NSE IPO 2026: DRHP Filed, Financial Performance & IPO Updates
NSE has filed its DRHP with SEBI for a 6% offer for sale, bringing its long-awaited IPO closer to launch. The proposed issue could become the largest IPO in India's history, subject to regulatory approvals.
NSE IPO has progressed with the filing of its DRHP for a 6% offer for sale. Backed by strong profitability and market leadership, the public issue is expected to become India's largest IPO, while highlighting the financial and operational gap between NSE and BSE.
NSE IPO: For nearly a decade, National Stock Exchange (NSE), India's largest securities exchange by trading volume, has remained inaccessible to public investors. Now, NSE IPO has moved from speculation to possibility. Market analysts anticipate that NSE shares will begin trading in the stock market before the end of 2026.
This comprehensive article presents the updated facts on the status of NSE’s IPO process and the financial profile of NSE for the last 5 years. Alongside, we are also going to discuss how strong NSE stands against BSE.
Status of NSE IPO
NSE IPO has been a long time in coming. NSE got the first board approval for an IPO through offer-for-sale in 2016. The process, however, paused for years due to the co-location controversy. This involved allegations of preferential and faster access to NSE's trading servers to certain brokers. It resulted in a lengthy review by SEBI.
NSE IPO process gained momentum in 2026. The following are the confirmed developments.
- January 30, 2026: SEBI's No-Objection Certificate (NOC) was received. The Chairman of SEBI had publicly indicated that clearance would be granted.
- February 10–16, 2026: A petition was filed in Delhi High Court by a former judicial officer, challenging SEBI's NOC. It was dismissed on February 16.
- February 26, 2026: NSE sent out RFPs to investment banks for advisory roles related to an estimated $2.5 billion IPO, and it also named Rothschild & Co. as an independent adviser.
- March 30 – April 27, 2026: NSE's offer-for-sale was open to existing shareholders who had continuously held NSE shares for one year. The expression-of-interest window closed with indications of interest covering roughly 4–5% of equity.
- May 6, 2026: NSE declared a final dividend of ₹35 per share for FY26 and compelled bankers to expedite the drafting process.
- June 17, 2026: NSE submitted its Draft Red Herring Prospectus (DRHP) with SEBI, seeking approval for a size of 14,89,05,525 equity shares (approximately 6% of NSE) offered for sale (OFS). No capital will be raised in this offer, as NSE will not issue new shares.
- July 6, 2026: NSE is seeking to begin formal IPO marketing as soon as next week, according to a report from Bloomberg. The exchange has selected about 20 investment banks, such as Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC, J.P. Morgan, Citi, Axis Capital, ICICI Securities, and SBI Capital Markets. This is one of the biggest and most comprehensive banking syndicates ever established for an Indian issuance.
If the offer is completed with the current estimates, it will be the largest IPO in India, surpassing Hyundai Motor India's ₹27,859 crore offering.
When did NSE submit its Draft Red Herring Prospectus (DRHP) to SEBI?
NSE Recent Financial Performance
NSE’s financials over the past two financial years suggest strong compounding and an excellent margin profile with a recent decline.
| Metric | FY25 (₹ crore) | FY26 (₹ crore) |
|---|---|---|
| Consolidated Revenue | 19,177 | 18,713 |
| Operating EBITDA | 12,647 | 11,098 |
| PAT | 12,188 | 10,302 |
| PAT Margin | 58% | 51% |
| EPS | 49.24 | 41.62 |
| Book Value per Share | 122.64 | 129.75 |
| ROE | 45% | 33% |
Source: NSE Press Release
READ THIS ALSO: NSE Files For ₹30,000 Crore IPO
NSE vs. BSE: Detailed Comparison
Bombay Stock Exchange (BSE), Asia's most established stock exchange, is NSE's primary local competitor and the only exchange NSE itself will list on. BSE is already publicly traded and has been one of India's stock market successes in the last few years. Here's how the two stock exchanges stand in FY26.
| Metric | NSE (FY26) ₹cr | BSE (FY26) ₹cr | Comparison |
|---|---|---|---|
| Revenue from operations | 16,601 | 4,834 | NSE ~3.4x BSE |
| Net Profit | 10,302 | 2,487 | NSE ~4x BSE |
| Revenue from transaction charges | 13,057 | 3,795 | NSE dominant |
| Revenue from listing services | 352 | 519 | BSE ahead here |
| EBITDA margin | 66.9% | 64% | Roughly comparable |
| PAT margin | 51% | 48% | NSE slightly ahead |
| Avg. daily cash-market turnover | ₹1.06 lakh crore | ₹79,500 crore | NSE overwhelmingly larger |
| Cash market share | 93% | 7% | NSE dominant |
| Equity futures market share | ~99.79% | ~0.2% | NSE near-total |
| Number of listed companies | 2,978 | 5,955 | BSE ahead (mostly SME listings) |
| Combined market cap of listed cos. | ~₹411 lakh crore | ~₹411 lakh crore (nearly identical, due to dual listings) | Roughly equal |
Bottom Line
NSE IPO is not a discussion anymore. The DRHP is filed, a banking syndicate is appointed, and the preparations for a promotional campaign to the public are expected to begin in the coming days. If the IPO gets launched as expected, it may be the largest IPO in the history of the Indian markets.
Also, this article has presented a general market commentary. The purpose was not to recommend buying or selling any listed or unlisted securities.