National Stock Exchange of India Limited (“NSE”) is a key pillar of India’s financial market infrastructure, operating a vertically integrated, multi-asset class platform offering trading, clearing, settlement, listing, market data, connectivity and licensing services.
Incorporated in November 1992, NSE operates across multiple asset classes and financial market segments, including the cash market, equity futures and options, commodity derivatives, currency derivatives, mutual funds, wholesale debt market and interest rate futures. Its integrated platform enables market participants to access a broad range of financial products and services while supporting the efficient functioning of India’s capital markets.
As of March 31, 2026, NSE supported 253.66 million registered investor accounts and 129.09 million Unique Registered Investors, along with 1,325 trading members and 2,978 Listed Entities. The total market capitalisation of entities listed on the Exchange stood at ₹411.25 trillion, while ₹20.33 trillion was mobilised through its platform during Fiscal 2026.
NSE’s proprietary technology infrastructure supports high-speed transactions and market operations. As of March 31, 2026, its platform processed approximately 12–14 billion messages daily with a capacity of around 5 million messages per second.
Beyond its core exchange operations, NSE provides clearing and settlement, listing, market data, connectivity and index licensing services. Through its subsidiaries, it manages the Nifty family of indices and operates NSE International Exchange at GIFT City.
The NSE Group also has interests in complementary businesses across the broader financial market infrastructure ecosystem, including mutual fund registry services, depository-related services, e-governance, mobile trading solutions and exchanges across commodities, power, receivables and coal.
Through its integrated ecosystem spanning trading, clearing, settlement, listing, technology, data, connectivity and index services, NSE plays an important role in facilitating capital formation, price discovery, risk management and investor participation in India’s financial markets.
As of March 31, 2026, NSE had 1,974 full-time employees on a standalone basis. Its subsidiaries had an additional 907 full-time employees, taking the Group’s total full-time workforce to approximately 2,881 employees.
NSE IPO – Details
| IPO Opening Date | 17 September 2026 |
| IPO Closing Date | 21 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 12,64,36,650 Shares Worth ₹22,561.67 Crore Offer For Sale: 126,436,650 Shares Worth ₹22,561.67 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹1700 – ₹1785 per share |
| Market Lot | 8 Shares |
| Min Order | 8 Shares [1 Lot] |
| Employee Discount | ₹170 |
| Listing At | BSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
NSE IPO – Date Schedule
| IPO Open Date | 17 September 2026 |
| IPO Close Date | 21 September 2026 |
| Basis of Allotment | 22 September 2026 |
| Initiation of Refund | 23 September 2026 |
| Credit of Shares to Demat Account | 23 September 2026 |
| IPO Listing Date | 24 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 21, 2026 |
NSE IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 8 | ₹14,280 |
| Retail (Max) | 14 | 112 | ₹1,99,920 |
| S-HNI (Min) | 15 | 120 | ₹2,14,200 |
| S-HNI (Max) | 70 | 560 | ₹9,99,600 |
| B-HNI (Min) | 71 | 568 | ₹10,13,880 |
Competitive Strength
- Largest stock exchange in India across key trading segments.
- Leading global multi-asset exchange by equity derivatives trading volumes.
- Strong brand built on trust, transparency, and market integrity.
- Vertically integrated business model covering trading, clearing, settlement, and market data services.
- Advanced technology platform designed for scale, resilience, and security.
- Well-positioned to benefit from India’s growing capital markets and investor participation.
- Strong network effects driven by investors, listed companies, and intermediaries.
- Comprehensive product offerings across multiple asset classes.
- Consistent profitability, cash generation, and financial performance.
- Experienced management team with strong governance and regulatory expertise.
Company Promoters
- No Identifiable Promoter
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹16,352.06 Cr | ₹3,608.79 Cr | ₹8,305.74 Cr | ₹0.00 Cr |
| 31 March 2025 | ₹19,176.83 Cr | ₹4,806.29 Cr | ₹12,187.69 Cr | ₹0.00 Cr |
| 31 March 2026 | ₹18,713.37 Cr | ₹5,999.90 Cr | ₹10,302.06 Cr | ₹0.00 Cr |
| 30 June 2026 | ₹5,252.17 Cr | ₹1,172.03 Cr | ₹3,120.08 Cr | ₹0.00 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) | Values (Jun 30, 2026) |
|---|---|---|
| ROE | 32.98% | 9.26% |
| ROCE | 42.80% | 11.55% |
| RoNW | 33.21% | 9.33% |
| PAT Margin | 50.98% | 58.78% |
| EBITDA Margin | 66.85% | 78.81% |
| NAV | 129.75 | 142.40 |
| Pre IPO | Post IPO | |
| EPS (₹) | 41.62 | 41.62 |
| P/E (x) | 42.89 | 35.40 |
Object Of The Issue
- The National Stock Exchange of India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
NSE IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | BSE Limited | 54.28 |
✅Strengths
- Market Leadership across key asset classes in India.
- Vertically Integrated Model spanning trading, clearing, settlement, listing and data services.
- Strong Technology Infrastructure supporting high volumes and low-latency execution.
- Diversified Portfolio across multiple asset classes and services.
- Strong Profitability and Cash Generation supported by scale and an asset-light model.
- Experienced Management and Governance backed by strong risk and compliance frameworks.
⚠️Risks
- Dependence on Trading Volumes particularly from options and futures.
- Regulatory Changes could impact volumes and product offerings.
- Technology and Operational Risks including system disruptions and cyber incidents.
- Intense Competition from exchanges and alternative trading platforms.
- Data Security and Privacy Risks could result in regulatory and reputational issues.
- Product Innovation Risk as failure to launch successful products may affect growth.
NSE IPO Prospectus
Company Contact Information
| National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, 400051 Phone: +91 22 2659 8100 Email: nse_ipo@nse.co.in Website: https://www.nseindia.com/ |
NSE IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: nse.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
NSE IPO Lead Manager(s)
| 1. HDFC Bank Limited 2. Axis Capital Limited 3. JM Financial Limited 4. 360 ONE WAM Limited 5. Equirus Capital Limited 6. ICICI Securities Limited 7. SBI Capital Markets Limited 8. IIFL Capital Services Limited 9. Anand Rathi Advisors Limited 10. DAM Capital Advisors Limited 11. Avendus Capital Private Limited 12. J.P. Morgan India Private Limited 13. Nuvama Wealth Management Limited 14. Kotak Mahindra Capital Company Limited 15. IDBI Capital Markets & Securities Limited 16. Motilal Oswal Investment Advisors Limited 17. Pantomath Capital Advisors Private Limited 18. Citigroup Global Markets India Private Limited 19. Morgan Stanley India Company Private Limited 20. HSBC Securities and Capital Markets (India) Private Limited |
NSE IPO FAQs
| What is the NSE IPO? NSE IPO is a main-board IPO. The issue is priced at ₹1700 to ₹1785 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the NSE IPO open? The IPO is to open on 16 September 2026 for QIB, NII, and Retail Investors. |
| What is NSE IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the NSE IPO Size? NSE IPO size is ₹22,561.67 Crore. |
| What are the NSE IPO Minimum and maximum lot sizes for Retail? The minimum bid is 8 Shares with ₹14,280, while the maximum bid is 112 Shares with ₹1,99,920. |
| What is the NSE IPO Allotment Date? NSE IPO allotment date is 22 September 2026. |
| What is the NSE IPO Listing Date? NSE IPO listing date is 24 September 2026. The IPO is to be listed on the BSE and the NSE. |
