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.

Meskipun demikian, posisi global NSE tidak tertandingi. NSE tetap menjadi bursa derivatif ekuitas terbesar di dunia, dengan volume perdagangan lebih dari 36,99 miliar kontrak pada Tahun Fiskal 2026. Tulang punggung teknologinya pun sama kuatnya, memproses rata-rata 12–14 miliar pesan setiap harinya per Maret 2026.

Tempat Pencatatan dan Riwayat Dividen

Dalam pengaturan timbal balik, saham NSE dijadwalkan untuk dicatatkan di Bombay Stock Exchange (BSE), mencerminkan bagaimana saham BSE sendiri dicatatkan di NSE. Bagi investor yang berfokus pada pendapatan, NSE memiliki rekam jejak penghasilan kas yang konsisten, dengan pembayaran dividen sebesar ₹35 per saham baik pada FY25 maupun FY26.

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