NSE IPO: Everything Investors Need to Know About India’s Largest Listing

The National Stock Exchange (NSE) has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI, paving the way for a historic public listing. With an estimated valuation of ₹5 lakh crore in the unlisted market, this IPO is poised to be one of the most significant events in the history of Indian capital markets.

IPO Structure and Valuation Dynamics

The proposed IPO is structured entirely as an Offer-for-Sale (OFS), comprising up to 14.89 crore equity shares with a face value of Re 1 each. This represents approximately 6% of NSE’s paid-up equity capital. Market estimates suggest the total issue size could reach roughly ₹30,000 crore.

In terms of valuation, NSE currently commands a premium in the unlisted market, trading at prices between ₹1,950 and ₹2,170 per share. While this translates to roughly 45x FY26 earnings—a "rich" valuation—it remains significantly lower than competitors like BSE (70x) and MCX (80x). The settlement of the long-standing co-location case has also removed a major regulatory overhang that previously delayed the listing.

Major Shareholders and Exit Participants

The OFS will see significant participation from several Public Sector Undertakings (PSUs). Five government-owned entities—IDBI Bank, State Bank of India (SBI), SBI Capital Markets, IFCI, and Bank of Baroda—collectively hold approximately 2.37 crore shares that are part of the sale. Other institutional participants include Tiger Global, Norwest Venture Partners, and HDFC Standard Life Insurance.

Notably, some heavyweights are staying on board. Life Insurance Corporation of India (LIC) will not participate in the share sale, nor will Premji Invest (2.35% stake) or prominent investor Radhakishan Damani (1.58% stake), both of whom intend to retain their holdings.

Financial Performance and Market Dominance

NSE’s financial trajectory showcases its massive scale, though it faces evolving regulatory headwinds. Revenue from operations rose to ₹16,601 crore in FY26, up from ₹14,780 crore in FY24. However, Profit After Tax (PAT) saw a 15% year-on-year decline from ₹12,188 crore in FY25 to ₹10,302 crore in FY26, a dip attributed to tighter SEBI regulations on equity derivatives.

Malgré cela, le rayonnement mondial de la NSE est inégalé. Elle demeure la plus grande bourse de produits dérivés sur actions au monde, ayant négocié plus de 36,99 milliards de contrats au cours de l'exercice 2026. Son infrastructure technologique est tout aussi robuste, traitant en moyenne 12 à 14 milliards de messages par jour en mars 2026.

Lieu de cotation et historique des dividendes

Dans le cadre d'un accord réciproque, les actions de la NSE devraient être cotées sur la Bombay Stock Exchange (BSE), reproduisant ainsi le modèle de cotation des propres actions de la BSE sur la NSE. Pour les investisseurs axés sur le rendement, la NSE affiche un historique de génération de trésorerie constante, ayant versé des dividendes de 35 ₹ par action tant pour l'exercice 2025 que pour l'exercice 2026.

Points clés à retenir