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

After a nearly nine-year hiatus, the National Stock Exchange (NSE) has officially restarted its journey toward a public listing by filing its Draft Red Herring Prospectus (DRHP) with SEBI. This highly anticipated move signals a major milestone for India's capital markets, potentially marking one of the largest IPOs in recent history.

An Offer for Sale Led by Global and Domestic Giants

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

International investor Tiger Global has emerged as the largest participant in this divestment, proposing to sell 1.48 crore shares, which constitutes over 13% of the total offer. Other significant foreign entities reducing their stakes include Aranda Investments (Mauritius) and SAIF II-SE Investments.

On the domestic front, major public and private sector institutions are participating in the sale. Key sellers include IDBI Bank (74.15 lakh shares), State Bank of India (64.28 lakh shares), and SBI Capital Markets (53.62 lakh shares). Other notable participants include IFCI, HDFC Standard Life, Bajaj Holdings & Investment, and Bank of Baroda.

Valuation and Market Positioning

The NSE's return to the primary market comes at a time of significant valuation. Based on recent 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 it among India’s most valuable listed financial institutions.

Market analysts note that while the exchange trades at a premium—near 45x FY26 earnings—it remains relatively more affordable compared to its peers. For context, the Bombay Stock Exchange (BSE) trades near 70x earnings, while Multi Commodity Exchange (MCX) sits at around 80x. This valuation reflects NSE's "capital-light" business model and its dominant, near-monopoly position in several key trading segments.

Overcoming Regulatory Hurdles and Volatility Risks

Penyenaraian yang tertangguh lama ini adalah hasil daripada kejayaan bursa tersebut mengharungi kesan susulan kontroversi kolokasi pada tahun 2015. Skandal tersebut, yang melibatkan dakwaan akses data pasaran secara istimewa bagi broker tertentu, telah melambatkan percubaan IPO asal bursa tersebut bernilai Rs 10,000-crore pada tahun 2016. Dengan SEBI kini mengeluarkan sijil tiada bantahan dan ketidakpastian kawal selia semakin reda, laluan ke arah penyenaraian akhirnya terbuka.

Walau bagaimanapun, penganalisis memberi amaran tentang potensi cabaran. Hasil NSE sangat bergantung kepada perdagangan derivatif, satu segmen yang sememangnya tidak menentu. Tambahan pula, campur tangan SEBI baru-baru ini yang bertujuan untuk mengekang penyertaan runcit yang berlebihan dalam segmen Futures and Options (F&O) boleh menjejaskan volum dagangan dan, seterusnya, hasil pendapatan bursa tersebut.

Ringkasan Utama