NSE IPO

The National Stock Exchange of India (NSE) IPO is a book-built issue that will be completely offered through an Offer for Sale (OFS). The issue will consist of up to 14,89,05,525 equity shares, which is around 6% of NSE’s paid-up equity capital. Since the IPO does not include a fresh issue, the shares being offered will come from existing shareholders, and NSE will not receive any money from the IPO proceeds.
The NSE IPO is scheduled to open for subscription on September 17, 2026, and will remain open until September 21, 2026. After the bidding period ends, the IPO allotment is expected to be finalized on September 22, 2026. The shares are likely to be listed on the BSE on September 24, 2026, subject to the final listing schedule. For investors, the NSE IPO price band has been set at ₹1,700 to ₹1,785 per share. The lot size is 8 shares, so a retail investor applying for one lot at the lower end of the price band would need a minimum investment of ₹13,600.
NSE filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026, marking an important step towards its proposed public listing. The equity shares offered through the IPO are proposed to be listed on the BSE. As the issue is entirely an OFS, there will be no change in NSE’s total paid-up equity share capital after the IPO. The company currently has 2,47,50,00,000 equity shares, and this number is expected to remain the same after the issue.
Kotak Mahindra Capital Co. Ltd. is one of the Book Running Lead Manager for the NSE IPO, while MUFG Intime India Pvt. Ltd. will act as the registrar to the issue.

 

NSE IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	14,89,05,525 shares
IPO Size	₹22,561.60 crore
Offer for Sale (OFS)	14,89,05,525 shares (aggregating up to ₹[25,313.94] Cr)
IPO Opening Date	17 September 2026
IPO Closing Date	21 September 2026
Minimum Retail Investment	₹13,600
Price Bands	₹1,700 – ₹1,785
Lot Size	8
Face Value	₹1 per share
Listing Exchange	BSE
Shareholding pre-issue	2,47,50,00,000 shares
Shareholding post-issue	2,47,50,00,000 shares

 

How to Apply for NSE IPO

1. Log in to HDFC SKY using your login details.
2. Go to the IPO section on the HDFC SKY app or web platform.
3. Select the NSE IPO from the list of available IPOs.
4. Enter the number of lots you want to apply for. The NSE IPO has a lot size of 8 shares so one lot at the price of ₹1,785 requires ₹14,280.
5. Select your bid price within the IPO price band of ₹1,700–₹1,785. If you choose the Cut-off option you agree to pay the issue price determined within the price band for the NSE IPO.
6. Confirm your UPI ID linked to your bank account.
7. Review the application details. Submit the NSE IPO application through HDFC SKY.
8. Open your UPI app. Approve the UPI mandate when you receive the payment request. The required amount is blocked in your bank account than being immediately debited.
9. Once the application is submitted and the mandate is approved, you can track the application/allotment status through the IPO section for the NSE IPO.
10. If shares are allotted, the required amount is debited. The shares are credited to your demat account. If you do not receive an allotment, the blocked amount is released as per the process.

 NSE IPO Subscription Status – Day 3

Category	No. of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
Qualified Institutional Buyers (QIBs)	2,52,07,867	4,61,40,840	1.83
Non Institutional Investors (NIIS)	1,89,00,483	4,21,84,232	2.23
Retail Individual Investors (RIIs)	4,41,01,125	3,79,40,144	0.86
Employee Reserved	4,33,436	7,58,920	1.75
Total	8,86,42,911	12,70,24,136	1.43

(Last updated on 21 Sep 2026 | 10:24:00 AM)

About National Stock Exchange Of India (NSE)

Incorporated in November 1992, National Stock Exchange of India Limited (NSE) is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. NSE provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight across multiple asset classes, including equities, derivatives, currency derivatives, commodities, debt securities, and mutual funds. As of March 31, 2026, the exchange served over 253 million registered investor accounts, 129 million unique investors, 1,325 trading members, and 2,978 listed companies, with a total listed market capitalization of approximately ₹411 trillion. NSE plays a critical role in India’s capital market ecosystem by promoting transparency, investor protection, efficient price discovery, and broad-based financial inclusion across more than 99% of Indian postal codes.

 

Book Running Lead Managers of NSE IPO

Kotak Mahindra Capital Company Limited, JM Financial Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus  Capital  Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited

 

NSE IPO Registrar Contact Details

Company Name: MUFG Intime India Private Limited
Phone: +918108114949
Email: nse.ipo@in.mpms.mufg.com

 

NSE IPO RHP

Click here to view the NSE IPO RHP

 

NSE IPO Date

Event	Timeline
Bidding Start	17 September 2026
Bidding Ends	21 September 2026
Allotment Finalisation	22 September 2026
Refund Initiation	23 September 2026
Demat Transfer	23 September 2026
Listing	24 September 2026

NSE IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	8	13,600
Retail (Max)	14	112	1,90,400
S-HNI (Min)	15	120	2,04,000
S-HNI (Max)	70	560	9,52,000
B-HNI (Min)	71	568	9,65,600

NSE IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

NSE IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹41.62
Price/Earnings (P/E) Ratio	40.85
Return on Net Worth (RoNW)	33.21%
Net Asset Value (NAV)	₹129.75
Return on Equity (RoE)	32.98%
Return on Capital Employed (RoCE)	42.80%
EBITDA Margin	66.85%
PAT Margin	50.98%
Debt to Equity Ratio	Not Applicable

Objectives of the NSE IPO Proceeds

Being entirely an OFS issue, the NSE IPO proceeds will entirely go to the selling shareholders, and the company will not receive any proceeds from the public issue.

 

NSE – National Stock Exchange of India Limited Financials (₹ in Millions)

Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Total Assets	879,374.42	694,666.38	654,639.78
Revenue from Operations	166,013.09	171,406.78	147,800.11
Profit After Tax	103,020.61	121,876.89	83,057.41
Reserves and Surplus	318,660.41	301,058.26	239,249.05
Total Borrowings	—	—	—
Total Liabilities	558,239.01	391,133.12	414,901.03

Financial Status of National Stock Exchange of India Limited

National Stock Exchange (NSE) IPO Strengths

A. Largest Stock Exchange in India Across Key Trading Segments

National Stock Exchange of India Limited is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. As of March 31, 2026, the exchange served over 253 million registered investor accounts and 129 million unique investors. NSE’s average daily traded value was ₹1.06 lakh crore during Fiscal 2026, more than 13 times BSE’s ₹7,950 crore. The exchange consistently maintains its leadership position in cash market turnover, equity derivatives trading, and currency derivatives trading.

B. Leading Global Multi-Asset Exchange by Equity Derivatives Trading Volumes

NSE is a leading global multi-asset exchange by equity derivatives trading volumes. The exchange’s comprehensive product portfolio includes cash market instruments (equities, ETFs, REITs, InvITs), derivatives (equity derivatives, currency derivatives, commodity derivatives, interest rate futures), debt market offerings, and mutual fund platforms. NSEIX, the international exchange at GIFT City, provides a regulated platform for inbound and outbound investments.

C. Vertically Integrated Business Model with Strong Network Effects

NSE provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight. This integrated market infrastructure connects trading, clearing and settlement functions and enables real-time data exchange, efficient risk management and automated margining processes. The company’s strong network effects are driven by investors, listed companies, and intermediaries, creating a self-reinforcing flywheel that attracts more participants.

D. Advanced Technology Platform Designed for Scale and Resilience

NSE has been designated as a Critical Information Infrastructure by the NCIIPC. The company’s platform can handle billions of messages while maintaining microsecond order response times and nanosecond order acknowledgement response times for cash markets, equity derivatives and exchange-traded currency derivatives. NSE provides T+1 and T+0 settlement cycles along with seamless interoperability across clearing corporations. The company’s IT capital expenditure was ₹4,220.26 million in Fiscal 2026.

E. Consistent Profitability, Cash Generation, and Financial Performance

NSE has demonstrated consistent profitability and cash generation. Total income grew to ₹187,133.70 million in Fiscal 2026 from ₹163,520.62 million in Fiscal 2024. The company reported Profit After Tax of ₹103,020.61 million in Fiscal 2026. EBITDA margin stood at 66.90% and PAT margin at 51.00%. The company has one of the lowest non-volume-linked expenses and the highest adjusted operating EBITDA margin compared to leading listed stock exchange groups globally, according to the Redseer Report.

F. Experienced Management Team with Strong Governance and Regulatory Expertise

NSE has a dedicated and experienced management team with significant experience in the securities industry, client service, regulatory supervision and the technology sector. The company places significant emphasis on maintaining robust corporate governance standards. The Governing Board comprises a majority of public interest directors, ensuring that regulatory and public interest considerations are embedded at the highest level of oversight.

 

Industry Outlook

A. India Capital Markets and Exchange Industry

India’s capital markets are experiencing strong growth driven by increasing financialisation of household savings and rising investor participation. The Nifty 50 index reached all-time highs of 26,000+ in September 2024, reflecting investor confidence in India’s economic growth story. India’s market capitalization rose to ₹410.9 trillion as of March 31, 2025, translating into an annualized growth of 30% in the last five years from Financial Year 2020 to Financial Year 2025.

B. Investor Participation and Financialisation

India’s financialisation trend continues to strengthen, with monthly SIP inflows reaching a record ₹310 billion in May 2026. NSE served over 253 million registered investor accounts and 129 million unique investors as of March 31, 2026. The company’s broad-based reach across more than 99% of Indian postal codes underscores its role in driving financial inclusion. Indian exchanges have outgrown global peers on growth and profitability, with revenues growing at more than 20% CAGR versus roughly 5% to 15% CAGR for global peers.

C. Trading Volumes and Market Activity

NSE’s average daily traded value was ₹1.06 lakh crore during Fiscal 2026, more than 13 times BSE’s ₹7,950 crore. The exchange reported Fiscal 2026 revenue of ₹16,601 crore and an operating margin of 67%. The company’s comprehensive product portfolio and leadership in equity derivatives trading position it to capture growth across diverse segments of the financial economy.

D. Growth Drivers

1. Financialisation of Savings
Increasing household financial savings and shift from physical to financial assets

2. Rising Investor Participation
Growing number of registered investor accounts and retail participation

3. Product Innovation
Expansion into new asset classes including commodities, electricity futures, and coal trading

4. International Expansion
 Growing presence at GIFT City and partnerships with global exchanges

5. Technology Adoption
Continued investment in AI, automation, and digital infrastructure

6. Regulatory Support
Government initiatives promoting capital market development and financial inclusion

E. Competitive Landscape

The Indian exchange industry is dominated by NSE and BSE. As of March 2026, BSE had 5,955 listed entities, nearly double NSE’s 2,978 listed companies. However, NSE dominates trading volumes and profitability, with average daily traded value more than 13 times that of BSE. NSE reported total income of ₹18,713 crore and profit after tax of ₹10,302 crore during Fiscal 2026, compared to BSE’s total income of ₹5,148 crore and profit after tax of ₹2,487 crore. Globally, NSE and BSE command higher P/E ratios compared with global listed peers such as Nasdaq and Hong Kong Exchange, which trade at P/Es between 21 and 26.

Peer Group Comparison

Name of Company	Revenue (₹ in million)	Face Value (₹)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
NSE- National Stock Exchange of India Limited	166,013.09	1	41.62	41.62	40.85	33.21%	129.75
Peer Group
BSE Limited	48,339.50	2	60.61	60.61	66.67	45.00%	163.60

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