BSE Shares in Focus as NSE Files DRHP for India's Largest 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, sparking intense speculation regarding market valuations and competitive dynamics.

A Valuation Benchmark for the Exchange Sector

The announcement of the NSE IPO is expected to create a direct market-based valuation benchmark between India’s two dominant stock exchanges. Until now, investors assessing NSE have had to rely on unlisted market valuations and various estimates. With NSE moving toward a public listing, the market will finally have a transparent, real-time comparison between BSE and NSE.

Market experts suggest that while BSE shareholders might experience a "knee-jerk reaction" due to the competition, the fundamental business outlook for BSE remains largely unchanged. However, BSE’s stock price is expected to remain sensitive to news cycles throughout the SEBI review process and until the eventual listing, which is anticipated in 2026.

Understanding the Mega IPO Structure

The proposed NSE IPO is structured entirely as an Offer for Sale (OFS), meaning no new equity is being issued by the exchange; instead, existing shareholders are selling their stakes. The details of the filing include:

Major PSU Divestments and Shareholder Dynamics

The IPO marks a significant monetization event for several Public Sector Undertakings (PSUs) that hold stakes in the exchange. Five major government-owned entities are participating in the OFS, collectively selling approximately 2.37 crore shares.

The breakdown of the participating PSU shareholders is as follows:

Perlu dicatat, meskipun BUMN ini keluar, pemain besar lainnya seperti LIC tidak akan berpartisipasi dalam penjualan tersebut. Investor profil tinggi seperti Premji Invest (kepemilikan 2,35%) dan Radhakishan Damani (kepemilikan 1,58%) juga mempertahankan kepemilikan mereka.

Dominasi NSE dalam Derivatif Global

IPO ini terjadi pada saat NSE mempertahankan posisi yang dominan dalam lanskap keuangan global. Menurut World Federation of Exchanges, NSE tetap menjadi bursa derivatif ekuitas terbesar di dunia, dengan volume perdagangan lebih dari 36,99 miliar kontrak selama Tahun Fiskal 2026. Per 31 Maret 2026, NSE menjadi pemimpin di India dalam perputaran pasar tunai dan menempati peringkat ketiga secara global berdasarkan jumlah perdagangan ekuitas tunai.

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