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₹1,700 - 1,785Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
National Stock Exchange Of India Ltd
Financial ServicesIPO
₹1,700 - 1,785
Incorporated in 1992, National Stock Exchange of India operates India's primary electronic trading, clearing, and market infrastructure ecosystem across multiple asset classes. The company anchors its volume leadership by pairing proprietary matching engines with integrated post-trade settlement and real-time market data.
Lot8Min Invest₹14,280Face Value₹1Issue Size₹22,569 CrOffer for Sale₹22,569 Cr
Timeline
17 Sept
Bidding opens
21 Sept
Bidding closes
22 Sept
Allotment
23 Sept
Refund & demat credit
24 Sept
Listing
Subscription · As of 6:17 PM, 21 Sept
Demand by day
CategoryDay 1Day 2Day 3TodayNow+0.19x+1.34x+0.00x+11.15x12.7x+0.72x+0.96x+0.00x+4.86x6.54x+0.44x+0.28x+0.00x+0.64x1.37xOverall+0.43x+0.73x+0.00x+4.53x5.69x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB12.7x6.00 Cr76.13 Cr1,35,885.04NII6.54x1.80 Cr11.78 Cr21,035.55Retail1.37x4.20 Cr5.74 Cr10,253.52Total5.69x12.64 Cr71.94 Cr1,22,302.17
Reports
Offer Details
Terms
Issue Size₹22,569 Cr12.64 Cr shares
Offer for Sale₹22,569 Cr
Face Value₹1
Lot Size8 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,2801-14 lots
sNII₹2,14,200from 15 lots
bNII₹10,13,880from 71 lots
Managers & Registrar
Lead ManagerKotak Mahindra Capital Company Limited
Co-ManagerJM Financial Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities & Capital Markets (India) Pvt Ltd, J.P. Morgan India Private Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited, 360 ONE WAM Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrState Bank of IndiaOTH1,59,69,4102,850.54Canada Pension Plan Investment BoardOTH1,18,74,0602,119.52Aranda Investments (Mauritius) Pte LtdOTH1,12,46,3362,007.47MS Strategic (Mauritius) LimitedOTH1,10,00,0001,963.50The New India Assurance Company Ltd.OTH1,05,00,0001,874.25SBI Capital Markets Limited (SS)OTH87,80,5901,567.34Bank of BarodaOTH76,90,3751,372.73Stock Holding Corporation of India LimitedOTH61,87,5001,104.47General Insurance Corporation of IndiaOTH61,87,5001,104.47United India Insurance Company LimitedOTH60,00,0001,071.00Crown Capital LimitedOTH58,71,0931,047.992726247 Ontario Inc.OTH54,01,286964.13The Oriental Insurance Company LimitedOTH49,57,000884.82National Insurance Company LimitedOTH40,00,000714.00Mahagony LimitedOTH30,00,000535.50ICICI Lombard General Insurance Company LimitedOTH23,50,000419.48TA Asia Pacific Acquisitions LimitedOTH20,00,000357.00Soach Global Strategic Holdings Ltd.OTH16,50,000294.52Indian BankOTH15,00,000267.75Be-In Eight s.r.l.OTH2,62,50046.86Rajiv BollaOTH7,5001.34Shaik Samdani BashaOTH1,0000.18Mahesh GuptaOTH5000.09Total12,64,36,65022,568.94
Shareholding
CategoryPre IPOPost IPOPromoter Group22.03%20.63%Public77.97%79.37%
Objects of the Issue
- Augmention of the company's Tier-I capital base to meet the company
Anchor Book
Bid Date16-Sep-2026Bid Price₹1,785Shares3,77,93,739Amount₹6,746 CrMutual Funds36.98% of the book30-day lock-in21-Oct-202690-day lock-in20-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 8,313 | 11,856 | 14,780 | 17,141 | 16,601 |
| Operating ProfitCr | 6,605 | 9,428 | 9,870 | 12,647 | 11,224 |
| OPM% | 79.5 | 79.5 | 66.8 | 73.8 | 67.6 |
| PBTCr | 7,031 | 10,042 | 11,184 | 15,475 | 13,896 |
| PATCr | 5,333 | 7,502 | 8,406 | 11,606 | 10,180 |
| EPS | 105 | 149 | 168 | 49 | 42 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 50 | 50 | 50 | 248 | 248 |
| ReservesCr | 15,361 | 20,429 | 23,925 | 30,106 | 31,866 |
| BorrowingsCr | 115 | 136 | 125 | 506 | 412 |
| Total AssetsCr | 35,607 | 36,564 | 65,464 | 69,467 | 87,937 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 5,832 | 1,734 | 29,744 | 4,091 | 23,836 |
| Investing Cash FlowCr | -4,185 | -3,217 | -8,336 | -5,431 | -46 |
| Financing Cash FlowCr | -1,258 | -2,100 | -3,994 | -4,600 | -8,809 |
| Net Cash FlowCr | 388 | -3,583 | 17,414 | -5,939 | 14,981 |
Strengths & Risks
Strengths · as stated in the DRHP
- Market leader in India - a liquid market for all stakeholders.
- Well positioned to benefit from India's structural growth tailwinds which drive strong network effects for NSE.
- Strong brand synonymous with trust, efficiency and transparency, across our trading platform as well as our clearing, settlement and market supervisory role.
- Track record of comprehensive and innovative offerings delivered through a vertically integrated business model.
- Technology platform built for scale and resilience.
- Combination of scale, growth, profitability and sustained cash generation.
Strategies · as stated in the DRHP
- Continue to act as a catalyst for new capital formation in India across asset classes and continue to attract new issuers and investors.
- Continuing to provide a transparent, orderly, and fair access to all market participants, fostering investor confidence and promoting sustainable growth in capital markets.
- Further our commitment to technology infrastructure and continuous modernisation.
- Continue to drive market innovation and business diversification.
- Automate and organise large markets in India through launch of new products.
- Ensuring continued trust among all stakeholders and fostering a culture of responsible investing and financial inclusion.
Risks · as stated in the DRHP
- Any significant decrease in the volume and value of transactions executed on the company's stock exchange could significantly reduce demand for its products, constrain the company's growth, and adversely affect its business, financial condition, results of operations, cash flows, and prospects.
- In the three months period ended June 30, 2026 and June 30, 2025, and in Fiscals 2026, 2025 and 2024, the company derived 79.44%, 78.20%, 78.65%, 79.55% and 82.07% of its revenue from operations from transaction charges of which the company options business contributed 60.17%, 58.84%, 60.22%, 59.47% and 64.62% of its revenue from operations, and the company's futures business contributed 8.06%, 9.47%, 8.92%, 10.08% and 8.45% of its revenue from operations, respectively. Any failures to maintain or increase the company's trading volumes, could result in loss of market share, reduced revenue from operations from its transaction charges, and other adverse effects on the company's business, results of operations, financial condition, and prospects.
- The company derived 47.00%, 45.60%, 46.78%, 44.48% and 45.26% of its revenue from operations from the company's top ten trading members in the three months period ended June 30, 2026 and June 30, 2025, and in Fiscals 2026, 2025 and 2024, respectively. Any disruption in the services of these trading members or the company's inability to onboard new trading members could have an adverse impact on its operations.
- The company operates in a highly regulated industry, primarily overseen by SEBI. The company is also subject to periodic inspections by SEBI and IFSCA and pursuant to such inspections, have received observations, show cause notices, and administrative warnings, deficiency and advisory letters in relation to certain regulatory matters, and after issuance of show cause notices, enforcement actions including adjudication proceedings under Section 15-I and/or directions or penalties under Section 11B of the SEBI Act may be initiated by SEBI. There can be no assurance that further such communications will not be issued in the future.
- The company has been, and continue to be, subject to enforcement actions, monetary penalties, adjudication proceedings, which may or may not get settled with SEBI in respect of alleged violations and regulatory matters with applicable SEBI regulations. The outcome of current and potential future proceedings is uncertain and could have a material adverse effect on the company's business, reputation, financial condition, results of operations, cash flows and prospects.
- Disruptions, failures, or inadequacies in the company IT infrastructure, systems, or software, including those provided by third-party vendors, could adversely affect its business, reputation and results of operations, and may subject the company to regulatory action or the imposition of financial disincentives by SEBI.