National Stock Exchange of India IPO IPO
National Stock Exchange of India IPO is a 100% book-built Mainboard issue comprising an Offer for Sale of up to 14,89,05,525 equity shares of face value ₹1 each. The IPO is entirely an OFS and the company will not receive any proceeds from the issue. The
National Stock Exchange of India IPO IPO Details
National Stock Exchange of India IPO is expected to open for subscription on September 21, 2026 and close on September 23, 2026, subject to final confirmation by the company. The tentative basis of allotment is September 24, refunds and Demat credit are expected on September 25, and the shares are expected to list on September 28, 2026. The final price band and lot size have not yet been announced. The company filed its DRHP on June 17, 2026 for an offer for sale of up to 14,89,05,525 equity shares.
National Stock Exchange of India IPO IPO GMP
The latest reported grey-market premium for the National Stock Exchange of India IPO was around ₹200 on September 5, 2026 according to market reports. GMP is unofficial, unregulated and can vary significantly between sources. Since the official IPO price band has not yet been announced, a reliable GMP-based listing-price calculation cannot currently be made.
National Stock Exchange of India IPO IPO Timeline (Tentative)
National Stock Exchange of India IPO is currently expected to open on September 21 and close on September 23, 2026. The tentative basis of allotment is September 24, followed by refund initiation and Demat credit on September 25. The proposed listing date is September 28, 2026. These dates are expected dates and should be treated as tentative until NSE publishes the final IPO schedule.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Sep 21, 2026 |
| IPO Close Date | Wed, Sep 23, 2026 |
| Basis of Allotment | Thu, Sep 24, 2026 |
| Initiation of Refunds | Fri, Sep 25, 2026 |
| Credit of Shares to Demat | Fri, Sep 25, 2026 |
| Listing Date | Mon, Sep 28, 2026 |
| IPO Opens | September 21, 2026 |
| IPO Closes | September 23, 2026 |
| Basis of Allotment | September 24, 2026 |
| Refund Initiation | September 25, 2026 |
| Credit of Shares to Demat | September 25, 2026 |
| Listing Date | September 28, 2026 |
National Stock Exchange of India IPO IPO Lot Size
The National Stock Exchange of India IPO lot size has not yet been announced. The minimum application amount and maximum application limits will be updated after the final price band and bid lot are announced.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | N.A. | N.A. | N.A. |
| Retail (Max) | N.A. | N.A. | N.A. |
| S-HNI (Min) | N.A. | N.A. | N.A. |
| S-HNI (Max) | N.A. | N.A. | N.A. |
| B-HNI (Min) | N.A. | N.A. | N.A. |
National Stock Exchange of India IPO IPO Reservation
National Stock Exchange of India IPO follows the Mainboard allocation framework, with up to 50% of the Net Offer reserved for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors. The DRHP also provides for an employee reservation portion, with the final number of shares to be determined in the final offer documents.
National Stock Exchange of India IPO IPO Subscription
National Stock Exchange of India IPO has not opened for public subscription. Therefore, category-wise and overall subscription figures are not yet available.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About National Stock Exchange of India IPO
National Stock Exchange of India Limited, commonly known as NSE, is one of India's leading market-infrastructure institutions and operates a vertically integrated financial-market ecosystem. The company was incorporated on November 27, 1992 and commenced operations in March 1993. Its registered and corporate office is located at Exchange Plaza, Bandra Kurla Complex, Mumbai.
NSE provides trading and market infrastructure across multiple asset classes, including equities, equity derivatives, currency derivatives, commodities, debt securities and mutual funds. Its broader ecosystem includes trading, clearing and settlement, market data, indices and related capital-market services.
The exchange has maintained a leading position in India's equity and derivatives markets. According to the DRHP-based disclosures, NSE was the largest stock exchange in India by total turnover in the cash market and equity derivatives during the relevant periods and has also been a major global venue for equity derivatives trading.
NSE operates a technology-intensive market infrastructure platform designed to process high trading volumes and provide connectivity to brokers, investors, institutions and other market participants. Its business also includes market-data and index-related services, which provide additional revenue streams beyond transaction-based trading activities.
The company does not have an identifiable promoter. Its shareholding is dispersed among institutional and financial investors. The proposed IPO is entirely an Offer for Sale, meaning NSE itself will not receive the proceeds generated by the public issue.
The DRHP proposes an Offer for Sale of up to 14,89,05,525 equity shares of face value ₹1 each. The offer represents approximately 6% of NSE's post-bonus equity share capital.
Strengths
- Leading market-infrastructure institution in India's capital markets.
- Long operating history since commencement of operations in 1993.
- Strong position in India's equity and derivatives markets.
- Significant global position in equity derivatives trading volumes.
- Technology-driven trading and market-infrastructure platform.
- Diversified business across equities, derivatives, currencies, commodities, debt and mutual funds.
- Integrated ecosystem covering trading, clearing, settlement, indices and market data.
- Strong financial performance and substantial profitability.
- FY2026 total income of approximately ₹18,713.37 crore.
- FY2026 PAT of approximately ₹10,302.06 crore.
- FY2026 net worth of approximately ₹31,869.72 crore.
- FY2026 total assets of approximately ₹87,937.44 crore.
- Zero total borrowings reported in the restated financial information.
- Strong cash generation from operations.
- Established relationships with brokers, institutional investors and other market participants.
- Significant scale and technology infrastructure create high barriers to entry.
Risks to Consider
- NSE's revenue is linked partly to trading activity and market volumes.
- Changes in derivatives regulations can materially affect trading volumes and profitability.
- Regulatory changes can affect transaction charges, market structure and business operations.
- The company operates in a highly regulated financial-market environment.
- Competition from BSE and other market-infrastructure providers remains relevant.
- Technology failures, cyberattacks or operational disruptions could affect market confidence and business continuity.
- Market volatility can affect trading activity and transaction-based revenue.
- The company is exposed to regulatory, legal and compliance risks.
- Changes in investor participation patterns may affect transaction volumes.
- The business depends heavily on technology infrastructure and uninterrupted connectivity.
- The company faces risks associated with data security and information management.
- The IPO is entirely an Offer for Sale, so NSE will not receive any IPO proceeds for business expansion or other corporate purposes.
- The final valuation and IPO pricing are not yet available, making valuation assessment incomplete at this stage.
National Stock Exchange of India IPO Financials (₹ Cr)
National Stock Exchange of India reported strong financial performance during FY2024 to FY2026. Total income increased from ₹16,352.06 crore in FY2024 to ₹18,713.37 crore in FY2026, while PAT increased from ₹8,305.74 crore to ₹10,302.06 crore. Total assets and net worth also increased substantially during the period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 16,352.06 | 8,305.74 | 65,463.98 | 23,833.10 |
| FY2025 | 19,176.83 | 12,187.69 | 69,466.64 | 30,165.05 |
| FY2026 | 18,713.37 | 10,302.06 | 87,937.44 | 31,869.72 |
KPIs & Valuation
National Stock Exchange of India reported FY2026 EPS of ₹41.62 and NAV of ₹129.75 per share. The company reported RoNW of 33.21%, ROE of 32.98% and ROCE of 42.80%. Since the final IPO price has not yet been announced, the pre-IPO and post-IPO P/E ratios are currently not available.
Objects of the Issue
The IPO is entirely an Offer for Sale. Accordingly, National Stock Exchange of India Limited will not receive any proceeds from the Offer.
- The objects of the Offer are:
- Achieving the benefits of listing the equity shares on the stock exchange.
- Providing a public market for NSE equity shares.
- Enhancing visibility and brand recognition.
- Providing liquidity to existing shareholders.
- Facilitating partial exit by the selling shareholders.
- NSE will not receive proceeds from the Offer for Sale.
Promoters, Lead Managers & Registrar
National Stock Exchange of India Limited does not have an identifiable promoter. The IPO has a large syndicate of Book Running Lead Managers, including Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, HSBC Securities and Capital Markets (India) Private Limited, SBI Capital Markets Limited, Avendus Capital Private Limited, DAM Capital Advisors Limited, HDFC Bank Limited, IDBI Capital Markets & Securities Limited, Motilal Oswal Investment Advisors Limited, Pantomath Capital Advisors Private Limited, JM Financial Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Anand Rathi Advisors Limited, Axis Capital Limited, Equirus Capital Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, Nuvama Wealth Management Limited and 360 ONE WAM Limited. MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| nse.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
National Stock Exchange of India IPO IPO Review
National Stock Exchange of India Limited is one of India's most important market-infrastructure institutions, with a dominant position across several segments of the country's securities markets. Its technology platform, market scale and extensive participant ecosystem provide significant competitive advantages.
The company reported total income of ₹16,352.06 crore in FY2024, ₹19,176.83 crore in FY2025 and ₹18,713.37 crore in FY2026. PAT increased from ₹8,305.74 crore in FY2024 to ₹12,187.69 crore in FY2025 before moderating to ₹10,302.06 crore in FY2026.
Total assets increased from approximately ₹65,463.98 crore in FY2024 to ₹87,937.44 crore in FY2026. Net worth increased from ₹23,833.10 crore to ₹31,869.72 crore over the same period.
FY2026 basic and diluted EPS stood at ₹41.62, while NAV was ₹129.75 per share. The company reported RoNW of 33.21%, ROE of 32.98% and ROCE of 42.80%.
NSE's financial profile is supported by its scale, market leadership and highly technology-driven operating model. Its diversified market infrastructure activities and strong balance sheet provide resilience, although earnings remain sensitive to trading volumes, regulatory changes and market activity.
A major point for investors is that the IPO is entirely an OFS. NSE itself will not receive fresh capital from the issue. Therefore, the investment case is based on the company's existing business, profitability, competitive position, regulatory environment and the valuation at which existing shareholders offer their shares.
The final IPO price band has not yet been announced. Consequently, P/E and other price-based valuation measures cannot be calculated reliably at this stage. Investors should wait for the final price band and updated offer documents before making a valuation-based assessment.
Overall, NSE offers exposure to a leading Indian financial-market infrastructure business with substantial scale, strong profitability, significant market participation and an established technology platform. Investors should nevertheless consider regulatory risks, trading-volume sensitivity, competition, technology risks and the valuation ultimately set for the IPO.
How to Apply
National Stock Exchange of India IPO applications can be made through the applicable ASBA and UPI-supported IPO application process once the issue opens. The final lot size, price band and minimum application amount will be available after the company publishes the final IPO details.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select National Stock Exchange of India IPO.
- Enter the required number of lots after the final lot size is announced.
- Enter your bid price or select the Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to National Stock Exchange of India Limited's official IPO documents for information relating to the Offer, business operations, financial statements, risk factors, selling shareholders and statutory disclosures. NSE filed its Draft Red Herring Prospectus dated June 17, 2026 with SEBI and BSE. NSE's official investor-relations page also provides the DRHP, addendum, draft abridged prospectus and audited financial statements.
Last updated Sep 5, 2026.