NSE IPO: Five PSU Shareholders to Offload 2.37 Crore Shares

The National Stock Exchange (NSE) is moving closer to its historic market debut with the filing of its Draft Red Herring Prospectus (DRHP) with SEBI. This massive public offering is set to become one of India’s largest IPOs, as several major public sector undertakings (PSUs) prepare to monetize their significant stakes.

Major PSU Divestments in the Offer for Sale

The proposed NSE IPO is structured entirely as an Offer for Sale (OFS) of up to 14.89 crore equity shares, representing approximately 6% of the exchange's paid-up equity capital. A significant portion of this sale involves five prominent government-owned entities that will collectively offload 2.37 crore shares.

According to the DRHP, the breakdown of the PSU share sale is as follows:

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

Valuation and Market Impact

With an estimated unlisted market valuation of around Rs 5 lakh crore, the NSE IPO is expected to be worth approximately Rs 30,000 crore. This would position it as a landmark listing in the Indian capital markets. Once listed, NSE's shares will appear on the BSE, mirroring the existing arrangement between the two major exchanges.

The journey to this listing has been long; the process initially began in December 2016 but faced significant delays, notably due to the co-location controversy. This filing marks a pivotal step toward finally bringing the nation's largest exchange to the public domain.

Financial Performance and Global Dominance

Meskipun ada pergeseran regulasi baru-baru ini, NSE tetap menjadi kekuatan finansial yang besar. Pendapatan operasional bursa melonjak menjadi Rs 16.601 crore pada FY26, naik dari Rs 14.780 crore pada FY24. Meskipun laba setelah pajak mengalami penurunan sebesar 15% secara tahunan (year-on-year) menjadi Rs 10.302 crore pada FY26—sebagian disebabkan oleh regulasi SEBI yang lebih ketat pada derivatif ekuitas—bursa ini terus menjadi penghasil kas yang masif, dengan membayar dividen sebesar Rs 35 per saham baik pada FY25 maupun FY26.

Secara global, NSE mempertahankan posisi yang dominan. 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. Keunggulan teknologinya juga sama mengesankannya, dengan memproses rata-rata 12 hingga 14 miliar pesan setiap harinya.

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