Mumbai: Investors are looking forward to the latest big-ticket IPO, with the National Stock Exchange of India (NSE) having officially filed its Draft Red Herring Prospectus (DRHP) with SEBI. This long-awaited public offering is now closer to reality after years of delays caused by structural regulatory hurdles.
According to the draft papers filed on June 18, the blockbuster issue is an 100% Offer For Sale (OFS) with 14.8 crore equity shares (about 6% of the exchange’s paid up capital) on the block.
The pricing of the IPO hasn’t been disclosed in the DHRP, but it remains one of the highly sought after IPOs in the country today. As this is a pure OFS IPO, the NSE will receive no capital consideration, with leading early investors like looking to offload their stakes in the company.
These include:
- State Bank of India (SBI): It aims to offload up to 2.48 crore shares
- Public Sector Banking Cohort: Major tranches are being divested by Bank of Baroda, IDBI Bank, and IFCI (via Stock Holding Corporation of India).
- Global Private Equity & Sovereign Funds: Sovereign-linked investment entities including Aranda Investments (a wholly-owned subsidiary of Singapore’s Temasek), the Canada Pension Plan Investment Board (CPPIB), and MS Strategic (Mauritius) will record enormous multi-fold capital gains.
- Domestic Insurance Giants: Continuous liquidity realizations will be pocketed by General Insurance Corporation of India (GIC Re), New India Assurance, National Insurance, and United India Insurance.
The Financial Scorecard
According to the DHRP, the NSE remains the second rung of the highly profitable capital markets infrastructure, with the only challenger being the Bombay Stock Exchange(BSE). Once listed, NSE’s shares will be listed on the BSE as per SEBI rules.
Here’s how the NSE remains a strong revenue earner based on its disclosures as per March 31, 2026.
| Key Financial & Operating Metric | National Stock Exchange (NSE) | Bombay Stock Exchange (BSE) | The Structural Contrast |
| Annual Operational Revenue | ₹16,601 Crore | ₹4,833 Crore | NSE’s revenue base is over 3.5 times larger than BSE’s. |
| Consolidated Net Profit (PAT) | ₹10,302 Crore | ₹2,487 Crore | NSE’s annual cash profit tracks 4 times higher than its competitor. |
| Core PAT Profit Margins | 62.05% | 51.40% | Driven by an elite “zero-marginal-cost” software model for transaction volume scalability. |
| Avg. Daily Cash Trading Volume | ₹1.05 Lakh Crore | ₹7,950 Crore | NSE maintains an overwhelming 93%+ dominance in standard cash equity volumes. |
| Global Derivatives Position | 1st Globally (36.99B Contracts) | Emerging Challenger | NSE remains the world’s largest equity derivatives venue by volume for FY26. |
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
