NSE Files DRHP With SEBI For Rs300 Bn IPO
This IPO to be the largest ever in India; 14.89 crore shares in offer-for-sale or nearly 6% of paid-up capital of NSE; NSE is the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives
FinTech BizNews Service
Mumbai, 17 June 2026: National Stock Exchange of India (NSE) has filed its Draft Red Herring Prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).
The IPO, with a face value of Rs 1, is entirely an offer-for-sale of up to 148, 905, 525 shares by State Bank of India, MS Strategic (Mauritius) Ltd, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India Limited, The New India Assurance Company Ltd, National Insurance Limited and United India Insurance Company Limited.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail bidders, respectively.
Incorporated in 1992, the company is the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives (based on notional turnover for equity options) from FY2001 to FY2026, and is also the largest stock exchange in India in terms of total turnover in exchange-traded currency derivatives (based on notional turnover of currency options) from FY2009 to FY2026, according to the Redseer report.
As per World Federation of Exchanges, NSE also retained its position as the largest equity derivatives exchange globally with over 36.99 billion (including NSE International Exchange (“NSEIX”)) contracts traded in Fiscal 2026. As of March 31, 2026, we are the largest exchange in India in terms of total turnover in cash market and the third largest globally in terms of number of trades in cash equities, according to World Federation of Exchanges.
The company is a “first level regulator” in India, and in that role is committed to providing equal, unrestricted, transparent, and fair access to the stock market to all market participants, including investors, issuers, and intermediaries, while maintaining orderly and efficient market functioning and safeguarding investor interests.
The company is a vertically integrated stock exchange – it offers a simple, integrated platform for trading, clearing, listing and other services such as data feed services, data terminal services, and licensing services. It provides a comprehensive one-stop platform to manage regulatory compliance, risk monitoring, and post-trade settlement. The company offers a diversified range of products across multiple asset classes, including cash markets, futures, options, mutual funds platform, commodity derivatives, exchange-traded currency derivatives, wholesale debt market, and interest rate futures, amongst others.
The company’s operations are supported by its proprietary technology infrastructure that is resilient and secure, supporting high-speed and high-frequency transactions while ensuring seamless market operations, comprehensive market data dissemination, and allows for rapid implementation of regulatory directives.
The company has played a pivotal role in transforming the capital markets in India by democratizing access and enabling efficient capital flows through a transparent, technology-driven ecosystem.
This transformation is reflected in the expansion of its Unique Registered Investors base, which has grown at a compounded rate of 26.9% from 30.87 million as of 31 March, 2020 to 129.1 million as of 31 March, 2026. In FY2026, total fund mobilisation of Rs 20.3 trillion was raised through its platform. Investors on the company’s stock exchange span over 99% of Indian postal codes as of 31 March, 2026.
Its non-trading businesses provide complementary revenue sources and serve market participants’ diverse needs –
- Clearing and settlement – The company established NSE Clearing Limited in August 1995
- Indices – It commenced offering index services in May 1998, and currently provide these services through NSE Indices Limited
- Data analytics, news, and market updates – The company established NSE Data and Analytics in June 2000
- Foreign currency denominated trading – The company established NSE International Exchange in GIFT City
- Others – The company has expanded into complementary businesses including mutual fund registry services and back-end exchange support services
The company continuously adapts its technology infrastructure to meet investor needs and evolving market participants. As of 31 March 2026, the company’s platform processed an average of 12 to 14 billion messages daily. On 4th June 2024 cumulative (across all segments) number of trades was 293.85 million that’s the highest till date at cumulative level.
Its revenue from operations was Rs 16,601 crore during FY26 as against Rs 14,780 crore during FY24. Its net profit was Rs 10,302 crore during FY26 as against Rs 8,305 crore during FY24.
Kotak Mahindra Capital Company, JM Financial Ltd, Morgan Stanley India Company Private Limited, Citi Global Markets India Private Limited, HSBC Securities & Capital Markets India Private Limited, JP Morgan India Private Limited, SBI Capital Markets Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited and 360 ONE WAM.
MUFG Intime India Private Limited is the registrar to the issue.