National Stock Exchange of India IPO
Bookbuilding IPO | ₹22,562.00 Cr | Listing at BSE
IPO Open
Thu, Sep 17, 2026
IPO Close
Mon, Sep 21, 2026
Price Band
₹1,700.00 to ₹1,785.00
Market Cap (Pre-IPO)
₹441,787.50 Cr
IPO Details
| IPO Date | Sep 17, 2026 to Sep 21, 2026 |
| Listing Date | Tentative: Sep 24, 2026 |
| Face Value | ₹1.00 per share |
| Price Band | ₹1,700.00 to ₹1,785.00 |
| Lot Size | 8 Shares (Minimum: ₹14,280.00) |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE |
| Issue Size | ₹22,562.00 Crores |
| Total Shares Offered | 126,436,650 shares |
| Fresh Issue | 126,436,650 shares |
| Offer For Sale | 126,436,650 shares |
National Stock Exchange of India IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Issue |
National Stock Exchange of India IPO Lot Size
Investors can bid for a minimum of 8 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 8 | ₹14,280 |
| Retail (Max) | 14 | 112 | ₹199,920 |
| S-HNI (Min) | 15 | 120 | ₹214,200 |
| S-HNI (Max) | 70 | 560 | ₹999,600 |
| B-HNI (Min) | 71 | 568 | ₹1,013,880 |
National Stock Exchange of India Financial Information (Restated Consolidated)
National Stock Exchange of India Ltd.'s revenue decreased by 2% and profit after tax (PAT) dropped by 15% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 91,334.07 | 87,937.44 | 69,466.64 | 65,463.98 |
| Total Income | 5,252.17 | 18,713.37 | 19,176.83 | 16,352.06 |
| Profit After Tax | 3,120.08 | 10,302.06 | 12,187.69 | 8,305.74 |
| EBITDA | 4,332.04 | 14,519.09 | 16,021.36 | 11,623.83 |
| NET Worth | 34,983.74 | 31,869.72 | 30,165.05 | 23,833.10 |
| Reserves and Surplus | 34,996.73 | 31,866.04 | 30,105.83 | 23,924.91 |
| Total Borrowing | - | - | - | - |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 32.98% |
| ROCE (Return on Capital Employed) | 42.80% |
| RoNW (Return on Net Worth) | 33.21% |
| PAT Margin (Profit After Tax Margin) | 50.98% |
| Price to Book Value | 13.76 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 41.62 | 50.43 |
| P/E (x) | 42.89 | 35.40 |
Company Overview
National Stock Exchange of India Limited (NSE) – Company Overview
- Incorporated in 1992, National Stock Exchange of India Limited (NSE) is India's largest stock exchange and one of the world's leading multi-asset exchange platforms, offering trading, clearing, settlement, listing, market data, index services and regulatory oversight.
- NSE operates across multiple asset classes, including equities, equity derivatives, currency derivatives, commodities, debt securities and mutual funds.
- As of June 30, 2026, NSE served over 261.36 million registered investor accounts and 129 million unique investors, with 1,328 trading members and 3,005 listed companies having a total listed market capitalization of approximately ₹474.08 trillion.
- The exchange operates a scalable and resilient technology infrastructure supporting high-frequency trading, real-time market data dissemination, risk management, surveillance and regulatory compliance, while promoting transparency, investor protection, efficient price discovery and financial inclusion across more than 99% of Indian postal codes.
- As of March 31, 2026, NSE held a market share of 99.79% in the cash market, 74.71% in equity futures, 99.48% in equity options and 100% in exchange-traded currency options, based on total premium turnover.
- NSE also generates non-trading revenues through its subsidiaries and related services:
- NSE Clearing Ltd. provides clearing services and held a market share of 88.42% in the cash market, 91.04% in equity derivatives and 74.09% in exchange-traded derivatives in Fiscal 2026.
- NSE Indices Ltd. develops and manages a wide range of market indices.
- NSE Data and Analytics Ltd. provides real-time market data, benchmark data, fixed-income valuations, data analytics and analytical tools to institutional investors, asset managers and regulators.
- NSE International Exchange provides foreign currency-denominated trading services.
- Other services include mutual fund registry, back-end exchange support services and e-corporate governance solutions.
Company Strengths
- Market leader in India – a liquid market for all stakeholders.
- Well positioned to benefit from India’s structural growth tailwinds.
- Strong brand synonymous with trust, efficiency and transparency, across its trading platform as well as clearing, settlement and market supervisory role
- Track record of comprehensive and innovative offerings delivered through a vertically integrated business model.
- Technology platform built for scale and resilience.
- Comprehensive product offerings across multiple asset classes.
- Consistent profitability, cash generation, and financial performance.
- Experienced management team with strong governance and regulatory expertise.
National Stock Exchange of India IPO Peer Comparison
National Stock Exchange of India peer comparison with similar listed entities. (As on March 31, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| National Stock Exchange of India Ltd. | 41.62 | 41.62 | 129.75 | - | 33.21 | - | Consolidated |
| Bse Limited | 60.61 | 60.61 | 163.60 | 54.28 | 45.00 | - | Consolidated |
Quick Info
| Sector | financial services |
| Exchange | BSE |
| Market Cap (Pre-IPO) | ₹441,787.50 Cr |
Important Dates
| IPO Open | Sep 17, 2026 |
| IPO Close | Sep 21, 2026 |
| Allotment Date | Sep 22, 2026 |
| Credit to Demat | Sep 23, 2026 |
| Listing Date | Tentative: Sep 24, 2026 |
Lead Manager(s)
Kotak Mahindra Capital Co.Ltd.
Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
Description
- IPO Type: Book build issue aggregating to ₹22,561.57 crores.
- Issue Structure: The issue is entirely an offer for sale of 12.64 crore shares aggregating to ₹22,561.57 crores.
- IPO Dates: The issue opens for subscription on September 17, 2026 and closes on September 21, 2026.
- Allotment Date: The allotment is expected to be finalized on September 22, 2026.
- Listing Details: The shares are proposed to be listed on BSE on September 24, 2026.
- Retail Investment Requirement: Minimum 1 lot (8 shares) amounting to approximately ₹14,280 at the upper price band.
- Issue Price Band: ₹1,700 to ₹1,785 per equity share.
- Lot Size: 8 shares per lot.
This IPO offers investors an opportunity to participate in the company through an offer for sale by existing shareholders.