NSE Files DRHP for IPO, Plans Offer-for-Sale of 14.89 Crore Shares

National Stock Exchange of India has filed its DRHP with SEBI for an IPO comprising an offer-for-sale of 14.89 crore shares by existing shareholders.
 
NSE Files DRHP for IPO, Plans Offer-for-Sale of 14.89 Crore Shares


Mumbai : National Stock Exchange of India (NSE) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). The proposed IPO will comprise an offer-for-sale (OFS) of up to 14.89 crore equity shares, representing nearly 6 per cent of the company’s paid-up capital.



The IPO, with a face value of Rs 1 per share, will see existing shareholders selling their stakes through the offer-for-sale route. The selling shareholders include State Bank of India, MS Strategic (Mauritius) Ltd, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India Limited, The New India Assurance Company Ltd, National Insurance Limited and United India Insurance Company Limited.

The issue will be conducted through the book-building process. Up to 50 per cent of the net offer will be reserved for qualified institutional buyers, while not less than 15 per cent and 35 per cent will be allocated to non-institutional investors and retail investors respectively.

Established in 1992, NSE is India’s largest stock exchange in terms of total turnover in the cash market and equity derivatives segment. According to the Redseer report, the exchange has maintained its leadership position from FY2001 to FY2026 in cash market turnover and equity derivatives turnover based on the notional value of equity options. It is also the country’s largest exchange in currency derivatives turnover based on notional turnover of currency options from FY2009 to FY2026.

Globally, NSE has emerged as one of the leading derivatives exchanges. According to the World Federation of Exchanges, NSE retained its position as the world’s largest equity derivatives exchange with more than 36.99 billion contracts traded in Fiscal 2026, including trades through NSE International Exchange (NSEIX). As of March 31, 2026, it was also the third-largest exchange globally in terms of the number of cash equity trades.

NSE plays the role of a “first-level regulator” in India and focuses on providing transparent, fair and unrestricted access to capital markets for investors, issuers and intermediaries while ensuring efficient market operations and investor protection.

The exchange operates as a vertically integrated platform offering trading, clearing, listing, market data and other related services. It provides access to multiple asset classes, including cash markets, futures and options, mutual funds, commodity derivatives, currency derivatives, wholesale debt markets and interest rate futures.

Backed by a robust technology infrastructure, NSE supports high-speed transactions, market data distribution and regulatory implementation. The exchange processed an average of 12 to 14 billion messages daily as of March 31, 2026, highlighting the scale of its operations.

NSE has played a major role in expanding participation in India’s capital markets. Its unique registered investor base increased from 30.87 million as of March 31, 2020, to 129.1 million by March 31, 2026, registering a compound annual growth rate of 26.9 per cent. Investors on the platform are spread across more than 99 per cent of Indian postal codes.

The exchange has also diversified beyond trading operations. Its non-trading businesses include clearing and settlement through NSE Clearing Limited, index services through NSE Indices Limited, data and analytics services through NSE Data and Analytics, foreign currency trading through NSE International Exchange in GIFT City, and other market support services.

Financially, NSE reported revenue from operations of Rs 16,601 crore in FY26 compared with Rs 14,780 crore in FY24. Its net profit rose to Rs 10,302 crore in FY26 from Rs 8,305 crore in FY24.



Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citi Global Markets India, HSBC Securities & Capital Markets India, JP Morgan India and several other financial institutions have been appointed as book-running lead managers for the IPO. MUFG Intime India Private Limited will act as the registrar to the issue.

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