The much-anticipated Initial Public Offering (IPO) of the National Stock Exchange of India (NSE) is set to open for public subscription on September 17, 2026, and will conclude on September 21, 2026. The issue, valued at approximately Rs 22,569 crore at the upper price band, is an offer for sale of up to 12.64 crore equity shares, meaning the NSE will not receive any direct proceeds from the offering. Shares are slated to be listed on the BSE on September 24.
Issue Details and Price Band
The NSE has established a price band of Rs 1,700 to Rs 1,785 per share for its IPO. This substantial offering positions it as one of the largest IPOs in the Indian primary market. A reservation portion of up to Rs 70 crore has been set aside for eligible employees, who will also benefit from a discount of Rs 170 per share.
Dominant Market Position
According to Raj Gaikar, Equity Research Analyst at SAMCO Securities, the NSE IPO provides a unique opportunity for investors to engage with one of India's most robust market infrastructure businesses. In fiscal year 2026, the NSE commanded a significant market share, accounting for 92.99 percent of India’s cash-market turnover, 99.79 percent of equity futures, and 74.71 percent of equity options based on premium turnover. For several years, it has maintained its status as the nation's largest exchange by both cash-market and equity-derivatives turnover.
As of June 30, 2026, NSE boasted 132.37 million unique registered investors, 261.36 million registered investor accounts, 1,328 trading members, and 3,005 listed entities. SAMCO Securities highlights that this extensive scale, coupled with superior liquidity, advanced technology infrastructure, an integrated clearing ecosystem, and a broad investor base, grants NSE a formidable competitive advantage that would be challenging to replicate.
Technology and Financial Performance
The NSE operates a vertically integrated platform encompassing trading, clearing, and settlement services through its subsidiaries, including NSE Clearing and NSE IFSC Clearing Corporation. Its technology infrastructure is designated as Critical Information Infrastructure, capable of processing orders with microsecond-level response times and nanosecond-level acknowledgements across various segments.
Financially, NSE reported revenue from operations of Rs 16,601.31 crore in FY26, a slight decrease from Rs 17,140.68 crore in FY25. Profit after tax for FY26 stood at Rs 10,302.06 crore, down from Rs 12,187.69 crore the previous year. The operating EBITDA margin was 66.85 percent, with a normalised operating EBITDA margin of 76.23 percent. The exchange had no fund-based borrowings in FY26 and held treasury investments totaling Rs 64,771.28 crore.
In the first quarter of FY27, NSE demonstrated growth with revenue from operations rising 13.10 percent year-on-year to Rs 4,560.41 crore. Operating EBITDA increased by 14.84 percent to Rs 3,594.25 crore, and PAT grew 6.71 percent to Rs 3,120.08 crore. During this period, cash-market average daily traded volume (ADTV) surged by 25.25 percent, while equity-options ADTV based on premium value increased by 15.92 percent.
Risks and Valuation Outlook
SAMCO Securities identifies NSE’s heavy reliance on transaction charges, particularly from equity options, as a primary risk. In FY26, transaction charges constituted 78.65 percent of operational revenue, with options alone contributing 60.22 percent. Furthermore, NSE’s equity-options market share has seen a decline, from 96.86 percent in FY24 to 74.71 percent in FY26, and further to 68.48 percent in Q1 FY27.
Other concerns flagged by the brokerage include potential regulatory measures, such as restrictions on weekly expiries and higher securities transaction tax on equity derivatives, as well as concentration among trading members. The top 10 trading members contributed 47 percent of revenue from operations in Q1 FY27.
At the upper price band of Rs 1,785, NSE is valued at 42.89 times its FY26 earnings, 13.76 times its FY26 book value, and 26.61 times its market capitalisation to FY26 revenue. In comparison, BSE trades at 54.28 times FY26 earnings.
Despite the identified risks, Gaikar from SAMCO Securities suggests that NSE’s strong market position, healthy margins, debt-free balance sheet, and long-term growth opportunities support a positive investment case. The brokerage has recommended subscribing to the NSE IPO for the long term, while advising investors to closely monitor the dependence on derivatives and the fluctuating equity-options market share.