BSE Shares in Focus as NSE Files DRHP for India’s Largest Ever IPO

The Indian capital markets are bracing for a historic milestone as the National Stock Exchange (NSE) has filed its Draft Red Herring Prospectus (DRHP) with SEBI. This move has placed rival BSE shares in the spotlight, as investors weigh the implications of the largest-ever IPO in India’s history.

A Benchmark for Valuation in the Exchange Sector

The filing of the NSE's DRHP marks a turning point for the Indian exchange ecosystem. For years, investors have relied on unlisted market valuations and various estimates to assess NSE's worth. The upcoming listing will provide a direct, market-based valuation benchmark between India's two primary stock exchanges.

Market experts suggest that while BSE shareholders might experience a "knee-jerk reaction" due to the competition, the fundamental outlook for BSE's core business remains largely unchanged. However, the sensitivity of BSE's stock price is expected to remain high throughout the SEBI review process and leading up to the eventual NSE listing, which is anticipated later in 2026.

Understanding the NSE Mega IPO Structure

The proposed IPO is structured entirely as an Offer-for-Sale (OFS). According to the DRHP, the issue will consist of up to 14.89 crore equity shares with a face value of Re 1 each. This represents approximately 6% of NSE’s total paid-up equity capital.

In a symbolic twist of market dynamics, NSE’s shares are slated to be listed on the BSE, mirroring the existing arrangement where BSE is listed on the NSE. This move highlights the interconnectedness of the two giants and the maturing nature of the Indian financial markets.

Public Sector Entities to Monetise Holdings

The IPO will see significant participation from major public sector undertakings (PSUs) looking to partially monetise their stakes. Five government-owned entities are set to sell a combined total of approximately 2.37 crore shares.

The breakdown of the participating PSU shareholders is as follows:

Cabe destacar que otros accionistas importantes, como la Life Insurance Corporation of India (LIC), Premji Invest (participación del 2,35 %) y el inversor Radhakishan Damani (participación del 1,58 %), no participarán en la venta y mantendrán sus participaciones.

El dominio de la NSE en el mercado global de derivados

La IPO se produce en un momento en que el dominio de mercado de la NSE se encuentra en su punto más alto. Según la World Federation of Exchanges, la NSE sigue siendo la mayor bolsa de derivados de renta variable del mundo, registrando más de 36.990 millones de contratos negociados durante el año fiscal 2026.

La bolsa también ha demostrado ser un sólido generador de efectivo. Pagó un dividendo de 35 rupias por acción tanto en el FY25 como en el FY26, lo que supone un aumento significativo respecto a las 18 rupias por acción (sobre una base ajustada por bonos) pagadas en el FY24. A fecha de 31 de marzo de 2026, la NSE mantuvo su posición como líder de la India en volumen de operaciones del mercado al contado.

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