National Stock Exchange of India Ltd (NSE) IPO
Financial Services
Price Band
₹1700 – ₹1785
Lot Size
8
Minimum Bid Quantity
8
Minimum Investment
₹14280
Issue Size
₹22568.94Cr
Opens
2026-09-17
Closes
2026-09-21
Listing
24-09-2026
Subscription Status
Qualified Institutional Buyers
12.68 x
Non-Institutional Investor
6.54 x
Retail Individual Investor
1.37 x
Employees
2.37 x
Total
5.69 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE721I01024
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 19:00:00
About the Company
The National Stock Exchange of India Limited (NSE) is India’s premier stock exchange that provides platforms and infrastructure for trading, clearing, listing, and related market services. Its product portfolio includes cash market, futures and options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market, and interest rate futures. The company also provides index services, market data, analytics, news and information services, data feeds, data terminal services, and licensing services. Through its subsidiaries and associates, it also provides clearing and settlement, foreign currency-denominated trading, mutual fund registry, depository, e-corporate governance, mobile trading, and other exchange-related services. NSE operates a vertically integrated technology infrastructure comprising seven data centres, including a primary data centre, member colocation data centre, disaster recovery site, and near data centre. The company operates from its corporate office in Mumbai, Maharashtra, and it also has points of presence across more than 30 locations in India, including across New Delhi, Bangalore, Noida, Kolkata, Chennai, Ahmedabad, Pune, Hyderabad, Gandhinagar, Jaipur, Indore, Chandigarh, Bhopal and Vizag. The company commenced operations in November 1992. Use of proceeds: The IPO is an offer-for-sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoter selling shareholders in proportion to the number of shares offered by them for sale. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India.
Pros
- • The company has maintained leading market shares across key asset classes. In FY26, it had a 92.99% share in the cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in exchange-traded currency futures, and 100% in exchange-traded currency options, according to the Redseer Report.
- • NSE has a large registered investor base and broad geographic reach. As of June 30, 2026, it had 132.37 million unique registered investors covering more than 99% of Indian postal codes. Its platform also supported trading in securities and other instruments of 3,270 entities.
- • The company has a broad capital-market platform covering trading, clearing, listing, and related services. Its offerings include equities, equity and currency derivatives, commodities, interest rate futures, mutual funds, debt instruments, REITs, and InvITs. Its subsidiaries also provide clearing and settlement infrastructure across multiple asset classes.
Cons
- • NSE operates in a highly regulated industry and is subject to continuous supervision, inspections, and audits by SEBI, as well as oversight from RBI, the International Financial Services Centres Authority (IFSCA), and other statutory authorities. The company has received observations, show cause notices, administrative warnings, deficiency and advisory letters from SEBI relating to areas including internal controls, technology, data governance, surveillance, risk management, and regulatory compliance, with certain findings resulting in enforcement actions and settlement proceedings. Inability to satisfactorily address these observations or comply with applicable regulatory requirements could result in penalties, restrictions on operations, suspension or revocation of its registration or licence and could materially and adversely affect its business, financial condition, and prospects.
- • NSE has been, and continues to be, subject to enforcement actions, penalties, and adjudication proceedings by SEBI in relation to alleged violations of applicable SEBI laws and regulations. Adverse outcomes in these ongoing or future proceedings could materially and adversely affect the company’s business, reputation, and financial condition, results of operations, cash flows, and prospects.
- • The company derived Rs 13,057.01 crore, Rs 13,635.76 crore, and Rs 12,129.64 crore from transaction charges in FY26, FY25, and FY24, respectively, representing 78.65%, 79.55%, and 82.07% of revenue from operations. Of this, options transaction charges contributed Rs 9,997.57 crore, Rs 10,194.03 crore and Rs 9,550.19 crore, while futures transaction charges contributed Rs 1,480.10 crore, Rs 1,727.26 crore and Rs 1,248.97 crore, respectively. Any significant decline in trading volumes, particularly in options and futures, due to regulatory changes, market conditions, investor sentiment, or other factors could adversely affect the company’s revenue, financial condition, and business prospects.
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