1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | National Stock Exchange of India Limited |
| IPO Type | 100% Book Built Offer; Offer for Sale |
| Fresh Issue | Not Applicable |
| Offer for Sale | Up to 126,436,650 Equity Shares |
| Total Offer Size | ₹214,864.53 million at ₹1,700; ₹225,615.74 million at ₹1,785 |
| Face Value | ₹1 per Equity Share |
| Price Band | ₹1,700–₹1,785 per Equity Share |
| Issue Price | Not finalised in attached documents |
| Lot Size | 8 Equity Shares |
| Anchor Investor Date | September 16, 2026 |
| Bid/Offer Opens | September 17, 2026 |
| Bid/Offer Closes | September 21, 2026 |
| Basis of Allotment | On or about September 22, 2026 |
| Listing Date | On or about September 24, 2026 |
| Listing Exchange | BSE Limited; BSE is Designated Stock Exchange |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| BRLMs | 19 BRLMs; SBI Capital Markets Limited acts as M-BRLM |
2. IPO Details
| Particular | Details |
|---|
| Pre/Post-Offer Shares | 2,475,000,000 Equity Shares |
| Post-Offer Market Capitalisation | ₹4,207,500.00 million at floor; ₹4,417,875.00 million at cap |
3. Issue Reservation
| Category | Shares / Amount |
|---|
| QIB | Not more than 50% of Net Offer |
| NII | Not less than 15% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| Employee | [●] shares; up to ₹700.00 million |
| Anchor | Up to 60% of QIB Portion |
4. IPO Lot Size
| Application | Lots | Shares | Amount @ ₹46 | Amount @ ₹48 |
|---|
| Retail (Min) | 1 | 8 | ₹368 | ₹384 |
| Retail (Max) | 14 | 112 | ₹5,152 | ₹5,376 |
| S-HNI (Min) | 15 | 120 | ₹5,520 | ₹5,760 |
| S-HNI (Max) | 70 | 560 | ₹25,760 | ₹26,880 |
| B-HNI (Min) | 71 | 568 | ₹26,128 | ₹27,264 |
5. About the Company
National Stock Exchange of India Limited was incorporated on November 27, 1992 and commenced operations on March 2, 1993. The RHP describes it as a vertically integrated, multi-asset stock exchange covering trading, clearing, listing and related services across cash market, futures, options, mutual funds, commodity derivatives, currency derivatives, wholesale debt and interest rate futures.
Complementary businesses include clearing and settlement, index services, data and analytics, GIFT City trading, data feeds, terminals, licensing, data-centre and connectivity services.
As of June 30, 2026, the RHP reports 132.37 million Unique Registered Investors, 3,005 Listed Entities, ₹474.08 trillion market capitalisation, 1,868 colocation racks and 435 Nifty Indices. It reports seven data centres and more than 200,000 trading terminals across over 1,400 cities and towns.
The RHP highlights market position, liquidity, market supervision, vertical integration, technology, scale and product expansion. Its strategies include capital formation, new products, technology and cybersecurity, and GIFT City/international expansion.
6. Restated Financial Information
P&L Statement
| P&L Item | Jun-26 | Jun-25 | FY26 | FY25 | FY24 |
|---|
| Revenue from Operations | 45,604.10 | 40,322.38 | 166,013.09 | 171,406.78 | 147,800.11 |
| Other Income | 6,917.64 | 7,662.12 | 21,120.61 | 20,361.53 | 15,720.51 |
| Total Income | 52,521.74 | 47,984.50 | 187,133.70 | 191,768.31 | 163,520.62 |
| Profit Before Tax – Continuing Operations | 41,694.84 | 37,759.94 | 138,955.79 | 154,747.78 | 111,842.80 |
| PAT | 31,200.84 | 29,238.53 | 103,020.61 | 121,876.89 | 83,057.41 |
| Basic & Diluted EPS – Total Operations (₹) | 12.61 | 11.81 | 41.62 | 49.24 | 33.56 |
| Depreciation & Amortisation | 1,625.51 | 1,501.38 | 6,235.14 | 5,465.86 | 4,395.51 |
Balance Sheet
| Balance Sheet Item | Jun-26 | Jun-25 | FY26 | FY25 | FY24 |
|---|
| Property, Plant & Equipment | 13,304.69 | 11,101.64 | 11,928.41 | 11,204.35 | 10,042.68 |
| Right-of-Use Assets | 22,575.09 | 5,010.80 | 4,211.33 | 5,308.40 | 1,684.64 |
| Investments – Other than Associates | 95,349.24 | 127,667.02 | 112,441.31 | 138,829.00 | 141,280.70 |
| Current Investments | 248,607.54 | 184,509.85 | 175,704.84 | 164,831.02 | 104,709.89 |
| Trade Receivables | 22,491.37 | 16,537.60 | 24,682.13 | 15,122.24 | 18,646.60 |
| Cash & Cash Equivalents | 285,918.00 | 206,130.73 | 322,611.50 | 172,978.53 | 231,764.08 |
| Total Assets | 913,340.68 | 771,467.43 | 879,374.42 | 694,666.38 | 654,639.78 |
| Equity Share Capital | 2,475.00 | 2,475.00 | 2,475.00 | 2,475.00 | 495.00 |
| Other Equity | 349,967.34 | 330,839.87 | 318,660.41 | 301,058.26 | 239,249.05 |
| Total Equity | 352,442.34 | 333,314.87 | 321,135.41 | 303,533.26 | 239,738.75 |
| Total Liabilities | 426,975.28 | 314,906.54 | 427,447.50 | 270,380.64 | 326,328.64 |
| Core Settlement Guarantee Fund | 133,923.06 | 123,246.02 | 130,791.51 | 120,752.48 | 88,572.39 |
| Trade Payables – MSME | 436.64 | 303.84 | 389.70 | 205.31 | 58.34 |
Cash Flow Statement
| Cash Flow Item | Jun-26 | Jun-25 | FY26 | FY25 | FY24 |
|---|
| Net Cash Inflow from Operating Activities | 30,078.89 | 70,402.83 | 238,361.75 | 40,914.87 | 297,442.79 |
| Net Cash Outflow from Investing Activities | (66,860.64) | (37,088.74) | (458.68) | (54,309.76) | (84,629.98) |
| Net Cash Outflow from Financing Activities | (408.79) | (368.39) | (88,088.51) | (45,997.48) | (39,936.90) |
| Net Increase/(Decrease) in Cash | (37,190.54) | 32,945.70 | 149,814.56 | (59,392.37) | 172,875.91 |
| Cash & Cash Equivalents at Period/Year End | 285,931.90 | 206,175.74 | 323,122.44 | 173,230.04 | 232,622.41 |
7. Key Performance Indicators
| KPI | Jun-26 | Jun-25 | FY26 | FY25 | FY24 |
|---|
| Unique Registered Investors | 132.37m | 116.23m | 129.09m | 112.81m | 91.75m |
| Listed Entities on Exchange | 3,005 | 2,757 | 2,978 | 2,719 | 2,438 |
| Market Capitalisation of Listed Entities | ₹474.08tn | ₹459.17tn | ₹411.25tn | ₹410.87tn | ₹384.21tn |
| Total AUM of India Passive Funds linked to Nifty | ₹8.95tn | ₹8.35tn | ₹8.14tn | ₹7.63tn | ₹6.30tn |
| Colocation Member Racks | 1,868 | 1,300 | 1,680 | 1,300 | 934 |
| Nifty Indices | 435 | 417 | 425 | 412 | 388 |
| ADTV – Cash Market | ₹1,359,487.29m | ₹1,085,421.75m | ₹1,055,166.67m | ₹1,129,632.46m | ₹817,212.91m |
| ADTV – Equity Futures | ₹1,530,788.97m | ₹1,684,296.36m | ₹1,594,432.13m | ₹1,859,014.41m | ₹1,340,003.40m |
| ADTV – Equity Options, Premium Value | ₹643,517.81m | ₹555,136.09m | ₹576,617.54m | ₹624,486.60m | ₹617,788.39m |
| ADTV – Equity Options, Notional Value | ₹249,212,892.88m | ₹220,887,873.97m | ₹258,284,696.91m | ₹312,838,244.22m | ₹323,569,230.43m |
| Mainboard IPOs | 8 | 9 | 108 | 79 | 75 |
| SME IPOs | 14 | 24 | 111 | 163 | 138 |
| Total Equity Raised | ₹1.29tn | ₹0.96tn | ₹4.78tn | ₹4.50tn | ₹2.43tn |
| Total Debt Raised | ₹4.90tn | ₹4.21tn | ₹15.55tn | ₹14.18tn | ₹11.42tn |
| Total Fund Mobilisation | ₹6.19tn | ₹5.17tn | ₹20.33tn | ₹18.68tn | ₹13.86tn |
| Revenue from Operations | 45,604.10 | 40,322.38 | 166,013.09 | 171,406.78 | 147,800.11 |
| Transaction Charges | 36,226.64 | 31,536.00 | 130,570.12 | 136,357.64 | 121,296.37 |
| Listing Services | 783.59 | 776.42 | 3,524.36 | 3,138.21 | 2,226.18 |
| Data Centre – Rack Charges | 593.88 | 458.17 | 2,051.75 | 1,544.02 | 1,338.14 |
| Data Connectivity Charges | 2,582.94 | 2,881.31 | 11,287.91 | 11,044.81 | 8,246.97 |
| Data Feed & Terminal Services | 1,495.57 | 1,063.80 | 4,700.74 | 4,071.32 | 3,392.64 |
| Licensing Services | 441.29 | 378.01 | 1,518.45 | 1,204.98 | 975.36 |
| Clearing & Settlement Services | 823.58 | 492.87 | 2,514.51 | 3,213.42 | 1,348.12 |
| Other Operating Revenue: Income on Investments | 2,339.21 | 2,408.70 | 8,416.91 | 9,572.37 | 8,120.62 |
| Other Income: Investment Income | 6,821.51 | 6,163.78 | 19,290.79 | 19,321.61 | 15,546.96 |
| Total Income | 52,521.74 | 47,984.50 | 187,133.70 | 191,768.31 | 163,520.62 |
| Profit Before Tax – Continuing Operations | 41,694.84 | 37,759.94 | 138,955.79 | 154,747.78 | 111,842.80 |
| PAT | 31,200.84 | 29,238.53 | 103,020.61 | 121,876.89 | 83,057.41 |
| Operating EBITDA | 35,942.48 | 31,297.40 | 110,979.03 | 126,468.83 | 98,698.05 |
| Operating EBITDA Margin | 78.81% | 77.62% | 66.85% | 73.78% | 66.78% |
| Operating Profit | 34,316.97 | 29,796.02 | 104,743.89 | 121,002.97 | 94,302.54 |
| Operating Profit Margin | 75.25% | 73.89% | 63.09% | 70.59% | 63.80% |
| Normalised Operating EBITDA | 35,459.27 | 31,700.90 | 126,559.01 | 133,170.67 | 114,424.53 |
| Normalised Operating EBITDA Margin | 77.75% | 78.62% | 76.23% | 77.69% | 77.42% |
| PBT Margin – Continuing Operations | 78.70% | 78.20% | 69.40% | 75.43% | 67.64% |
| | | | | |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹1,700–₹1,785 |
| P/E – Floor / Cap, based on diluted FY26 EPS | 40.85x / 42.89x |
| Industry P/E – Highest / Lowest / Composite | 54.28x / 54.28x / 54.28x |
| Weighted-Average RoNW, FY24–FY26 | 37.92% |
| RoNW – FY26 / FY25 / FY24 | 33.21% / 45.14% / 37.60% |
| NAV per Share – June 30, 2026 | ₹142.40 |
| NAV After Offer – Floor / Cap | ₹142.40 / ₹142.40 |
| WACA – Last 1 Year | ₹1,954.51; Cap Price 0.91x WACA |
| WACA – Last 18 Months | ₹1,795.70; Cap Price 0.99x WACA |
| WACA – Last 3 Years | ₹1,247.92; Cap Price 1.43x WACA |
9. Peer Comparison
| Company | Basis | Total Revenue from Operations (₹m) | Face Value | P/E (x) | Basic EPS (₹) | Diluted EPS (₹) | RoNW | NAV/share (₹) |
|---|
| Our Company | Consolidated | 166,013.09 | ₹1 | [●] | 41.62 | 41.62 | 33.21% | 129.75 |
| BSE Limited | Consolidated | 48,339.50 | ₹2 | 54.28 | 60.61 | 60.61 | 45.00% | 163.60 |
10. Shareholding & Capital Structure
Share Capital & Offer Structure
| Particular | Disclosure |
|---|
| Authorised Capital | 5,000,000,000 Equity Shares of ₹1 each |
| Issued/Subscribed/Paid-up Before Offer | 2,475,000,000 Equity Shares of ₹1 each |
| Offer | Up to 126,436,650 Equity Shares |
| Issued/Subscribed/Paid-up After Offer | 2,475,000,000 Equity Shares of ₹1 each |
| Public Shareholders Pre-Offer | 1,670,555,049 shares; 67.50% |
| Non-Promoter, Non-Public | 804,444,951 shares; 32.50% |
Capital History
| Date | Event | Shares / Terms | Consideration |
|---|
| Nov. 27, 1992 | Initial Subscription | 7 shares of ₹10 | Cash |
| Aug. 9, 1993 | Preferential Allotment | 10,000,000 shares of ₹10 | Cash |
| Apr. 15, 1994 | Preferential Allotment | 14,999,993 shares of ₹10 | Cash |
| Jun. 29, 1999 | Rights Issue | 14,760,000 shares of ₹10 | Cash |
| Nov. 24, 2016 | Bonus 1:10 | 4,500,000 shares of ₹10 | N.A. |
| Dec. 14, 2016 | Face Value Split | ₹10 to ₹1 | N.A. |
| Nov. 4, 2024 | Bonus 4:1 | 1,980,000,000 shares of ₹1 | N.A. |
Shareholding Pattern
| Shareholder | Pre-Offer | Post-Offer at ₹1,700 | Post-Offer at ₹1,785 |
|---|
| Aranda Investments (Mauritius) Pte Ltd | 112,463,356 / 4.54% | 101,217,020 / 4.09% | 101,217,020 / 4.09% |
| Mahagony Limited | 92,295,000 / 3.73% | 89,295,000 / 3.61% | 89,295,000 / 3.61% |
| PI Opportunities Fund I | 58,200,000 / 2.35% | 58,200,000 / 2.35% | 58,200,000 / 2.35% |
| Crown Capital Limited | 51,355,465 / 2.07% | 45,484,372 / 1.84% | 45,484,372 / 1.84% |
| DVI Fund (Mauritius) Limited | 45,216,215 / 1.83% | 45,216,215 / 1.83% | 45,216,215 / 1.83% |
| TIMF Holdings | 43,230,357 / 1.75% | 43,230,357 / 1.75% | 43,230,357 / 1.75% |
| Canada Pension Plan Investment Board | 39,580,200 / 1.60% | 27,706,140 / 1.12% | 27,706,140 / 1.12% |
| Radhakishan Shivkishan Damani | 39,084,400 / 1.58% | 39,084,400 / 1.58% | 39,084,400 / 1.58% |
| TA Asia Pacific Acquisitions Limited | 34,266,085 / 1.38% | 32,266,085 / 1.30% | 32,266,085 / 1.30% |
| MS Strategic (Mauritius) Limited | 29,760,000 / 1.20% | 18,760,000 / 0.76% | 18,760,000 / 0.76% |
| Other Public Shareholders | 1,125,103,971 / 45.46% | 1,170,095,460 / 47.28% | 1,170,095,460 / 47.28% |
| Total | 1,670,555,049 / 67.50% | 1,670,555,049 / 67.50% | 1,670,555,049 / 67.50% |
11. Key Risks Highlighted in the RHP
| Category | Risk / RHP disclosure | Potential impact |
|---|
| Business / Volume | Revenue is materially dependent on trading volumes and transaction values; transaction charges represented 78.65% of FY26 revenue from operations. | A sustained decline in activity can reduce revenue and affect financial performance. |
| Customer / Trading-member concentration | Top ten trading members contributed 46.78% of FY26 revenue from operations. | Disruption at key members or inability to add members may affect operations. |
| Derivatives concentration | Options contributed 60.22% and futures 8.92% of FY26 revenue from operations. | Changes in derivatives regulation, market sentiment or participant behaviour can affect volumes and transaction revenue. |
| Regulatory / Inspection | The Company is subject to regulatory inspections and has received observations, show-cause notices, warnings and other communications. | Further proceedings or compliance requirements may affect operations, finances or reputation. |
| Enforcement / Adjudication | The RHP discloses enforcement actions, monetary penalties and adjudication matters, including matters relating to SEBI orders. | Outcomes of current or future proceedings are uncertain. |
| Technology / IT infrastructure | Disruptions, failures or inadequacies in IT systems or third-party systems could affect the exchange. | Operational disruption, regulatory action and financial/reputational effects may result. |
| Cybersecurity | The RHP discloses a distributed denial-of-service attack experienced in May 2025 and continuing cybersecurity exposure. | A successful attack could disrupt operations and affect reputation and results. |
| Clearing & settlement | Clearing operations expose the Group to financial, operational, counterparty and systemic risks. | Failure by relevant participants or systems could affect settlement and financial condition. |
| New listings / capital formation | Listing-services revenue and capital-formation activity depend on continued issuer activity. | Lower new listings or capital formation can affect related activity and revenue. |
| Macroeconomic / market | Inflation, rates, currency movements, geopolitical events and investor preferences can affect market participation. | Lower participation or liquidity may reduce volumes and revenue. |
| Competition | Alternative exchanges, asset classes, pricing and products may affect trading volumes and market share. | Loss of activity or share can affect revenue and prospects. |
| Contingent liabilities | Quantifiable contingent liabilities were ₹122,260.83 million as of June 30, 2026; other items were not quantifiable. | If contingencies materialise, financial condition and results could be adversely affected. |
| Offer related | The Company will not receive proceeds from the Offer for Sale. | The transaction does not provide fresh funding to the Company. |
12. Litigation & Contingent Liabilities
| Area | Matter | Disclosure / Amount |
|---|
| Company – regulatory / enforcement | Colocation, Dark Fibre and Governance/Conflict of Interest matters; settlement process disclosed. | NSE recognised ₹13,912.07m provision in FY26, in addition to ₹1,000m provided in FY23; paid ₹7,147.37m on July 31, 2026 after SEBI’s in-principle settlement terms. Supreme Court Colocation applications were pending as of RHP. |
| Company – civil | Claims involving BRH Wealth Kreators | Claim of ₹3,918.97m plus interest and charges; matter pending. |
| Company – civil | Karvy-related recovery | Claim of ₹14,429.50m arising from the SEBI Order; matter pending. |
| Company – civil | Anugrah Stock and Broking | Claim of ₹18,597.00m arising from client claims; matter pending. |
| Company – civil | Guiness Securities | Claim of ₹3,395.70m arising from client claims; matter pending. |
| Company – civil | Kashmiri Lal Rana / erroneous share transfer | Suit concerns 5,000 shares; application seeks sale proceeds of ₹13.27m and return of shares/bonus shares. |
| Subsidiary – civil | NSE Investments v. MSIL | Petition alleges oppression/mismanagement and dilution of NSE Investments’ stake from about 30% to 21.10%; matter pending. |
| Directors – criminal | Complaint involving Ashishkumar Chauhan | Complaint alleges irregularities relating to a historical TCS listing; preliminary inquiry report found no prima facie material; matter pending. |
| Directors – criminal | FIRs involving P.R. Ramesh | Two FIRs concerning private family trusts; Ramesh had resigned as trustee before registration and provided his statement. |
| Directors – regulatory | Rajesh Gopinathan | Maharashtra Pollution Control Board complaint relating to a former employer; High Court interim relief stayed proceedings. |
| Tax claims | Company, subsidiaries and directors | Company: 33 direct-tax and 11 indirect-tax cases; subsidiaries: 29 direct-tax and 8 indirect-tax cases; directors: 1 direct-tax case. |
| Tax claims | Quantifiable amounts | Amounts disclosed as ₹861.21m, ₹835.51m, ₹5,903.56m, ₹832.49m and ₹25.00m, respectively, to the extent quantifiable. |
| Quantifiable contingent liabilities | Total | ₹122,260.83m, equal to 34.95% of net worth as of June 30, 2026. |
| Bank guarantee – NCL | Inter-CCP collateral guarantee | ₹99,500.00m as of June 30, 2026. |
14. Registrar
| Particular | Details |
|---|
| Name | MUFG Intime India Private Limited |
| Former name | Formerly Link Intime India Private Limited |
| Contact | Shanti Gopalkrishnan |
| Telephone | +91 810 811 4949 |
| Email | nse.ipo@in.mpms.mufg.com |
15. Lead Manager(s)
16. Company Contact Details
| Particular | Details |
|---|
| Registered / Corporate Office | Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India |
| Telephone | +91 22 2659 8100 |
| Email | nse_ipo@nse.co.in |
| Website | www.nseindia.com |
| Company Secretary & Compliance Officer | Smt. Prajakta Powle |
| CIN | U67120MH1992PLC069769 |
