National Stock Exchange of India IPO
National Stock Exchange of India shares listed on BSE on 24 September 2026 after an IPO priced at ₹1,785, an issue of ₹22,568.94 crore.
- Minimum investment
- ₹14,2801 lot of 8 shares, at the issue price
- Issue price
- ₹1,785
- Lot size
- 8 shares
- Issue size
- ₹22,568.94 croreOffer for sale only
- Bidding
- 17 Sep to 21 Sep
- Listing
- 24 SepBSE
Dates
National Stock Exchange of India IPO dates
RHP cover page and Terms of the Offer (p. 521)- 16 SepAnchor bidding
- 17 SepBidding opens
- 21 SepBidding closes, UPI by 5 pm
- 22 SepAllotment
- 23 SepRefunds and demat credit
- 24 SepListing
- Today7 Nov
Read before you apply
National Stock Exchange of India IPO review: read before you apply
Worth checking
- SeriousThe company gets no money
All 12.64 crore shares are sold by existing holders. Several state-owned sellers have very low average costs, for example ₹0.80 a share for State Bank of India and ₹0.32 for The New India Assurance Company (RHP cover page and Annexure A).
- SeriousLosing share in equity options
NSE's share of equity options premium turnover fell from 96.86% in FY24 to 74.71% in FY26 and 68.48% in April to June 2026. Options were 60.22% of FY26 revenue (RHP, Our Business p. 202, and Risk factor 2).
- Rule changes cut trading
SEBI curbs on equity derivatives and a higher securities transaction tax from April 2026 have reduced volumes. FY26 revenue fell 3.15% and profit 15.47%, our calculation (Risk factors 1 and 2).
- Large SEBI settlements
NSE settled the colocation and dark fibre cases for ₹1,491.21 crore and booked a ₹1,391.21 crore provision in FY26. It paid ₹643.05 crore in FY25 to settle the TAP case (Risk factor 5 and Risk factor 19).
- Few large brokers
The top ten trading members gave 46.78% of FY26 revenue (Risk factor 3).
- Pending cases
86 cases are pending against the company, with ₹2,584.28 crore involved where it can be measured (Risk factor 15).
Strengths
- Market leader
NSE had 92.99% of India's cash market turnover and 99.79% of equity futures turnover in FY26 (RHP, Our Business p. 203).
- High margins
PAT margin, as the RHP defines it, was 50.98% in FY26, and normalised operating EBITDA margin was 76.23% (RHP, Basis for Offer Price, KPIs p. 136).
- Growing investor base
Unique registered investors rose from 91.75 million in March 2024 to 132.37 million in June 2026 (RHP, Basis for Offer Price, KPIs p. 135).
- Recent quarter grew
Revenue rose 13.10% and profit 6.71% in April to June 2026 against the same quarter of 2025, our calculation (RHP, Restated Financial Information).
- Regular dividends
NSE paid ₹35 a share for FY25 and for FY26, each including a special dividend (Risk factor 56).
What National Stock Exchange of India does
National Stock Exchange of India runs India's largest stock exchange. People trade shares, futures, options, currency, commodity and debt products on it, and companies list and raise money on it. Its subsidiary NSE Clearing settles trades. It also earns from market data, connectivity, server racks for brokers and Nifty index licensing.
It was incorporated in Mumbai in November 1992 and launched screen-based trading in FY95. It has no identifiable promoter. Its largest shareholder is Life Insurance Corporation of India, with 10.72%.
Listing and subscription
National Stock Exchange of India IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹1785
- Listing price
- ₹1800
- Gain at open
- +0.8%
- Day close
- ₹1818
Subscription
- Total
- 5.71x
- Retail
- 1.39x
- Updated
- 21 Sep 2026, 5:00 pm IST
- QIB50% of offer12.68x
- NII15% of offer6.55x
- Big NII7.78x
- Small NII4.09x
- Retail35% of offer1.39x
- Employee2.40x
- Total5.71x
As of 21 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
National Stock Exchange of India IPO price band, lot size and issue size
RHP cover page, The Offer (p. 77), Offer Structure (p. 525) and Annexure A (p. 623). Offer size in rupees is our calculation at the issue price of ₹1,785.| Issue price | ₹1,785 |
| Lot size | 8 shares |
| Issue size | ₹22,568.94 crore at the upper price, 12,64,36,650 shares |
| Fresh issue | Nil |
| Offer for sale | ₹22,568.94 crore by 23 shareholders, led by State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius) and The New India Assurance Company |
| Face value | ₹1 per share |
| Employee quota | Shares worth up to ₹70.00 crore for eligible employees |
| Employee discount | ₹170 per share |
| Issue type | Book built, offer for sale only |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 127)| Object of the issue | ₹ crore |
|---|---|
| Offer for sale by 23 existing shareholders. NSE receives none of the money |
Minimum and maximum investment
Our calculation: at ₹1,785 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 8 | ₹14,280 |
| Retail (max) | 14 | 112 | ₹1,99,920 |
| Small NII (min) | 15 | 120 | ₹2,14,200 |
| Small NII (max) | 70 | 560 | ₹9,99,600 |
| Big NII (min) | 71 | 568 | ₹10,13,880 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 132 to 133)Set to the issue price, ₹1,785. Change it to see what you would be paying for.
- Market cap
- ₹4,41,788 cr
- P/E (FY26, diluted)
- 42.9x
- Price to book
- 12.5x
- Market cap to sales
- 26.6x
- Peer average P/E
- 54.28x
Based on FY26, diluted EPS of ₹41.62, 247.50 crore shares, net worth of ₹35,244.23 crore (June 2026) and revenue of ₹16,601.31 crore. No new shares are issued, so the share count of 2,47,50,00,000 does not change after the IPO. The industry P/E of 54.28x is from the RHP (p. 132) and is based on one peer, BSE Limited. NSE's own P/E at the issue price of ₹1,785 is 42.89x (our calculation).
Financials
National Stock Exchange of India financials
RHP, Summary of Financial Information (p. 80 to 84) and KPIs (p. 136), ₹ croreRevenue and profit
Revenue grew 5.98% a year from FY24 to FY26, but fell 3.15% in FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 14,780.01 | 17,140.68+16.0% | 16,601.31−3.1% | 4,560.41 |
| Total income | 16,352.06 | 19,176.83+17.3% | 18,713.37−2.4% | 5,252.17 |
| Operating EBITDA | 9,869.81 | 12,646.88 | 11,097.90 | 3,594.25 |
| Operating EBITDA margin | 66.78% | 73.78% | 66.85% | 78.81% |
| Profit after tax | 8,305.74 | 12,187.69+46.7% | 10,302.06−15.5% | 3,120.08 |
| Diluted EPS (₹) | 33.56 | 49.24 | 41.62 | 12.61 |
| Total equity | 23,973.88 | 30,353.33 | 32,113.54 | 35,244.23 |
| Cash from operations | 29,744.28 | 4,091.49 | 23,836.18 | 3,007.89 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. FY26 other expenses include a ₹1,391.21 crore provision for SEBI settlements. FY26 and FY25 profit include gains of ₹1,200.94 crore and ₹1,209.47 crore on selling stakes in associates. Cash from operations swings with settlement money and margins held for members.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 133). Peer price as of 9 Sep 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| National Stock Exchange of India | 16,601.31 | 41.62 | 42.89x at issue price (ours) | 33.21% |
| BSE Limited | 4,833.95 | 60.61 | 54.28x | 45.00% |
The peer average P/E of 54.28x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| PAT margin | 47.13% | 55.30% | 50.98% | 58.78% |
| Return on equity | 37.37% | 44.87% | 32.98% | 9.26% |
| Return on capital employed | 45.50% | 52.11% | 42.80% | 11.55% |
| Normalised operating EBITDA margin | 77.42% | 77.69% | 76.23% | 77.75% |
| Unique registered investors (million) | 91.75 | 112.81 | 129.09 | 132.37 |
| Share of equity options premium turnover | 96.86% | 87.43% | 74.71% | 68.48% |
| Revenue from top ten trading members | 45.26% | 44.48% | 46.78% | 47.00% |
Q1 FY27 returns are for three months and are not annualised. PAT margin uses total income plus certain gains as the base, as defined in the RHP (p. 136, note 45). Market share figures are from the Redseer report quoted in the RHP.
RHP, Basis for Offer Price, KPIs (p. 135 to 136), Our Business (p. 202) and Risk factor 3
Company
About National Stock Exchange of India
Business
RHP, Risk Factors (p. 27), Our Business (p. 202 to 203) and MD&A (p. 411). Grouping of revenue lines is ours.Transaction charges were 78.65% of FY26 revenue, and equity options alone were 60.22%. NSE's share of equity options premium turnover has fallen from 96.86% in FY24 to 68.48% in April to June 2026.
Revenue by source, FY26
- Unique registered investors, June 2026
- 132.37 million
- Listed entities, June 2026
- 3,005
- Trading members, June 2026
- 1,328
- Cash market share, FY26
- 92.99%
- Employees, March 2026
- 2,881
Key risks
RHP, Risk Factors- Trading volumesRevenue depends on trading activity, which can fall with markets, taxes or new rules.
- Options concentrationEquity options were 60.22% of FY26 revenue, and NSE's share of that market is falling.
- RegulationSEBI inspects NSE often, and past cases led to large settlements.
- Broker concentrationTen trading members give close to half of revenue.
- Technology failuresOutages or glitches can disrupt trading and draw penalties.
- Cyber riskNSE faced a denial of service attack in 2025.
- Public roleIts duties as a market regulator may at times conflict with shareholders' interests.
- Listing deadlineSEBI's approval requires listing before 30 Jan 2027.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation and assume every offered share is sold.
NSE has no identifiable promoter. Life Insurance Corporation of India is the largest holder, and public shareholders own 67.50% before the IPO. After-IPO figures are our calculation and assume every offered share is sold.
| Shareholder | Before IPO | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Life Insurance Corporation of India | 10.72% | Nil | 10.72% |
| Aranda Investments (Mauritius) Pte Ltd | 4.54% | 1,12,46,336 | 4.09% |
| Stock Holding Corporation of India | 4.44% | 61,87,500 | 4.19% |
| SBI Capital Markets | 4.33% | 87,80,590 | 3.98% |
| Mahagony Limited | 3.73% | 30,00,000 | 3.61% |
| State Bank of India | 3.23% | 1,59,69,410 | 2.58% |
| Canada Pension Plan Investment Board | 1.60% | 1,18,74,060 | 1.12% |
| The New India Assurance Company | 1.42% | 1,05,00,000 | 1.00% |
| MS Strategic (Mauritius) Limited | 1.20% | 1,10,00,000 | 0.76% |
RHP, Capital Structure (p. 121 to 123) and Annexure A (p. 623)
IndustryUnique stock market investors, March 2026: Over 13.9 crore (13.45% of adults)
- Unique stock market investors, March 2026
- Over 13.9 crore (13.45% of adults)
- Funds raised in Indian capital markets FY2026
- ₹13.92 lakh crore
- Market capitalisation to GDP, FY2026
- 119.38%
The report gives investors as 139 million and funds raised as ₹13.92 trillion; crore and lakh crore are our conversion.
Redseer report 'Industry report on Capital Markets and Market Infrastructure Institutions in India' in the RHP, commissioned and paid for by the company (p. 159 and p. 162)
LitigationAgainst the company: criminal, tax, regulatory and civil: 86 · By the company: criminal and civil: 29 · Against directors: criminal, tax and regulatory: 13
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, regulatory and civil | 86 | ₹2,584.28 crore |
| By the company: criminal and civil | 29 | ₹4,039.57 crore |
| Against directors: criminal, tax and regulatory | 13 | ₹2.52 crore |
| Against subsidiaries: tax and civil | 39 | ₹673.61 crore |
| Against key managers: criminal | 8 | Nil |
RHP, Risk factor 15 (summary of outstanding litigation, p. 43 to 44)
Company detailsLegal name, registered office, CIN and website
| Legal name | National Stock Exchange of India Limited |
| Incorporated | 27 Nov 1992, Mumbai |
| Promoter | No identifiable promoter |
| Chairperson | Shri Srinivas Injeti |
| MD and CEO | Shri Ashishkumar Chauhan |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
National Stock Exchange of India IPO allotment status
Out from 22 Sep 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select National Stock Exchange of India LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
National Stock Exchange of India IPO FAQs
When does the National Stock Exchange of India IPO open and close?
The National Stock Exchange of India IPO opens on Thursday, 17 September 2026 and closes on Monday, 21 September 2026. Anchor bidding is on 16 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the National Stock Exchange of India IPO price band and lot size?
The price is ₹1,785 per share. The lot size is 8 shares, so the minimum bid is 8 shares, or ₹14,280 at the upper price.
What is the National Stock Exchange of India IPO size?
The National Stock Exchange of India IPO is of ₹22,568.94 crore at the upper end of the price band. It is an offer for sale only by 23 shareholders, led by State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius) and The New India Assurance Company. The company receives no money from the IPO.
What is the National Stock Exchange of India IPO allotment date?
Allotment is on Tuesday, 22 September 2026. Refunds and demat credit are expected on 23 September 2026.
What is the National Stock Exchange of India IPO listing date?
National Stock Exchange of India shares are due to list on BSE on Thursday, 24 September 2026.
Who is the registrar of the National Stock Exchange of India IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does National Stock Exchange of India do?
National Stock Exchange of India runs India's largest stock exchange for shares, futures, options, currency, commodity and debt products, along with clearing, data and index services.
Why will NSE shares list only on BSE?
An exchange cannot list on itself, so the RHP proposes listing only on BSE, which is also the designated stock exchange.
Does NSE get money from the IPO?
No. It is an offer for sale only, so the money goes to the 23 selling shareholders.
Who is selling shares in the NSE IPO?
23 shareholders sell up to 12,64,36,650 shares. The largest sellers are State Bank of India, Canada Pension Plan Investment Board, Aranda Investments and MS Strategic.
What are the NSE IPO dates?
The anchor round was on 16 Sep 2026, and the offer was open from 17 to 21 Sep 2026. Trading on BSE was expected on or about 24 Sep 2026.
What was the NSE IPO price band and lot size?
The price band was ₹1,700 to ₹1,785 and one lot was 8 shares, with a ₹170 discount for employees (NSE issue details).
Is NSE profitable?
Yes. Profit was ₹8,305.74 crore in FY24, ₹12,187.69 crore in FY25 and ₹10,302.06 crore in FY26 (RHP, Restated Financial Information).
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