Loading…
- Price band
- ₹1,700 – ₹1,785
- Issue size
- ₹22,562 Cr
- Lot size
- 8 sh
- Bidding
- 17 – 21 Sep
- Grey market
- ₹40
Face value ₹1.00
0% fresh capital
₹14,280 minimum
Lists 24 Sep 2026
Unofficial quote
The question this issue poses
In one sentence
India's dominant exchange sold ₹22,561.57 Cr of existing shares at 42.89× FY26 earnings — below BSE's 54.28× — in a year when its own revenue fell 3.1% and its profit fell 15.5%, so the discount to its only listed peer is really a question about whether the options franchise has stopped shrinking.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
63Balanced
IPOVista score 63 out of 100, graded Balanced.IPOVista score
Profitable but slow-growing
73% of the scoring model was backed by disclosed data for NSE, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
PillarScoreWeight
Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Entirely an offer for sale
None of the money raised reaches the company. Existing shareholders are selling down; the balance sheet is unchanged by the listing.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1992 · Exchange Plaza, Bandra Kurla Complex, Mumbai, Maharashtra · 2,914 employees
NSE is India's largest stock exchange and the venue on which most Indian share and derivative trading actually happens. It was incorporated in 1992, recognised by SEBI in April 1993 and began trading in 1994. It runs the cash equity market, the equity futures and options market, currency and commodity derivatives and a wholesale debt segment, and it is vertically integrated — the same group owns the clearing corporation that settles those trades, the index business behind the Nifty family, the colocation and connectivity business that sells low-latency access, and a data business that licenses market feeds. The red herring prospectus reports 261.36 million investor accounts registered on the exchange as of 30 June 2026. The dominance is not uniform across products: NSE held 99.79% of equity futures turnover in FY26, but its equity options share fell from 96.9% in FY24 to 74.71% in FY26.
NSE is a toll booth on trading volume. Transaction charges — a fee per unit of turnover — produced ₹13,057 Cr in FY26, or 78.6% of revenue from operations, down from 79.5% in FY25 and 82.0% in FY24. That toll is overwhelmingly collected on derivatives: the futures and options segment generated 69.1% of FY26 revenue, and equity options alone contributed ₹9,997.8 Cr, 60.2% of consolidated revenue. The remainder comes from listing fees, colocation and connectivity, index licensing, data feeds and clearing. Because costs are largely fixed technology and people, operating leverage is extreme in both directions: FY26 revenue from operations fell 3.1% to ₹16,601.30 Cr after SEBI's derivatives measures cut average daily volumes, and profit after tax fell 15.5% to ₹10,302.06 Cr. The company is not a promoter-controlled business — under SECC regulations NSE has no promoter or promoter group, and no single shareholder may hold more than a capped stake.
What makes it hard to copy
By World Federation of Exchanges data NSE has been the largest derivatives exchange in the world by contracts traded for seven consecutive years to March 2026, holding 51.18% of global equity-derivative contracts and 11.38% of global cash-equity trades in FY26 — a position no competitor can replicate without the clearing corporation, index business and colocation infrastructure that sit inside the same group.
Where the revenue comes from
Share of revenue by reportable segment, latest full year
- Trading services86.2%
- Clearing services10.1%
- Others3.7%
Hover or focus a segment for its share and what it covers.
Where it operates
- Owned, leased and licensed properties of NSE and its subsidiaries (regional offices, investor service centres, data centres, residential flats, wind mill site)70
Mumbai, Maharashtra — Exchange Plaza, BKC (registered and corporate office, on leasehold land to 2078) · Mumbai, Maharashtra — Inspire BKC (additional office floors) · Chennai, Tamil Nadu · Kolkata, West Bengal · New Delhi · Ahmedabad, Gujarat · Hyderabad, Telangana · GIFT City, Gandhinagar, Gujarat — NSE IFSC · Nashik, Maharashtra · Varanasi, Uttar Pradesh · Ludhiana, Punjab · Satara, Maharashtra — captive wind mill
- Data centres2
Mumbai, Maharashtra — primary data centre and colocation facility · Chennai, Tamil Nadu — fully mirrored disaster recovery site
Markets served
IndiaGIFT City IFSC, Gandhinagar
Who runs it
- Shri Srinivas InjetiChairperson and Public Interest Director · since 2025Retired civil servant, on the governing board since 2 September 2025 for a three-year term. Under SECC Regulations the chairperson must be drawn from the public interest directors. DIN 01811921.
- Shri Ashishkumar ChauhanManaging Director and Chief Executive Officer · since 2022Appointed 26 July 2022 for a five-year term; he is also the chief operating decision maker for segment reporting. DIN 00898469.
- Shri Ian DesouzaChief Financial Officer · since 2024Joined 1 July 2024 as interim CFO and was redesignated CFO on 7 August 2024; previously CFO of Bank of Baroda.
- Shri Viral ModyExecutive Director · since 2026Heads Vertical 1 — trading operations, core IT infrastructure, business continuity and cyber resilience. Director since 14 May 2026. DIN 10099666.
- Shri Sanjay ShoreyExecutive Director · since 2026Heads Vertical 2 — regulatory, compliance, risk management, surveillance and investor grievances. Director since 18 May 2026. DIN 11705845.
The company on paper
- Legal name
- National Stock Exchange of India Limited
- Incorporated
- 27 Nov 1992
- CIN
- U67120MH1992PLC069769
- Sector
- Financials · Stock exchange & market infrastructure
- Employees
- 2,914
- Registered office
- Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India
- Statutory auditor
- Walker Chandiok & Co LLP, Chartered Accountants
- Website
- nseindia.com
The numbers
Financial performance
Revenue has compounded at 6.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
At the upper band this issue asks a 21.0% discount to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
1 listed company the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹41.62
- EPS, post-issue
- —
- Price / sales
- —
- Net asset value per share
- ₹129.75
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 33.0%
- Return on capital employed
- 42.8%
- EBITDA margin
- —
- Net margin
- 62.1%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- —
Valuation against listed peers
P/E against operating margin
The peer table does not carry both a P/E and an operating margin for enough companies to plot.
The terms
How the issue is structured
This is entirely an offer for sale: none of the money raised reaches the company.
- Fresh issue
- ₹0
- Offer for sale
- ₹22,562 Cr
- Total issue size
- ₹22,562 Cr
- Shares offered in the OFS
- 12,64,36,650
- Pre-issue shares outstanding
- 2,47,50,00,000
- Employee discount
- ₹170 per share
Who the shares are reserved for
Share of the net offer set aside for each investor category
- Employee reservation4,33,436 sh
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- The entire issue is an offer for sale by existing shareholders. The company receives no proceeds; the money, net of offer expenses, goes to the selling shareholders. — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
Total subscription5.71×
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Anchor book
Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.
- Raised from anchors
- ₹6,746 Cr
- Anchor investors
- —
- 50% lock-in ends
- 21 Oct 2026
- Remaining lock-in ends
- 20 Dec 2026
Notable participants
Life Insurance Corporation of IndiaGovernment Pension Fund GlobalMonetary Authority of SingaporeFidelity Funds - India Focus Fund
Grey market premium
Premium quoted over the ₹1785 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
Unofficial
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹40 to ₹111, a spread of ₹71, across the period shown.
Outcome
How it actually listed
- Issue price
- ₹1,785.00
- Listed at
- ₹1,800.00
- Listing gain
- up 0.8%
- Since listing
- down 1.9%
As of 13 Oct 2026
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
Lots
1
- Shares applied for
- 8
- At cut-off price
- ₹1,785.00
- Amount blocked
- ₹14,280
One lot is 8 shares at ₹14,280. Retail applications are capped at ₹2,00,000, which allows up to 14 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~72%
chance of one lot, per application
- Retail subscription
- 1.39×
- Applicants per share available
- 1.4× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹1,800.00
listed at, 0.8% against the issue price
- Issue price
- ₹1,785.00
- Premium said
- ₹40.00 · 2.2%
- If allotted 8 shares
- ₹120
The grey market called 2.2% and the stock did 0.8% — a miss of 1.4 percentage points.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit of ₹10,302.06 Cr in FY26 on revenue from operations of ₹16,601.30 Cr — an exchange that converts the majority of every rupee of revenue into pre-tax profit, with RoCE of 42.80% and RoE of 32.98%.
- 99.79% share of equity futures turnover in FY26, a near-monopoly that has barely moved from 99.9% in FY24 and FY25.
- Priced at 42.89× FY26 earnings against BSE Limited at 54.28× in the RHP's own peer table, on a profit base several times BSE's.
- Net worth grew from ₹30,165.05 Cr at FY25 to ₹31,869.72 Cr at FY26 and to ₹34,983.74 Cr by 30 June 2026, while total assets reached ₹91,334.07 Cr.
- The quarter to 30 June 2026 produced PAT of ₹3,120.08 Cr — ahead of the quarterly run-rate implied by FY26's full-year ₹10,302.06 Cr.
- Institutional demand was unambiguous: QIB subscribed 12.68× and the anchor book took ₹6,746.18 Cr across 3,77,93,739 shares, including LIC, Government Pension Fund Global and the Monetary Authority of Singapore.
What to weigh against it
- This is a shrinking business on the reported numbers: revenue from operations fell from ₹17,140.67 Cr in FY25 to ₹16,601.30 Cr in FY26, and PAT fell from ₹12,187.69 Cr to ₹10,302.06 Cr — a 15.5% decline.
- Equity options market share collapsed from 96.9% in FY24 to 74.71% in FY26, and equity options alone are 60.2% of consolidated revenue at ₹9,997.8 Cr.
- Concentration risk is structural: transaction charges are 78.6% of revenue from operations and the F&O segment supplies 69.1% of revenue, so a single regulator's decision on derivatives moves most of the P&L.
- A pure offer for sale — ₹22,561.57 Cr left the IPO and none of it reached the company's balance sheet; the issue funds selling shareholders, not growth.
- Retail demand was thin against a 35% retail quota, subscribing only 1.39× while QIB took 12.68× — the widest category gap in the book.
- The stock is below its issue price: ₹1,729.45 on 12 October 2026 against ₹1,785, a 3.11% loss for an allottee who held, after a listing that gained 0.84%.
Easy to miss in the prospectus
- This issue is the clearest recent example of grey market premium overstating a debut. GMP was ₹111 (6.22%) on 18 September, drifted to ₹40 (2.24%) by listing day, and the stock actually opened at ₹1,800 — a 0.84% gain, roughly a third of even the deflated GMP signal.
- The 35% retail / 50% QIB split is unusual for a large mainboard issue and meant retail had to absorb 4,41,01,125 shares; at 1.39× subscription that quota was only just covered.
- FY24 PAT of ₹8,306 Cr, FY25 of ₹12,187.69 Cr and FY26 of ₹10,302.06 Cr shows the earnings line is cyclical, not a trend — FY25 was the peak, not the baseline.
- Employee shares were offered at a ₹170 discount to the ₹1,785 issue price, an effective ₹1,615; that category subscribed 2.40×.
- NSE trades only on BSE, so the exchange's own order book carries no price for its own stock — the single-venue listing is a genuine structural quirk of this security.
- Anchor lock-ins release in two tranches, 50% on 21 October 2026 and the remainder on 20 December 2026, against an anchor book of ₹6,746.18 Cr.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- Prospectus21 Sep 2026Filed after pricing, with every placeholder filled in.Opens on nsearchives.nseindia.com · about 12.2 MB
- Red Herring Prospectus10 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on nsearchives.nseindia.com · about 12.3 MB
- Draft Red Herring Prospectus17 Jun 2026The first draft, filed for review. No price band and no dates.Opens on nsearchives.nseindia.com · about 10.6 MB
- Addendum to the RHPA correction to an earlier filing. Can move a stated figure.Opens on nsearchives.nseindia.com · about 5.9 MB
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Kotak Mahindra Capital Company Limited, JM Financial Limited, Axis Capital Limited, ICICI Securities Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited
- Registrar
- MUFG Intime India Private Limited
How these figures were checked
Built from 7 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.
The prospectus is the authoritative document. Check anything that matters against it before you act.
Other issues worth reading next
HD Fire Protect
Fire protection equipment & suppression systems
Open · Mainboard · closes in 2 days
GMP ₹86up 31.7%
- Price band
- ₹258 – ₹271
- One application
- ₹14,905
- Score
- 70/100
Vaibhav Vyapaar
Non-banking finance — digital unsecured personal lending
Open · SME · closes in 2 days
GMP ₹0unchanged 0.0%
- Price band
- ₹51 – ₹54
- One application
- ₹2,16,000
- Score
- 48/100
Fusion CX
Customer experience management & business process outsourcing
Opens tomorrow · Mainboard
GMP ₹19up 6.6%
- Price band
- ₹275 – ₹289
- One application
- ₹14,739
- Score
- 72/100