NSE 超大规模 IPO：关于 3,000 亿卢比发行的全方位解读

国家证券交易所 (NSE) 正准备通过提交其招股说明书草案 (DRHP) 来启动一场规模宏大的首次公开募股 (IPO)，从而重新定义印度的资本市场。此次发行估值预计达 3,000 亿卢比，有望成为印度股市历史上规模最大的企业市场首秀。

印度潜在的纪录打破者

NSE IPO 的规模是前所未有的。通过发行多达 148,905,525 股股票（每股面值 1 卢比），旨在筹集约 3,000 亿卢比，该交易所有望超越目前由现代汽车印度公司 (Hyundai Motor India) 保持的纪录。现代汽车在 2024 年 10 月的首秀估值为 2,785.9 亿卢比，目前是该国规模最大的 IPO，但如果 NSE 的发行顺利完成，预计将超越这一里程碑。

发售结构及主要出售方

至关重要的是，根据向印度证券交易委员会 (SEBI) 提交的 DRHP，这是一次“纯发售 (OFS)” (pure offer for sale)。这意味着此次 IPO 将完全由现有股东出售的现有股票组成，而不是通过发行新股为交易所筹集新资金。

此次减持涉及多家重量级机构投资者。印度国家银行 (SBI) 是最大的出售方，计划减持 2,475 万股。其他重要出售方包括：

  • MS Strategic (Mauritius) Limited： 1,600 万股
  • Canada Pension Plan Investment Board： 1,187 万股
  • Aranda Investments (Mauritius) Pte. Ltd.： 1,125 万股
  • Bank of Baroda： 1,098 万股
  • 公共部门保险公司： 主要参与者包括印度通用保险公司 (General Insurance Corporation of India，1,066 万股)、新印度保险 (New India Assurance，1,050 万股)、国家保险 (National Insurance，600 万股) 和联合印度保险 (United India Insurance，600 万股)。

Dominance in Global and Domestic Markets

The NSE’s move toward a public listing comes at a time of massive operational strength. According to the World Federation of Exchanges, the NSE is the world's largest equity derivatives exchange, having recorded over 36.99 billion contracts traded in Fiscal 2026. Domestically, it remains India’s largest exchange in terms of total cash market turnover and ranks as the third-largest globally by the number of cash equity trades.

Financial Performance and Profitability

The financial filings reveal a robust, albeit fluctuating, revenue stream. For the fiscal year ended March 31, 2026, the exchange reported a total income of ₹187,133.70 million. While this was a slight decrease from the ₹191,768.31 million reported in FY25, it showed strong growth from the ₹163,520.62 million recorded in FY24.

Despite rising expenses—which climbed to ₹59,999.03 million in FY26 from ₹48,062.92 million in FY25—the exchange maintains highly healthy profitability. The net profit for FY26 stood at ₹103,020.61 million, demonstrating the exchange's ability to generate significant value for its stakeholders.

Key Takeaways

  • Historic Scale: At an estimated ₹30,000 crore, the NSE IPO is expected to become India's largest-ever market debut, surpassing Hyundai Motor India.
  • Pure Offer for Sale: The issue will not raise fresh capital for the NSE but will instead allow existing shareholders like SBI and various public sector insurers to divest their holdings.
  • Global Market Leader: The IPO is backed by the NSE's position as the world's largest equity derivatives exchange and a top-three global player in cash equity trades.