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 officially filed its Draft Red Herring Prospectus (DRHP) with SEBI. This move has immediately placed its listed rival, BSE, under the spotlight as investors weigh the implications of the upcoming mega-IPO.
A Direct Valuation Benchmark for BSE
The announcement of the NSE IPO is expected to trigger significant volatility for BSE shares. While some market analysts view the sudden attention on BSE as a "knee-jerk reaction" to a competitor's move, the listing serves a much more strategic purpose: providing a real-time valuation benchmark.
Until now, investors have relied on unlisted market valuations and various estimates to gauge the worth of the NSE. Once the NSE lists—ironically, on the BSE itself—the market will have a transparent, price-discovery mechanism to compare the two giants. Industry experts suggest that while BSE's stock may remain sensitive to headlines during the SEBI review process, the long-term focus will eventually shift back to core business fundamentals once the listing uncertainty is resolved.
Detailed Breakdown of the NSE IPO
The proposed IPO is structured as an entirely Offer-for-Sale (OFS) model, which means no new equity will be issued by the exchange; instead, existing shareholders are selling their stakes. Key details include:
- Issue Size: The OFS consists of up to 14.89 crore equity shares with a face value of Re 1 each.
- Equity Stake: This represents approximately 6% of NSE’s total paid-up equity capital.
- Market Dominance: The IPO comes as NSE continues to lead globally, maintaining its position as the world’s largest equity derivatives exchange with over 36.99 billion contracts traded in FY26.
Public Sector Entities to Monetise Holdings
The IPO serves as a significant exit or partial monetization route for five major Public Sector Undertakings (PSUs). These entities are offloading a combined total of approximately 2.37 crore shares.
The breakdown of the participating PSU shareholders is as follows:
- IDBI Bank: 74.15 lakh shares (the largest seller)
- 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
特筆すべきは、インド生命保険公社（LIC）のような主要なステークホルダーは、今回の売却には参加しないということです。同様に、Premji Invest（持ち分2.35%）やRadhakishan Damani（持ち分1.58%）といった著名な民間投資家も、保有株を維持する意向です。
## 主なポイント
- 市場のベンチマーク: NSEのIPOは、インド最大の取引所に対する初の公式な市場ベースの評価額を提示することになり、BSEの株主にとって直接的な比較対象となります。
- 大規模な規模: 発行済み株式の6%をすべて売出し（100% Offer-for-Sale）する形式のこのIPOは、インドの資本市場の歴史において最大規模となる見込みです。
- 公的部門（PSU）の参加: IDBI BankやSBIを中心とする5つの主要な政府所有企業が、この歴史的な上場における主要な売却者となります。