NSE IPO: Five PSU Shareholders to Offload 2.37 Crore Shares

The National Stock Exchange (NSE) is moving closer to its historic listing as it files its Draft Red Herring Prospectus (DRHP) with SEBI. This mega public offer is set to become one of India’s largest, with several public sector undertakings (PSUs) looking to monetise their significant stakes in the exchange.

Major PSU Players to Participate in Offer for Sale

The proposed IPO is structured entirely as an Offer for Sale (OFS), involving up to 14.89 crore equity shares, which represents approximately 6% of NSE's paid-up equity capital. A significant portion of this sale will be driven by five government-owned entities that aim to offload a combined total of 2.37 crore shares.

Leading the divestment is IDBI Bank, which plans to sell 74.15 lakh shares. This is followed by State Bank of India (SBI) with 64.28 lakh shares, SBI Capital Markets with 53.62 lakh shares, and IFCI with 34.32 lakh shares. Bank of Baroda will also participate, offering 10.98 lakh shares. Interestingly, while these PSUs are selling, key stakeholders like LIC, Premji Invest (2.35% stake), and investor Radhakishan Damani (1.58% stake) have opted to retain their holdings.

Valuation and Massive Scale of the IPO

The NSE IPO is expected to be a landmark event in the Indian capital markets. With an estimated valuation of around Rs 5 lakh crore in the unlisted market, the total issue size is projected to be approximately Rs 30,000 crore.

The exchange’s operational scale is unparalleled. According to the World Federation of Exchanges, NSE remains the world's largest equity derivatives exchange, recording over 36.99 billion contracts traded during fiscal 2026. Its technological prowess is equally impressive, processing an average of 12 to 14 billion messages daily as of March 2026.

Financial Performance and Regulatory Landscape

Despite its massive scale, NSE’s recent financials show a nuanced picture influenced by regulatory shifts. Revenue from operations saw a healthy rise from Rs 14,780 crore in FY24 to Rs 16,601 crore in FY26. However, profit after tax (PAT) saw a 15% year-on-year decline, falling from Rs 12,188 crore in FY25 to Rs 10,302 crore in FY26. This decline is partially attributed to tighter SEBI regulations regarding equity derivatives trading.

Ciononostante, la borsa rimane una solida generatrice di cassa per i suoi azionisti, avendo pagato un dividendo sostanzioso di 35 rupie per azione sia nell'FY25 che nell'FY26.

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