National Stock Exchange of India IPO

National Stock Exchange of India (NSE) is a Mumbai-based stock exchange. It is the 5th largest stock exchange in the world by market capitalisation. NSE is an important financial utility that stands at the heart of India's capital markets. This has made the NSE IPO one of the most-anticipated listings in India. Initially, NSE had submitted its listing draft in 2016. However, due to governance and technology issues, which included co-location controversy and ownership issues in the clearing corporation, the listing process was postponed for years. Since then, the exchange has settled crucial regulatory concerns, one of which is a significant 2024 settlement that enabled the listing to proceed.

The company is also the world's biggest derivatives exchange in terms of the number of contracts. As of December 2025, NSE had approximately 24.5 crore investor accounts registered, a country wide coverage of nearly 100% (99.9% PIN code reach), and 2,898 companies listed on its platform. Capital formation through public issues and the private placement of shares is still primarily done through the exchange, and it has mobilised ₹19.6 lakh crore across debt and equity markets in CY25.

The company posted a total income of approximately ₹19,177 crore and a net profit of around ₹12,188 crore, with margin levels close to 60% and a return on equity of about 45% in FY25. During 9MFY26, total income was ₹13,354 crores while PAT was ₹7,431 crores. In Q3FY26, total income was ₹4,395 crore, profit was ₹2,408 crore, and the EBITDA margin was close to 73%. Transaction charges account for the majority of revenue i.e. around 69%, followed by data centre services, listing fees, and market data income. The IPO is anticipated to be a simple Offer for Sale (OFS), with current shareholders such as Life Insurance Corporation of India (LIC), State Bank of India (SBI) and Temasek Holdings partially diluting stakes, and the inferred valuation based on recent unlisted trades (February 2026) being around ₹4.8 to ₹5.1 lakh crore (~55x P/E), thus making it a high end financial infrastructure play. The IPO size is expected to be around ₹23,000 crore, with DRHP filing expected to be in March or April 2026.