NSE IPO: 5 PSU Shareholders to Offload 2.37 Crore Shares in Mega Offer
The National Stock Exchange (NSE) is moving closer to its historic public listing, with five major public sector undertakings (PSUs) preparing to monetize their stakes. This long-awaited IPO is poised to become one of India's largest public offerings, potentially valued at approximately ₹30,000 crore.
Major PSU Entities to Participate in the Offer for Sale
According to the Draft Red Herring Prospectus (DRHP) filed with SEBI, the proposed IPO will be structured entirely as an Offer for Sale (OFS) of up to 14.89 crore equity shares. This represents roughly 6% of NSE's paid-up equity capital.
Five government-owned entities have committed to offloading a combined total of 2.37 crore shares. IDBI Bank leads the group as the largest PSU participant, offering 74.15 lakh shares. Other key contributors include:
- State Bank of India (SBI): 64.28 lakh shares
- SBI Capital Markets: 53.62 lakh shares
- IFCI: 34.32 lakh shares
- Bank of Baroda: 10.98 lakh shares
Interestingly, while these PSUs are exiting a portion of their holdings, other heavyweight investors like Life Insurance Corporation of India (LIC), Premji Invest (2.35% stake), and Radhakishan Damani (1.58% stake) will not be participating in the share sale and will retain their current holdings.
Robust Financial Performance and Global Dominance
Despite regulatory shifts, NSE continues to demonstrate massive scale and profitability. The exchange's revenue from operations climbed to ₹16,601 crore in FY26, up from ₹14,780 crore in FY24. While net profit saw a year-on-year decline of 15%—from ₹12,188 crore in FY25 to ₹10,302 crore in FY26 due to tighter SEBI regulations on derivatives—the exchange remains a cash-generating powerhouse.
NSE's global standing is equally impressive. According to the World Federation of Exchanges, it maintained its position as the world's largest equity derivatives exchange, with over 36.99 billion contracts traded during fiscal 2026. Its technological infrastructure is equally massive, processing an average of 12 to 14 billion messages daily.
A Long-Awaited Milestone for Indian Markets
这次 IPO 的历程漫长，可以追溯到 2016 年 12 月，当时首次提交了规模为 1000 亿卢比的招股说明书 (DRHP)。由于同址托管争议 (co-location controversy)，该进程面临重大延误。
即将进行的上市将遵循一种独特的安排，即 NSE 的股票将在 BSE 上市，这与目前 BSE 股票在 NSE 上市的方式相呼应。此次发行由 20 家强大的主承销商集团负责管理，其中包括 Kotak Mahindra Capital、Morgan Stanley 和 JP Morgan。
核心要点
- 规模巨大： 该 IPO 预计价值约为 3000 亿卢比，通过发售股份 (Offer for Sale) 的方式，占 NSE 总实收资本的 6%。
- 国企减持： 在 IDBI Bank 和 SBI 的带领下，五家主要的公共部门实体将共同减持 2370 万股股份。
- 市场领导地位： NSE 仍是全球最大的股票衍生品交易所，并在印度现货市场成交额中占据主导地位。