NSE IPO: Top 10 things investors should know from the DRHP filing

The National Stock Exchange of India (NSE) has started the initial public offering process with the filing of preliminary papers with the market regulator, the Securities and Exchange Board of India. The IPO size is estimated to be around ₹30,000 crore.

The filing marks a key milestone for NSE, whose listing plans were on hold for nearly a decade amid regulatory hurdles, including the co-location controversy.

NSE IPO: 10 key points to know from DRHP

1. NSE IPO offer structure: The initial share sale is an offer for sale (OFS) of 14.89 crore shares by existing investors. Those offloading their stake via the OFS route include the State Bank of India, MS Strategic (Mauritius), Aranda Investments (Mauritius) Pte Ltd, Canada Pension Plan Investment Board, Stock Holding Corporation of India, General Insurance Corporation of India, Bank of Baroda, The New India Assurance Company, United India Insurance Company and National Insurance Company.
2. Objectives: The company will not receive offer proceeds, as there is no fresh issue component. The money raised will go to selling shareholders.
3. Financials: The stock exchange posted an 8% increase in profit after tax to ₹2,871 crore in the March quarter of FY26 from ₹2,650 crore a year back. Its total income climbed 22% to ₹5,360 crore as against ₹4,397 crore in Q4 FY25.
4. Business overview: NSE operates a vertically integrated, multi-asset stock exchange providing a single platform for trading, clearing and listing. It also offers other services like data feed, data terminal and licensing services across futures, options, cash market, mutual funds platform, exchange-traded currency derivatives, commodity derivatives, wholesale debt market and interest rate futures, among others.
5. Industries served and typical customers: The company operates in the securities exchange and capital markets infrastructure industry in India. Its clients include companies offering listing securities, trading members, members availing colocation, connectivity and clearing services and data feed, index and terminal customers.
6. Key geographies served: Its operations are primarily in India. It has established a subsidiary, NSE IFSC Ltd, in the GIFT City to allow foreign currency-denominated trading and global market access for 21 hours a day.
7. Peers: The primary domestic peer of NSE is BSE. Globally, its peers include the New York Stock Exchange (NYSE), Shenzhen Stock Exchange, Shanghai Stock Exchange, Nasdaq, Korea Exchange and Japan Stock Exchange, among others.
8. Reservation: Half of the net offer will be reserved for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors.
9. Book-running lead managers: Kotak Mahindra Capital Company, HSBC Securities and Capital Markets, Morgan Stanley India Company, SBI Capital Markets, DAM Capital Advisors, HDFC Bank, IDBI Capital Markets & Securities, Avendus Capital, Motilal Oswal Investment Advisors, JM Financial, Citigroup Global Markets India, JP Morgan India, Pantomath Capital Advisors, Anand Rathi Advisors, Equirus Capital, ICICI Securities, IIFL Capital Services, Nuvama Wealth Management, Axis Capital and 360 ONE WAM are the issue's book-running lead managers.
10. Registrar: MUFG Intime India Pvt Ltd is the registrar for the issue.