- NSE IPO subscription opens Sept 17 and closes Sept 21, 2026 with listing on Sept 24
- Price band set between Rs 1,700 and Rs 1,785 per share with a face value of Rs 1
- IPO size is Rs 22,562 crore, fully an Offer for Sale with no proceeds to NSE
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Nirmal Bang Report
10 Key Things to Know Before You Subscribe to NSE IPO
l. IPO dates and listing
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National Stock Exchange of India (NSE) IPO opens for subscription on September 17, 2026 and closes on September 21, 2026. The shares are scheduled to list on the BSE on September 24, 2026.
2. Price band
NSE has fixed the price band in the range of Rs 1,700 to Rs 1,785 per share, with a face value of Rs 1 per share
3. IPO size
NSE IPO is one of India's biggest public issues, with a total size of Rs 22,562 crore at the upper price band. It is a 100% Offer for Sale (OFS).Since this is a pure OFS, NSE will not receive any proceeds from the IPO.
4. BRLMs and registrar
Kotak Mahindra Capital Company Ltd., Morgan Stanley India Company Pvt Ltd, HSBC Securities and Capital Market (India) Pvt Ltd., SBI Capital Markets Ltd, J.P Morgan India Pvt Ltd. are the book running lead manager for the issue while MUFG Intime India Pvt Ltd. is the registrar to the offer.
5. NSE IPO Allocation Breakdown
As per the offer structure, the Net Offer is allocated as follows:
- Qualified Institutional Buyers (QIBs): Up to 50% of the Net Offer
- Non-Institutional Investors (NIIs / HNIs): Not less than 15% of the Net Offer
- Retail Individual Investors (RIIs): Not less than 35% of the Net Offer.
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6. About the company
National Stock Exchange of India is India's largest stock exchange and has remained the market leader in cash and derivatives trading since FY01. It operates a vertically integrated business model spanning:
Listing services
Trading
Clearing & settlement
Index licensing
Market data and connectivity services
As of June 2026:
132.4 million unique registered investors
3,005 listed companies
Rs 474 lakh crore market capitalization on the platform.
7. Key growth drivers and strategies
- Dominant position in Indian cash and derivatives markets
- World's largest derivatives exchange by contract volumes
- Strong growth in demat accounts and retail participation
- Expanding data, connectivity, licensing and clearing revenues
- Growth in passive investing through Nifty-linked products
- New product launches across GIFT City, power markets, commodities and data services
8. Key risks
- High dependence on options trading, which contributes over 60% of revenue
- Further SEBI intervention in derivatives markets
- Loss of options market share to BSE
- Regulatory and litigation-related costs
- Technology and cybersecurity risks
- Concentration among top trading members.
9. Financials
PAT fell to Rs 10,300 crore in FY26 from Rs 12,190 crore in FY25 on lower derivative volumes and the settlement fees. PAT margin fell to 50.98% from 55.30%. 1QFY27 PAT rose 6.71% to Rs 3,120 crore from Rs 2,920 crore. RoE fell to 32.98% in FY26 from 44.87%. Dividend per share was Rs 35 in FY26, unchanged from FY25, and up from Rs 18 in FY24. Both years included a special dividend (Rs 10 in FY26 and Rs 11.46 in FY25), so the ordinary component rose to Rs 25.00 from Rs 23.54 and Rs 18.00. The payout ratio was 84%.
10. Valuation
At the upper price band of Rs 1,785, the offer values NSE at 42.9x FY26 EPS and 13.8x Mar-26 book value. On a fully normalised basis, stripping out both the SEBI settlement fees and the exceptional gain on the NSDL stake sale, the multiple remains steady at 42.7x.
While NSE earns a lower statutory RoNW than BSE (33.2% against 45.0%) and carries a heavier options concentration, these operational headwinds appear to be adequately priced into the offer.
At a noticeable discount to BSE's 54.6x multiple, the valuation provides a balanced and reasonable entry point for investors looking to back the undisputed leader in Indian market infrastructure. Key risks are further SEBI intervention in index derivatives, continued share loss in options, and further regulatory or litigation charges.
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