Mega NSE IPO: SEBI Approves ₹30,000-Crore Public Offer

The National Stock Exchange’s IPO process has moved closer to the market after SEBI approved its draft offer documents on 4 September. NSE had filed its Draft Red Herring Prospectus (DRHP) in June, with preparations for investor roadshows already underway.

NSE IPO To Be Entirely An Offer For Sale

According to the DRHP, the proposed public issue will comprise an offer for sale (OFS) of up to 14.89 crore shares, with existing investors, including SBI, set to dilute their holdings.

Since there is no fresh issue, the proceeds from the NSE IPO will go to selling shareholders rather than NSE.

Listing Journey Began Nearly A Decade Ago

NSE’s public-market plans date back to December 2016, when it had filed its first DRHP for a ₹10,000-crore IPO. The process was subsequently stalled amid regulatory issues linked to the co-location case.

The latest approval follows the Supreme Court’s dismissal of SEBI’s appeal against NSE in the co-location matter, removing a major regulatory hurdle for the exchange’s listing plans.

Q1 profit up 7% Derivatives still key risk

NSE’s profit rose 7% year-on-year for the June quarter on the back of higher transaction charges and strong operating margins. Net profit came in at ₹3,120 crore and total income grew 9% YoY to ₹5,252 crore.

But the exchange is still highly dependent on the derivatives trading volumes, and its earnings are sensitive to changes in activity and regulations in the futures and options segment.

What Happens Next

NSE is preparing for investor roadshows ahead of the proposed issue. Investment bankers expect September to remain active for primary-market activity, with IPOs worth nearly $4 billion lined up, including the NSE offering.

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