BSE Shares in Focus as Rival NSE Files DRHP for Mega 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 immediate scrutiny on BSE shares, as the industry prepares for what is set to be India’s largest-ever initial public offering.

A Valuation Benchmark for the Exchange Sector

The filing of the NSE IPO introduces a significant shift in how investors perceive the valuation of India’s premier stock exchanges. While BSE has already seen its stock price climb on the anticipation of this listing, market experts suggest that the NSE IPO will provide a much-needed direct market-based valuation benchmark.

Until now, investors evaluating NSE relied on unlisted market estimates. With the upcoming listing, the market will be able to compare the two giants head-to-head. Paresh Bhagat, Chairman of Mangal Keshav Financial, notes that while the news may trigger a "knee-jerk reaction" in BSE’s stock, the long-term outlook for BSE’s core business remains fundamentally unchanged. Investors are expected to return to business fundamentals once the initial uncertainty of the SEBI review process subsides.

Details of the Mega IPO and OFS Structure

The proposed NSE IPO is designed entirely as an Offer-for-Sale (OFS). The exchange plans to sell up to 14.89 crore equity shares, each having a face value of Re 1. This represents approximately 6% of NSE's total paid-up equity capital.

In a move that mirrors the existing market structure, NSE's shares are expected to list on the BSE. This creates an interesting dynamic where the country's largest exchange by turnover will be listed on its primary rival’s platform.

Public Sector Entities to Monetise Stakes

The IPO serves as a major exit or partial monetisation route for several key public sector undertakings (PSUs). Five government-owned entities are participating in the OFS to sell a combined total of approximately 2.37 crore shares.

The breakdown of the participating PSU shareholders is as follows:

值得注意的是，LIC 等其他主要利益相关者将不参与此次出售，而 Premji Invest（持股 2.35%）和 Radhakishan Damani（持股 1.58%）等私人投资者则选择保留其现有持股。

NSE 在全球衍生品市场的领先地位

此次 IPO 正值 NSE 业务规模巨大的时期。根据世界交易所联合会（World Federation of Exchanges）的数据，NSE 仍是全球最大的股票衍生品交易所，在 2026 财年期间的交易量超过了 369.9 亿份合约。截至 2026 年 3 月 31 日，NSE 以现货市场成交额位居印度最大交易所，并在现货股票交易量方面位列全球第三。

核心要点