NSE IPO gets Sebi approval: 10 important points investors should know as D-Street debut inches closer

By Sohail Khan 5 September 2026, 11:58 am

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NSE IPO gets Sebi approval: 10 important points investors should know as D-Street debut inches closer
Synopsis

NSE’s IPO moved closer to launch after Sebi approved its draft offer document, with the proposed Rs 30,000-crore issue likely to list on BSE. The OFS could involve nearly 6% stake, with several shareholders selling. Strong financials, dominant derivatives market share and premium unlisted valuation make it a closely watched offering.

NSE IPO gets Sebi approval: 10 important points investors should know as D-Street debut inches closer<br> — National Stock Exchange is likely to price its IPO at around Rs 1,800 per share or slightly above.

The National Stock Exchange’s long-awaited IPO, expected to raise around Rs 30,000 crore, moved a step closer to launch after Sebi approved the exchange’s draft offer document on Friday, according to the regulator’s website.

The approval clears a key regulatory step for the proposed listing. This comes as activity in India’s IPO market has picked up following a subdued first half of the year.

Here’s everything investors should know:

1.) IPO Details

The proposed IPO is entirely an offer-for-sale (OFS) of up to 14.89 crore equity shares with a face value of Re 1 each, representing nearly 6% of NSE's paid-up equity capital. The issue size has been fixed at 6% of the exchange's paid-up capital.

The citing sources that National Stock Exchange is likely to price its IPO at around Rs 1,800 per share or slightly above.

The company will likely announce the price band on September 15, according to a person aware of the development.

If everything goes as per the schedule, the IPO is likely to open around September 18, while listing may occur around September 25.

2.) Where will the NSE shares be listed?

NSE's shares will be listed on BSE, mirroring the arrangement under which BSE's own shares are listed on NSE.

3.) NSE Valuation

Analysts say the exchange is already commanding premium valuations in the unlisted market. "NSE remains a capital-light near-monopoly. At around Rs 1,970-2,000 in the unlisted market, it trades near 45x FY26 earnings.

That's rich, but below BSE at around 70x and MCX at around 80x," Nitant Darekar, research analyst at Bonanza had said earlier.

4.) 7 PSUs sell stake

Seven public sector entities, including State Bank of India (SBI), Bank of Baroda, Stock Holding Corporation, GIC, New India Assurance, National Insurance Company, and United Insurance Company, are set to partially monetise their holdings in the National Stock Exchange (NSE) through the bourse's long-awaited initial public offering (IPO).

According to NSE's Draft Red Herring Prospectus (DRHP) filed with market regulator SEBI, the seven government-owned entities together hold approximately 7.97 crore shares that are part of the proposed offer for sale (OFS).

Other shareholders include MS Strategic (Mauritius), Canada Pension Plan Investment Board, and Aranda Investments (Mauritius) Ptd.

5.) LIC, others retain stake

Life Insurance Corporation of India (LIC), one of NSE's key shareholders, will not be participating in the share sale. Premji Invest, which holds a 2.35% stake, and investor Radhakishan Damani, who owns 1.58%, are also not selling any shares, according to the DRHP.

6.) NSE financials

NSE reported a 7% year-on-year increase in profit for the June quarter, supported by higher transaction charges and strong operating margins. Net income stood at Rs 3,120 crore in Q1, while total income rose 9% YoY to Rs 5,252 crore.

Analysts, however, have cautioned investors about the exchange’s dependence on derivatives trading volumes. Earnings remain closely linked to activity in the derivatives segment, which can be volatile, particularly following regulatory changes in the futures and options market.

NSE’s IPO is expected to be one of the marquee issues of 2026, alongside Jio Platforms. Investment bankers expect September to remain a busy month for primary markets, with IPOs worth nearly $4 billion lined up, including the anticipated NSE offering.

7.) World's largest derivatives exchange

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 during Fiscal 2026, including activity on NSE International Exchange (NSEIX).

As of March 31, 2026, the exchange was also the largest in India by total cash market turnover and the third-largest globally by number of cash equity trades, according to the World Federation of Exchanges.

8.) NSE IPO history

The filing marks the culmination of a listing process first initiated in December 2016, when NSE filed its first DRHP for a Rs 10,000-crore issue.

The process was subsequently stalled due to the co-location controversy.

9.) NSE unilisted market share price

NSE currently trades in the unlisted market at around Rs 1,975-2,000 per share, implying a valuation of roughly Rs 5 lakh crore.

That would make it one of the most valuable listed financial institutions in India once the public issue is completed.

10.) NSE dividend history

NSE is India's largest stock exchange in terms of cash market turnover, equity derivatives turnover and exchange-traded currency derivatives turnover. NSE's strong and consistent cash generation is reflected in its shareholder payouts.

The exchange paid a dividend of Rs 35 per share in both FY25 and FY26, while the FY24 dividend stood at Rs 18 per share on a bonus-adjusted basis.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The )

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