💡 Overview & Quick Summary
National Stock Exchange of India Limited (NSE) IPO Summary: National Stock Exchange of India Limited (NSE) is launching an Initial Public Offering (IPO) of ₹22,568.94 Crore via an Offer for Sale (OFS) of 12,64,36,650 equity shares (Face Value ₹1/-) priced at ₹1,700 to ₹1,785 per share, open from September 17 to September 21, 2026. The minimum retail lot size is 8 shares (₹14,280). NSE is India's dominant capital-markets infrastructure institution and the world's leading multi-asset class exchange, commanding market leadership in cash and derivatives turnover since FY2001, serving 261.36 million registered investor accounts and 3,005 listed entities with an aggregate market capitalisation of ₹474.08 trillion (as of June 30, 2026). Total Income grew from ₹16,352.06 crore in FY24 to ₹18,713.37 crore in FY26 with a robust FY26 PAT of ₹10,302.06 crore and healthy RONW of 33.21%. At the upper band of ₹1,785, the issue is valued at 42.9x FY26 diluted EPS (₹41.62), cushioned by a ₹13,392.30 crore Core SGF. Sushil Finance recommends SUBSCRIBE for listing gains and long-term growth.
1. IPO Overview
National Stock Exchange of India Limited (NSE), India's premier multi-asset exchange and capital-markets backbone, has announced the launch of its landmark public issue. The public offer opens for bidding on September 17, 2026, and closes on September 21, 2026. The price band has been determined at ₹1,700 to ₹1,785 per equity share with a face value of ₹1/- per share.
The total offer consists of 12,64,36,650 equity shares aggregating to ₹22,568.94 crore, executed entirely as an Offer for Sale (OFS) by existing selling shareholders. The equity shares will be listed exclusively on the BSE.
| Issue Parameter |
Details |
| Price Band |
₹ 1,700 to ₹ 1,785 Per Share |
| Issue Opens On |
Sep 17, 2026 |
| Issue Closes On |
Sep 21, 2026 |
| Lot Size |
8 Shares & in Multiples thereafter |
| Issue Size |
₹ 22,568.94 Cr. |
| No. of Shares |
12,64,36,650 Equity Shares |
| Face Value |
₹ 1/- Per Share |
| Listing Stock Exchange |
BSE |
| Lead Managers |
Kotak Mahindra Capital Co. Ltd., Morgan Stanley India Co. Pvt. Ltd., ICICI Securities Ltd. & 16 Others |
| Registrar to the Issue |
MUFG Intime India Pvt. Ltd. |
2. Key IPO Details
The complete structure of the issue, issuance breakdown, and category reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are presented below:
Offer Structure
| Issuance |
₹ in Cr. |
| Offer for Sale (OFS) |
22,568.94 |
| Total Public Issue |
₹ 22,568.94 Cr. |
Issue Breakup by Investor Category
| Reservation for |
% of Issue |
₹ in Cr. (at upper band) |
| QIB |
50% |
₹ 11,284.47 Cr. |
| HNI |
15% |
₹ 3,385.34 Cr. |
| RETAIL |
35% |
₹ 7,899.13 Cr. |
| TOTAL |
100% |
₹ 22,568.94 Cr. |
3. Company Overview
National Stock Exchange of India Limited (NSE) is India's largest stock exchange and one of the world's leading multi-asset class exchanges. The Company operates a vertically integrated platform spanning trading, clearing and settlement, listing, market data, index services, and other allied businesses across:
- Cash market
- Equity derivatives
- Currency derivatives
- Commodity derivatives
- Mutual funds
- Wholesale debt market
As of June 30, 2026, NSE's immense ecosystem scale comprises:
- Registered Investor Accounts: 261.36 million registered investor accounts
- Unique Registered Investors: 132.37 million Unique Registered Investors
- Trading Members: 1,328 trading members
- Listed Entities: 3,005 Listed Entities
- Market Capitalisation: Market Capitalisation of Listed Entities of ₹ 474.08 trillion
Key group institutions include NSE Clearing Ltd. (India's largest clearing corporation), NSE Indices Ltd. (manager of the flagship Nifty 50), and NSE Data & Analytics Ltd., all supported by a proprietary, high-resilience technology infrastructure with no data breaches reported in Fiscals 2024, 2025, and 2026.
4. Objects of the Issue
The Offer is entirely an Offer for Sale of up to 12,64,36,650 Equity Shares by the Selling Shareholders. The Company will not receive any proceeds from the Offer; the entire proceeds, net of Offer-related expenses and applicable taxes, will accrue to the Selling Shareholders.
The objects of the Offer are limited to:
- Carrying out the Offer for Sale of Equity Shares by the Selling Shareholders.
- Achieving the benefits of listing the Equity Shares on BSE, including enhanced visibility and liquidity for shareholders.
5. Key Investment Highlights
- Market leader in India: Largest exchange by cash and equity derivatives turnover since FY2001; 261.36 million registered investor accounts, 3,005 listed entities, and ₹ 474.08 trillion market cap (as of June 30, 2026).
- Structural beneficiary of India's growth: ₹ 20.33 trillion total fund mobilisation in FY2026; ranked among the top 5 exchange groups globally by IPO listings.
- Strong, trusted brand: First-level regulator with proven scale peak of 21.89 billion order messages processed in a single day (March 24, 2026).
- Vertically integrated, innovation-led model: Pioneered NEAT electronic trading and T+1 / T+0 settlement via NSE Clearing, backed by a ₹ 13,392.30 crore Core SGF (as of June 30, 2026).
- Scale with profitability: Total Income grew from ₹ 16,352.06 crore (FY2024) to ₹ 18,713.37 crore (FY2026), with among the highest EBITDA and PAT margins among leading global exchanges.
6. Brief Financial Performance & Valuation Metrics
**Not Annualized
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
16,352.06 |
19,176.83 |
18,713.37 |
| Total Expenditure |
3,608.79 |
4,806.29 |
5,999.90 |
| EBITDA |
11,623.83 |
16,021.36 |
14,519.09 |
| Profit Before Tax (PBT) |
11,184.28 |
15,474.78 |
13,895.58 |
| Profit After Tax (PAT) |
8,305.74 |
12,187.69 |
10,302.06 |
| E.P.S. (Diluted) (₹) |
33.56 |
49.24 |
41.62 |
| P/E (Diluted)* |
53.19x |
36.25x |
42.89x |
| RONW / ROE (%) |
37.60% |
45.14% |
33.21% |
7. IPO Timeline & Payment Charts
Indicative Event Timetable
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
22/9/2026 |
| Initiation of refunds / unblocking ASBA Fund |
23/9/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
23/9/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
24/9/2026 |
PRICE CHART (@1,785) (Retail Category Application Table)
| LOT SIZE (Shares) |
Amount (₹) |
| 8 | 14,280 |
| 16 | 28,560 |
| 24 | 42,840 |
| 32 | 57,120 |
| 40 | 71,400 |
| 48 | 85,680 |
| 56 | 99,960 |
| 64 | 1,14,240 |
| 72 | 1,28,520 |
| 80 | 1,42,800 |
| 88 | 1,57,080 |
| 96 | 1,71,360 |
| 104 | 1,85,640 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (₹) |
| Small HNI |
120 |
₹ 2,14,200 |
| Big HNI |
568 |
₹ 10,13,880 |
8. Our View / Recommendation
Analyst Recommendation: SUBSCRIBE
Sushil Finance Research Stance & Valuation Thesis
NSE is India's dominant capital-markets infrastructure institution, holding a near-monopolistic leadership position across cash equities, equity and currency derivatives, clearing, indices, and data services — a structurally durable moat built on network effects, deep liquidity, and regulatory barriers.
Consolidated Total Income grew from ₹ 16,352.06 crore in FY2024 to ₹ 18,713.37 crore in FY2026; the moderation versus FY2025's peak (Total Income ₹ 19,176.83 crore, PAT ₹ 12,187.69 crore) reflects lower one-off gains and higher other expenses rather than any weakening in the core franchise, with FY2026 RONW still a healthy 33.21%.
At the upper price band of ₹ 1,785, the issue is priced at 42.9x FY2026 diluted EPS of ₹ 41.62, which looks reasonable given NSE's superior market share and cash-generation profile versus closest listed peer BSE Ltd., and is further cushioned by a robust Core SGF of ₹ 13,392.30 crore.
Given the dominant moat, strong return ratios, and a fair valuation, we recommend Subscribe, for both listing gains and long-term exposure to India's capital-markets growth.
9. Frequently Asked Questions (FAQs)
Q1. What is the business and scale of National Stock Exchange of India Limited (NSE)?
NSE is India's largest stock exchange and a global leader in multi-asset exchange trading. As of June 30, 2026, it serves 261.36 million registered investor accounts, 132.37 million Unique Registered Investors, 1,328 trading members, and 3,005 listed entities with a cumulative market capitalization of ₹474.08 trillion.
Q2. What are the key subsidiaries of NSE included in its vertically integrated model?
Key group institutions include NSE Clearing Ltd. (India's largest clearing corporation), NSE Indices Ltd. (manager of the flagship Nifty 50 index), and NSE Data & Analytics Ltd.
Q3. What is the size of the NSE Core Settlement Guarantee Fund (Core SGF)?
As of June 30, 2026, NSE's clearing operations via NSE Clearing Ltd. are backed by a robust Core SGF of ₹13,392.30 crore.
Q4. How much did NSE mobilize in funds during FY2026?
NSE recorded ₹20.33 trillion in total fund mobilisation in FY2026, placing it among the top 5 exchange groups globally by IPO listings.
Q5. What is the valuation of the NSE IPO compared to peer BSE Ltd.?
At the upper price band of ₹1,785, the issue is priced at 42.89x (42.9x) FY2026 diluted EPS of ₹41.62, which compares favorably given NSE's superior market share and cash-generation profile versus BSE Ltd.
Q6. What is the peak order processing capacity achieved by NSE?
NSE has proven scale with a peak of 21.89 billion order messages processed in a single trading day on March 24, 2026, with zero data breaches reported across Fiscals 2024, 2025, and 2026.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer & Disclosures
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
