NSE IPO: 5 PSU Shareholders to Offload 2.37 Crore Shares in Mega Offer

The National Stock Exchange (NSE) is moving closer to its historic listing, with five major public sector undertakings (PSUs) set to partially monetise their stakes. This long-awaited initial public offering (IPO) is poised to become one of India's largest, marking a significant milestone for the country's capital markets.

Major PSU Shareholders to Participate in Offer for Sale

According to the Draft Red Herring Prospectus (DRHP) filed with SEBI, the proposed IPO will be an entirely Offer for Sale (OFS) comprising up to 14.89 crore equity shares. This represents approximately 6% of the exchange's paid-up equity capital.

Five government-owned entities have committed to offloading a combined total of approximately 2.37 crore shares. IDBI Bank leads the group of PSU sellers with 74.15 lakh shares, followed by State Bank of India (SBI) with 64.28 lakh shares. Other significant sellers include SBI Capital Markets (53.62 lakh shares), IFCI (34.32 lakh shares), and Bank of Baroda (10.98 lakh shares).

Interestingly, while these PSUs are exiting a portion of their holdings, other major investors like Life Insurance Corporation of India (LIC), Premji Invest (2.35% stake), and investor Radhakishan Damani (1.58% stake) will not be participating in the share sale and will retain their current holdings.

Massive Valuation and Market Impact

With an estimated valuation of around Rs 5 lakh crore in the unlisted market, the NSE IPO is expected to be worth approximately Rs 30,000 crore. This scale would position it as the largest public offering in Indian history. Once the listing is complete, NSE shares are expected to be listed on the BSE, mirroring the current arrangement of its primary competitor.

The journey to this IPO has been long, originating from a 2016 filing that was delayed by regulatory hurdles and the co-location controversy. However, the exchange's fundamental strength remains undisputed. As of March 2026, NSE remains the world's largest equity derivatives exchange, having traded more than 36.99 billion contracts.

Financial Performance and Operational Scale

למרות שינויים רגולטוריים אחרונים, ה-NSE ממשיך להפגין חוסן פיננסי ודומיננטיות תפעולית. ההכנסות מפעילות עלו ל-16,601 קרור רופי ב-FY26, לעומת 14,780 קרור רופי ב-FY24. בעוד שהרווח לאחר מס רשם ירידה של 15% משנה לשנה ל-10,302 קרור רופי ב-FY26 — בין היתר בשל רגולציה מחמירה יותר של SEBI על נגזרים על מניות — הבורסה נותרה מחוללת מזומנים אדירה, ומשלמת דיבידנדים של 35 רופי למניה הן ב-FY25 והן ב-FY26.

קנה המידה העצום של התשתית של ה-NSE בא לידי ביטוי ביכולתו לעבד בממוצע בין 12 ל-14 מיליארד הודעות מדי יום. כדי לנהל את ההנפקה הציבורית המסיבית הזו, מונתה קונסורציום של 20 מנהלי הנפקה מובילים (book-running lead managers), הכולל שמות כבדים כמו Morgan Stanley, JP Morgan ו-Kotak Mahindra Capital.

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