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Source: NSE’s DRHP
On June 17, 2026, the National Stock Exchange (NSE) filed its draft red herring (DRHP) with the Securities and Exchange Board of India (SEBI), a decade after its first attempt in 2016. Here are some facts about the IPO.
Biggest IPO in India
The NSE initial public offering (IPO) is estimated to be about ₹30,000 crore. If this materialises, it would make it the largest IPO in India, surpassing Hyundai Motor India, which currently holds the title.
No fresh issue
The initial share sale is an offer for sale (OFS) of 14.89 crore shares by existing investors. The company will not receive offer proceeds, as there is no fresh issue component.
Reservation
About 50% of the net offer of the IPO will be reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors.
Transaction-led revenue
NSE’s revenue model is heavily transaction-led. In FY26, total income stood at ₹18,713 crore, with nearly 70% coming from transaction charges.
Ownership
Public shareholders, including FIIs, PE Funds, banks, insurance, DIIs, and family offices, hold a 65% stake in the NSE, while 35% is owned by trading members (brokers).
At the top
NSE ranked among the top three exchanges in the world in terms of the number of trades in cash equities and first in contracts traded in equity derivatives from fiscal 2020 to 2026.
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