NSE IPO Update: Draft Papers Expected by Friday as Listing Nears
The National Stock Exchange (NSE) is poised to take a massive leap toward its public debut, with reports suggesting it may file its Draft Red Herring Prospectus (DRHP) with SEBI as early as this Friday. This anticipated move is expected to act as a major catalyst for India's primary market, reviving investor sentiment after a relatively quiet period.
A Landmark Valuation and Market Position
The NSE IPO is being viewed as one of the most significant capital market events in recent years. Currently, the exchange is trading in the unlisted market at approximately ₹1,950 to ₹2,050 per share, implying a staggering valuation of roughly ₹5 lakh crore.
Financial analysts note that while these valuations are premium, they remain competitive compared to its peers. NSE currently trades at around 45x its FY26 projected earnings. For context, this is lower than the multiples seen by the Bombay Stock Exchange (BSE) at 70x and MCX at 80x. As a capital-light, near-monopoly entity, NSE holds a dominant position in the Indian financial ecosystem.
Understanding the ₹20,000 Crore Offer for Sale
Unlike traditional IPOs where a company raises fresh capital to fund expansion or debt repayment, the NSE offering is structured entirely as an Offer for Sale (OFS). The exchange is expected to raise more than ₹20,000 crore by offloading approximately 4% to 4.5% of its equity.
Under this structure, the proceeds will not go to the NSE itself but will instead be distributed among existing shareholders who are seeking an exit or liquidity. This complexity is heightened by a rapidly expanding shareholder base; the number of shareholders surged from 39,201 in March 2025 to over 1.86 lakh by December 2025, driven largely by intense activity in the unlisted market.
Regulatory Hurdles Cleared and Future Risks
The path to listing has been long and fraught with delays due to legacy legal issues and regulatory hurdles. However, the recent settlement of the long-running co-location case has removed a significant "overhang" that had previously stalled the process.
楽観的な見方が広がる一方で、市場の専門家は取引所の収益モデルに対して注意を促しています。NSEの収益はデリバティブの取引高に強く連動しています。先物・オプション（F&O）セグメントは頻繁な規制変更の対象となるため、取引高のボラティリティは、投資家が注視すべき主要なリスク要因であり続けています。
主なポイント
- 届出間近: NSEは今週金曜日までにSEBIへDRHPを提出する見込みであり、これによりプライマリーマーケットへの関心が急増する可能性があります。
- OFSの仕組み: 今回のIPOは20,000クロール・ルピーを超える売出し（OFS）形式で行われる予定であり、取引所への新規増資ではなく、既存株主への流動性提供を目的としています。
- バリュエーションの背景: 5兆ルピー（5 lakh crore）の想定時価総額で取引されるNSEは、BSEやMCXと比較して、より保守的な収益倍率（FY26予想PER 45倍）となっています。