NSE Files DRHP for $2-3 Billion IPO: Tiger Global and SBI to Exit

The National Stock Exchange (NSE) has officially restarted its long-awaited public listing journey by filing its Draft Red Herring Prospectus (DRHP) with SEBI. This landmark move marks a significant comeback for India’s largest exchange, nearly nine years after its initial IPO attempt was halted by regulatory hurdles.

An Offer for Sale Led by Global and Domestic Giants

The proposed IPO is structured entirely as an Offer for Sale (OFS), meaning the NSE will not receive any fresh capital from the issue; 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 investment firm Tiger Global has emerged as the most prominent seller, proposing to offload 1.48 crore shares, which constitutes over 13% of the total offer size. Other international investors such as Aranda Investments (Mauritius) and SAIF II-SE Investments are also slated to reduce their stakes. On the domestic front, major institutional players including IDBI Bank, State Bank of India (SBI), and SBI Capital Markets will participate in the sale. Other notable participants include IFCI, HDFC Standard Life, Bajaj Holdings & Investment, and Bank of Baroda.

Valuation and Market Position

The timing of the filing follows the removal of a major regulatory overhang after SEBI issued a no-objection certificate, settling the long-standing co-location controversy that began in 2015. Based on current unlisted market prices ranging between Rs 1,950 and Rs 2,050 per share, the NSE is valued at approximately Rs 5 lakh crore.

Market analysts note that while the exchange's valuation appears high—trading near 45x FY26 earnings—it remains relatively attractive compared to its peers. For context, the BSE trades at approximately 70x earnings, while MCX commands a much higher multiple of around 80x. This valuation reflects NSE's status as a capital-light, near-monopoly operator in the Indian financial ecosystem.

Risks and Regulatory Tailwinds

楽観的な見通しの一方で、業界の専門家は一定のボラティリティ・リスクを警告しています。NSEの収益はデリバティブ取引活動に大きく依存しており、このセグメントは最近、監視の目が強まっています。先物・オプション（F&O）セグメントにおける過度な個人投資家の参加を抑制することを目的としたSEBIの最近の介入は、取引量、ひいては取引所の収益源に影響を与える可能性があります。

しかし、DRHPの提出成功は、インドのプライマリーマーケットにとって強力なカタリストになると期待されています。年初は比較的落ち着いた展開でしたが、NSEのIPOは、インドの株式およびデリバティブ市場における支配的なプレーヤーへの直接的な投資機会を投資家に提供し、近年の資本市場における最も重要なイベントの一つとなる構えです。

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