NSE opens new chapter in its corporate history with mega IPO listing details

The National Stock Exchange on Thursday announced details of its initial public offering -- one of India's most anticipated IPO's in recent years and the largest of its type in the India's financial sector -- opening a new chapter for itself, with a listing expected on rival exchange BSE, possibly on September 24.

It also means that a dark chapter for NSE closes, when the listing was delayed for nearly a decade due to a co-location scam and governance investigations. Sebi has, earlier this year, granted regulatory clearance fir the listing to the NSE.

Its launch comes in the middle of one of the busiest IPO seasons, which India's capital markets has been seen in recent months.

The IPO launch will be viewed as a signal of current investor confidence, coming at a time when stock market returns through benchmark indices, have been weak for the past two years.

What is the NSE IPO Price band?

The exchange has fixed price band at ₹1,700-1,785 apiece, looking to raise ₹22,561.5 crore at the upper end of the price range, putting NSE’s implied valuation at about ₹4.42 lakh crore.

Allaying concerns of any future legal cases against the exchange, NSE managing director and CEO Ashish Kumar Chauhan told the media that a "large number of what I call the value-wise cases broadly have been taken care of. "

The NSE management highlighted the issue of de-risking of business lines. "Composition of revenue from transaction charges was 79%, which has now come down to 70%. New revenue lines like data and connectivity indices, which you take together comprise almost 11% of our revenue. So those are growing at a very fast pace.

Commenting on the weak stock market returns and investors opting for safe return assets, the NSE CFO Ian De Souza said: "The quarterly results have shown a revenue from operations increasing by 13% and operating EBITDA has increased by 15%. That shows operating performance in this year as well is strong. We have volatility from time to time, but even this quarter, when you see volumes, year on year quarter two volumes are up. So you have seasonality. So in some quarters in every year the volumes are lower, but if you look at the full year, you will see, for example March quarter, we had the best volumes ever. "

The NSE maintains leading market share positions in India across key asset classes, with market share of 92.99% and 93.05% in cash market (based on total turnover), 99.79% and 99.72% in equity futures (based on total turnover), 74.71% and 68.48% in equity options (based on premium turnover) in Fiscal 2026 and three months period ended June 2026, respectively, 99.48% and 100.00%, respectively, in exchange-traded currency futures (based on total turnover), 100.00% and 100.00% for exchange-traded currency options (based on total premium turnover) in Fiscal 2026 and three months period ended June 2026.

The company’s total income has grown to ₹187,133.70 million in FY26 from ₹163,520.62 million in FY24, and to ₹52,521.74 million in the three-month period ended June 30, 2026 from ₹47,984.50 million in the three-month period ended June 30, 2025.