The National Stock Exchange of India has filed its draft red herring prospectus (DRHP) on Wednesday to launch its most-awaited initial public offering (IPO) of up to 148,905,525 equity shares, setting the stage for the country’s largest corporate market debut worth an estimated Rs 30,000 crore.
Institutional investors and state-run financial entities lead the list of selling shareholders in the public issue.
Created with AI. Errors are possible5 PSU to offload stakes in NSE through the IPO
5 PSUs owns 2.37 crore shares
As per the DRHP submitted by the NSE to the market regulator SEBI, these five government-backed institutions collectively own roughly 2.37 crore shares earmarked for the proposed offer for sale (OFS).
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This regulatory filing brings the NSE significantly closer to what is set to be a milestone listing in the history of Indian capital markets. Given that the exchange has recently commanded a valuation of around Rs 5 lakh crore in unlisted trading, the upcoming public issue is projected to raise around Rs 30,000 crore, positioning it as India’s biggest public offering.
According to the regulatory documents filed with the SEBI, the DRHP outlines a pure offer for sale consisting entirely of existing equity shares with a face value of Re 1 each.
The IPO size is estimated to be around Rs 30,000 crore based on the exchange’s valuation in the unlisted market, people familiar with the matter said.
The financial statements appended to the DRHP highlighted the financial trajectory of the exchange over the last three fiscal periods. For the financial year ended March 31, 2026, the exchange recorded a total income of Rs 187,133.70 million, down slightly from Rs 191,768.31 million in the preceding fiscal year, but higher than the Rs 163,520.62 million reported in the financial year ended March 31, 2024.
Revenue from operations for the year ended March 31, 2026, stood at Rs 166,013.09 million, compared to Rs 171,406.78 million in the fiscal year 2025 and Rs 147,800.11 million in the fiscal year 2024.
Total expenses excluding contributions to the Core Settlement Guarantee Fund increased to Rs 59,999.03 million for the year ended March 31, 2026, up from Rs 48,062.92 million in the previous year.
The core profitability metrics showed resilience despite rising operating costs and exceptional provisions. The exchange reported a profit for the year from continuing operations at Rs 101,795.29 million for the fiscal period ended March 31, 2026, down from Rs 116,057.48 million in the fiscal period ended March 31, 2025, but higher than the Rs 84,064.80 million logged during the fiscal period ended March 31, 2024.
The net profit for the year ended March 31, 2026, reached Rs 103,020.61 million, down from Rs 121,876.89 million in the fiscal year 2025, while total comprehensive income stood at Rs 103,710.93 million after factoring in other comprehensive income of Rs 690.32 million.
(With inputs from agencies)
