NSE IPO 2026: Dates, Price Band, Financials & BSE Comparison
NSE IPO 2026 is an OFS-only issue of up to ₹22,562 crore. Know the IPO dates, price band, financial performance, shareholders, market position and NSE vs BSE comparison.
NSE IPO 2026: NSE IPO 2026 is an OFS issue of 12,64,36,650 shares at ₹1,700–₹1,785 apiece. NSE has strong profitability, high market share and growing trading activity, while its IPO structure, financials, BSE comparison, shareholders, business model and risks remain key factors.
NSE IPO 2026 opens for subscription on September 17 and closes on September 21, 2026, with the shares expected to list on BSE on September 24. The IPO is an OFS-only book-building issue of 12,64,36,650 shares, aggregating up to ₹22,562 Cr. The price band is ₹1,700 to ₹1,785 per share, with a lot size of 8 shares. NSE’s share capital will remain 247.50 Cr shares after the issue.
NSE IPO Details
Here are key details about NSE IPO you should know before you apply:
|
Particular |
NSE IPO Details |
|---|---|
|
Company |
National Stock Exchange of India Limited |
|
IPO type |
100% Book Built Offer |
|
Issue type |
Offer for Sale (OFS) |
|
Fresh Issue |
None |
|
Shares offered |
Up to 12.64 Cr Equity Shares |
|
Face value |
₹1 per share |
|
Post-issue share capital |
247.50 Cr shares |
|
Employee Reservation |
Up to ₹70 Cr |
|
Exchange proposed |
BSE |
|
Price band |
₹1700 - ₹1785 |
|
IPO opens |
September 17, 2026 |
|
IPO closes |
September 21, 2026 |
|
Tentative listing |
September 24, 2026 |
Who Owns NSE Before the IPO?
NSE has 231,378 shareholders as of the RHP. There is no promoter or promoter group. The shareholding pattern shows 67.50% classified as Public and 32.50% as Non-Promoter Non-Public, with the latter consisting of trading members and associates of trading members.
|
Category |
Shares |
% of NSE |
|---|---|---|
|
Public shareholders |
167.06 Cr |
67.50% |
|
Non-Promoter Non-Public |
80.44 Cr |
32.50% |
|
Promoter / Promoter Group |
Nil |
Nil |
|
Total |
247.50 Cr |
100.00% |
Top 10 Major NSE Shareholders Before IPO
LIC is NSE's largest shareholder with 10.72%, but LIC is not selling shares in this IPO. The selling-shareholder marking in the RHP identifies the parties participating in the OFS; LIC is absent from that list. Here are the top 10 major shareholders of NSE.
|
Shareholder |
Shares held |
Stake |
|---|---|---|
|
Life Insurance Corporation of India |
26.53 Cr |
10.72% |
|
Aranda Investments (Mauritius) Pte Ltd |
11.25 Cr |
4.54% |
|
Stock Holding Corporation of India Ltd. |
11.00 Cr |
4.44% |
|
SBI Capital Markets Ltd. |
10.73 Cr |
4.33% |
|
Mahagony Limited |
9.23 Cr |
3.73% |
|
State Bank of India |
7.98 Cr |
3.23% |
|
PI Opportunities Fund I |
5.82 Cr |
2.35% |
|
Crown Capital Limited |
5.14 Cr |
2.07% |
|
DVI Fund (Mauritius) Limited |
4.52 Cr |
1.83% |
|
TIMF Holdings |
4.32 Cr |
1.75% |
Top 10 NSE IPO selling shareholders
There are 23 selling shareholders: 20 corporate shareholders and three individual shareholders. Together they are offering exactly 12,64,36,650 shares, or 12.64 Cr shares.
|
Selling shareholder |
Pre-IPO shares held |
Pre-IPO stake |
Shares offered |
% of own stake offered |
|---|---|---|---|---|
|
State Bank of India |
7,98,47,050 |
3.23% |
1,59,69,410 |
20.00% |
|
Canada Pension Plan Investment Board |
3,95,80,200 |
1.60% |
1,18,74,060 |
30.00% |
|
Aranda Investments (Mauritius) Pte Ltd |
11,24,63,356 |
4.54% |
1,12,46,336 |
10.00% |
|
MS Strategic (Mauritius) Limited |
2,97,60,000 |
1.20% |
1,10,00,000 |
36.96% |
|
The New India Assurance Company Ltd. |
3,52,00,000 |
1.42% |
1,05,00,000 |
29.83% |
|
SBI Capital Markets Limited |
10,72,50,000 |
4.33% |
87,80,590 |
8.19% |
|
Bank of Baroda |
2,19,72,500 |
0.89% |
76,90,375 |
35.00% |
|
Stock Holding Corporation of India Ltd. |
11,00,00,000 |
4.44% |
61,87,500 |
5.62% |
|
General Insurance Corporation of India |
4,07,00,000 |
1.64% |
61,87,500 |
15.20% |
|
United India Insurance Company Ltd. |
1,93,90,000 |
0.78% |
60,00,000 |
30.94% |
What Does NSE Actually Do?
NSE is a vertically integrated, multi-asset market infrastructure business. Its operations include trading platforms, clearing and settlement, indices, market-data services and related financial-market infrastructure. Its offerings span:
-
Cash equities
-
Equity futures and options
-
Mutual fund platforms
-
Commodity derivatives
-
Currency derivatives
-
Wholesale debt
-
Interest-rate futures
-
Electricity futures
-
Indices
-
Market-data feeds
-
Data-centre and connectivity services
-
Clearing and settlement
Its revenue comes primarily from transaction charges, listing fees, book-building fees, processing fees, data-centre rack charges, data connectivity, online data feeds and terminals, index licensing and data subscriptions, and clearing and settlement services.
The important point for understanding NSE's economics is that it is not primarily a listing-fee business. Trading activity is the dominant revenue driver.
In FY26, 78.65% of revenue from operations came from transaction charges, while the options business alone contributed 60.22% of revenue from operations.
NSE Financial Performance
|
Metric |
FY24 |
FY25 |
FY26 |
Q1 FY27 |
|---|---|---|---|---|
|
Revenue from operations (₹ Cr) |
14,780 |
17,141 |
16,601 |
4,560 |
|
Total income (₹ Cr) |
16,352 |
19,177 |
18,713 |
5,252 |
|
PAT (₹ Cr) |
8,306 |
12,188 |
10,302 |
3,120 |
|
Operating EBITDA (₹ Cr) |
9,870 |
12,647 |
11,098 |
3,594 |
|
Operating EBITDA margin (%) |
66.78% |
73.78% |
66.85% |
78.81% |
|
PAT margin (%) |
47.13% |
55.30% |
50.98% |
58.78% |
|
ROE (%) |
37.37% |
44.87% |
32.98% |
9.26%* |
|
ROCE (%) |
45.50% |
52.11% |
42.80% |
11.55%* |
|
EPS (₹) |
₹33.56 |
₹49.24 |
₹41.62 |
₹12.61* |
|
Book value/share |
₹96.86 |
₹122.64 |
₹129.75 |
₹142.40 |
*Q1 FY27 ratios and EPS are not annualised.
NSE vs BSE: Detailed Comparison
The RHP itself identifies BSE Limited as the listed peer because both operate multi-asset exchanges with businesses spanning cash markets, derivatives, mutual funds and other market infrastructure activities. However, NSE explicitly warns that some KPI definitions and methodologies are different, so the numbers are not always directly comparable.
|
What to Compare |
NSE |
BSE |
|---|---|---|
|
Revenue in FY26 |
₹16,601 Cr |
₹4,834 Cr |
|
Profit in FY26 |
₹10,302 Cr |
₹2,487 Cr |
|
Operating EBITDA in FY26 |
₹11,098 Cr |
₹3,079 Cr |
|
Profit margin in FY26 |
50.98% |
48.00% |
|
Return on Equity (ROE) |
32.98% |
25.93% |
|
Return on Capital Employed (ROCE) |
42.80% |
Not disclosed |
|
Earnings per share (EPS) |
₹41.62 |
₹60.61 |
|
Book value / NAV per share |
₹129.75 |
₹163.60 |
|
P/E ratio shown in RHP |
[●] |
54.28x |
|
Number of listed companies in FY26 |
2,978 |
5,955 |
|
Total market value of listed companies |
₹411.25 trillion |
₹411.55 trillion |
|
Average daily cash-market trading value in FY26 |
₹1,055,167 Mn |
₹79,500 Mn |
|
Average daily equity-futures trading value in FY26 |
₹1,594,432 Mn |
₹3,422 Mn |
|
Average daily equity-options premium value in FY26 |
₹576,618 Mn |
₹195,227 Mn |
*Not annualised
NSE's Market Position
As of June 30, 2026, NSE had 132.37 million unique registered investors, 3,005 listed entities, ₹474.08 trillion market capitalization of listed entities Its reported market shares for Q1 FY27 included:
|
Segment |
NSE market share |
|---|---|
|
Cash market |
93.05% |
|
Equity futures |
99.72% |
|
Equity options |
68.48% |
|
Currency futures |
100.00% |
|
Currency options |
100.00% |
|
Corporate bond trades |
81.15% |
|
Electricity futures |
53.52% |
Conclusion
NSE is a large-scale, highly profitable exchange business with dominant trading-market shares, strong cash generation and no disclosed borrowings, but with earnings heavily tied to transaction volumes, particularly options.
NSE is not raising fresh capital. Up to 12,64,36,650 existing shares are being sold by 23 shareholders, while the company's paid-up capital remains 247.50 Cr shares.
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