NSE Files DRHP for $2-3 Billion IPO: Major Investors Set to Exit

After nearly nine years of regulatory delays, the National Stock Exchange (NSE) has officially restarted its journey toward a public listing by filing its Draft Red Herring Prospectus (DRHP) with SEBI. The anticipated $2 billion initial public offering (IPO) marks a monumental moment for India's capital markets, signaling the return of one of the country's most dominant financial institutions to the public eye.

An Offer for Sale Driven by Institutional Exit

The proposed IPO is structured entirely as an Offer for Sale (OFS), meaning the exchange itself will not receive any new capital from the proceeds; instead, existing shareholders will be divesting portions of their holdings. The DRHP proposes the sale of up to 14.89 crore shares, each with a face value of Re 1.

Global giant Tiger Global has emerged as the largest seller, proposing to offload 1.48 crore shares, which constitutes over 13% of the total offer. Other significant international participants include Aranda Investments (Mauritius) and SAIF II-SE Investments. On the domestic front, major public and private sector entities are also looking to reduce their stakes, including IDBI Bank (74.15 lakh shares), SBI (64.28 lakh shares), SBI Capital Markets (53.62 lakh shares), and IFCI (34.31 lakh shares). Other notable sellers include HDFC Standard Life, Bajaj Holdings & Investment, and Bank of Baroda.

Valuation and Market Positioning

The NSE’s return to the listing track comes at a time of massive valuation. Based on current unlisted market prices ranging between Rs 1,950 and Rs 2,050 per share, the exchange is valued at approximately Rs 5 lakh crore. This would position NSE among the most valuable listed financial institutions in India.

Market analysts note that while NSE’s valuation is premium—trading near 45x FY26 earnings—it remains more conservative compared to its peers. For instance, the BSE trades at approximately 70x earnings, while MCX sits at around 80x. Analysts describe NSE as a "capital-light near-monopoly," a status that continues to drive investor interest despite past regulatory hurdles.

コロケーション問題の影を払拭する

長らく遅れていた上場は、2015年のコロケーションを巡る論争にまで遡ることができます。当時、特定のアルゴリズム取引業者に対して市場データへの優先的なアクセスを認めていたという疑惑が浮上しました。このスキャンダルにより、長年にわたる調査、経営陣の刷新、そしてガバナンス改革が行われることとなりました。

今回の申請は、今年初めにSEBIが「異議なし証明書（no-objection certificate）」を発行し、主要な規制上の懸念が事実上解消されたという大きな進展を受けたものです。しかし、アナリストは、NSEの将来の収益はデリバティブ部門のボラティリティに対して依然として非常に敏感であると警告しています。先物・オプション（F&O）市場における個人投資家の参加を抑制することを目的とした最近のSEBIの介入は、取引量、ひいては取引所の収益に影響を与える可能性があります。

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