹18,713.37 crore, ₹10,302.06 crore, and ₹14,691.17 crore, respectively.

Industry Outlook

India is the fastest-growing G20 economy. Its nominal GDP expanded from US$0.47 trillion in Fiscal 2001 to US$3.92 trillion in Fiscal 2026 and is projected to grow at 9.61% a year to reach US$6.79 trillion by Fiscal 2032P, when it is expected to become the world's third-largest economy. This expansion is widening the base of savers who can participate in capital markets.

Capital markets are deepening. Indian equity market capitalisation reached about ₹219.64 trillion by Fiscal 2026, supported by rising household participation. Mutual fund assets under management from B30 cities (beyond the top 30 cities) rose from ₹5.36 trillion to ₹13.89 trillion between Fiscal 2021 and Fiscal 2026, reflecting the spread of systematic investment plans into smaller towns.

Penetration still has room to grow. Financial-product access on an adult (18+) population basis stood at 13.45%, indicating substantial headroom as demat accounts, digital broking platforms, and mutual fund folios expand. Growth in retail participation across equity and derivative segments continues to broaden the market. As the operator of India's largest exchange platform, the Company is placed to benefit from rising trading volumes, new listings, and index and data services demand.

How to Apply for NSE IPO on the Website?

1. Log in to your Kotak Neo account using your credentials.
2. Go to the home screen or menu and open the IPO tab to view live and open issues.
3. Click on the NSE IPO to check details such as the price band and lot size.
4. Select the number of lots you wish to apply for.
5. Choose the cut-off price option if you want to bid at the final discovered price.
6. Enter your valid UPI ID linked to your bank account.
7. Submit the application form.
8. Open your preferred UPI application (Google Pay, PhonePe or BHIM, etc.) to approve the mandate request and block the application funds.

How to Apply for NSE IPO on Mobile?

1. Open the Kotak Neo app and sign in to your trading account.
2. Go to the home screen, open the investment products section, and tap on IPO to view active and upcoming issues.
3. Choose the NSE IPO to review details such as the price band and issue size.
4. Tap Apply, select your investor category, and enter the number of lots and your bid price, or select the 5) cut-off price option.
5. Enter your valid UPI ID or choose ASBA to block funds in your linked bank account.
6. Submit the application and approve the mandate request sent to your UPI app to block the required funds.

NSE IPO Anchor Investor Bidding Date

Wednesday, September 16, 2026

NSE IPO Registrar Details

MUFG Intime India Private
Telephone: +91 810 811 4949
E-mail: nse.ipo@in.mpms.mufg.com

NSE IPO Book Running Lead Manager(s)

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

National Stock Exchange (NSE) Contact Details

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

Related News

• NSE Cuts Proposed IPO Size To ₹23,500 Crore Ahead Of Launch
• How Much SBI, New India Assurance And Other Shareholders Could Make From The ₹1,700-1,785 Offer?