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 its direct rival, BSE, firmly in the spotlight as investors weigh the implications of a mega-IPO that promises to be the largest in India's history.
A New Valuation Benchmark for BSE
The announcement of the NSE IPO has triggered a "knee-jerk reaction" in the trading of BSE shares. While BSE has already seen a sharp run-up in its stock price due to IPO expectations, market experts suggest that the true impact lies in valuation.
Until now, investors lacked a transparent, market-driven way to value NSE, often relying on unlisted market estimates. The upcoming listing will provide a direct market-based valuation benchmark between India's two primary stock exchanges. Paresh Bhagat, Chairman of Mangal Keshav Financial, notes that while the news makes BSE sensitive to headlines during the SEBI review process, the fundamental business outlook for BSE remains largely unchanged.
Detailed Breakdown of the NSE Mega-IPO
The proposed IPO is structured entirely as an Offer for Sale (OFS), meaning no new equity is being issued to raise capital for the exchange; instead, existing shareholders are monetizing their stakes.
Key details of the filing include:
- Issue Size: Up to 14.89 crore equity shares with a face value of Re 1 each.
- Equity Stake: The sale represents approximately 6% of NSE’s total paid-up equity capital.
- Listing Arrangement: In a mirroring move, NSE’s shares are expected to list on the BSE, similar to how BSE shares are listed on the NSE.
Public Sector Entities Lead the Divestment
The IPO serves as a significant exit or partial monetization route for several major Public Sector Undertakings (PSUs). Five government-owned entities are participating in the sale of approximately 2.37 crore shares.
The participating PSUs and their respective share counts are:
- IDBI Bank: 74.15 lakh shares (the largest participant).
- State Bank of India (SBI): 64.28 lakh shares.
- SBI Capital Markets: 53.62 lakh shares.
- IFCI: 34.32 lakh shares.
- Bank of Baroda: 10.98 lakh shares.
特筆すべき点として、LICのような主要投資家は売却に参加しませんが、Premji Invest（保有比率2.35%）とRadhakishan Damani（保有比率1.58%）は保有を継続する意向です。
グローバル・デリバティブ市場におけるNSEの優位性
このIPOは、NSEが強力な世界的地位を維持しているタイミングで行われます。世界取引所連盟（World Federation of Exchanges）によると、NSEは2026年度に369.9億件以上の契約を取引し、引き続き世界最大の株式デリバティブ取引所としての地位を保っています。2026年3月31日時点で、NSEはインドの現物市場における売買代金で首位となり、現物株式の取引件数では世界第3位にランクインしています。
主なポイント
- バリュエーションの指標: NSEの上場により、取引所セクターに対して透明性の高い市場評価が提供されることになり、投資家はBSEとNSEを直接比較できるようになります。
- 大規模なOFS: このIPOは1億4,890万株の売却による公開買付け（OFS）であり、主にIDBI BankやSBIを含む5つの主要な公的部門企業（PSU）によって推進されています。
- 市場におけるリーダーシップ: このIPOは、世界最大の株式デリバティブ取引所として、また重要なキャッシュ創出源としてのNSEの巨大な規模を浮き彫りにしています。