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 rival BSE shares in the spotlight, as investors weigh the implications of the country’s largest-ever initial public offering.

The NSE IPO: A Landmark Offer-for-Sale

The proposed NSE IPO is structured entirely as an Offer-for-Sale (OFS), aiming to issue up to 14.89 crore equity shares with a face value of Re 1 each. This represents approximately 6% of the exchange's paid-up equity capital. In a symmetrical market development, the NSE shares are slated to be listed on the BSE, mirroring the current arrangement where BSE is listed on the NSE.

The IPO is primarily driven by five major public sector undertakings (PSUs) looking to partially monetise their holdings. These entities include:

Notably, other major stakeholders such as LIC, Premji Invest (2.35% stake), and investor Radhakishan Damani (1.58% stake) will not be participating in the sale and are retaining their holdings.

Impact on BSE: Valuation Benchmarking and Market Sentiment

The news has triggered a "knee-jerk reaction" among BSE shareholders, as the stock had already seen significant movement on the anticipation of this listing. While the entry of a direct competitor might cause temporary volatility, market experts suggest that the NSE listing provides a much-needed valuation benchmark.

Until now, investors had to rely on unlisted market estimates to value the NSE. Once the NSE lists, the market will have a transparent, real-time comparison between India's two primary exchange giants. While BSE's stock may remain sensitive to headlines during the SEBI review process, analysts believe the focus will eventually shift back to the core business fundamentals of both exchanges once the listing uncertainty is resolved.

NSE's Dominant Market Position

이번 IPO는 NSE가 여러 주요 지표에서 압도적인 우위를 유지하고 있는 시점에 진행됩니다. 세계거래소연합회(World Federation of Exchanges)에 따르면, NSE는 2026 회계연도 동안 369억 9천만 계약 이상의 거래량을 기록하며 세계 최대의 주식 파생상품 거래소 자리를 지키고 있습니다.

또한 이 거래소는 상당한 현금 창출 능력을 입증해 왔습니다. FY24의 무상증자 반영 배당(bonus-adjusted dividend)이 주당 18루피였던 것과 비교해, FY25와 FY26에는 주당 35루피를 지급하며 강력한 배당 실적을 유지했습니다. 2026년 3월 31일 기준, NSE는 현물 시장 거래대금 기준 인도 최대 거래소였으며, 현물 주식 거래 건수 기준으로는 세계 3위를 기록했습니다.

핵심 요약