NSE IPO set to open on 17 September at Rs 1,700-1,785 price band
The IPO comprises an offer for sale of 12,64,36,650 equity shares by existing shareholders and does not include any fresh issue. At the upper price band, the offering is worth about Rs 22,569 crore. The OFS size has been reduced from the earlier proposal of around 14.9 crore shares, lowering the issue size from the initially indicated level of around Rs 30,000 crore. Since the issue is entirely an OFS, NSE will not receive any proceeds from the IPO.
The IPO will have a lot size of eight shares, requiring a minimum investment of Rs 14,280 for retail investors at the upper price band. Eligible NSE employees will receive a discount of Rs 170 per share. Allotment is expected to be finalised on 22 September, while the shares are likely to list on 24 September 2026.
Several existing shareholders have reduced the number of shares they plan to sell. State Bank of India has cut its proposed OFS to around 1.60 crore shares from 2.47 crore earlier, while Morgan Stanley Strategic (Mauritius) has reduced its offer to around 1.10 crore shares from 1.60 crore. Other shareholders have also trimmed their proposed sales, resulting in the overall OFS falling to about 5.1%-5.2% of NSE's equity from the earlier 6% plan.
According to its DRHP, the exchange accounted for 92.99% of India's cash equity market by turnover in FY26, 99.79% of equity futures by turnover and 74.71% of equity options by premium turnover. It has also remained the world's largest equity derivatives exchange by contracts traded for seven consecutive years.
As of 31 March 2026, NSE had 129.09 million unique registered investors, 1,325 trading members and 2,978 listed entities. The listed entities had a combined market capitalisation of Rs 411.25 lakh crore. NSE's unique registered investor base grew at a compound annual growth rate of 26.93% between March 2020 and March 2026.
The exchange also remains a major capital-raising platform. In FY26, total fund mobilisation through NSE stood at Rs 20.33 lakh crore, while 108 mainboard IPOs were hosted on the exchange.
NSE's financial performance presents a mixed picture. For FY26, consolidated revenue from operations declined 3% year-on-year to Rs 16,601 crore from Rs 17,141 crore, while profit after tax fell 15% to Rs 10,302 crore from Rs 12,188 crore. Operating EBITDA declined 12% to Rs 11,098 crore, with the operating EBITDA margin narrowing to 67% from 74%.
Transaction charges accounted for Rs 13,057 crore of NSE's FY26 revenue from operations, with options contributing Rs 9,996 crore, or about 77% of transaction-charge revenue. The high contribution from options also highlights NSE's exposure to changes in derivatives trading activity and regulatory measures affecting the segment.
The exchange's June 2026 quarter, however, showed an improvement. Consolidated revenue from operations increased 13% year-on-year to Rs 4,560 crore, while profit after tax rose 7% to Rs 3,120 crore. Operating EBITDA increased 15% to Rs 3,594 crore and the operating EBITDA margin improved to 79% from 78% a year earlier.
The IPO gives investors an opportunity to participate in India's dominant exchange franchise, which has a rapidly expanding investor base and high operating profitability. However, NSE remains exposed to fluctuations in trading activity and regulatory changes affecting the derivatives market.
Powered by Capital Market - Live News