The National Stock Exchange of India has officially set the stage for one of the biggest market events in the country’s history, filing its draft red herring prospectus (DRHP) for an initial public offering (IPO) of up to 148,905,525 equity shares. The issue, valued at an estimated ₹30,000 crore, is poised to become the largest corporate market debut in India, according to the DRHP filed with the Securities and Exchange Board of India (Sebi).
Record-Breaking IPO Scale
If completed, the public offering will surpass the ₹27,859 crore IPO of Hyundai Motor India in October 2024, marking a new milestone for the IPO market, as reported by Business Today. The DRHP outlines an IPO comprising up to 148,905,525 equity shares of face value ₹1 each, setting the scale for a massive public issue.
Pure Offer-for-Sale Structure
According to the DRHP filed with Sebi, the issue is a pure offer for sale consisting entirely of existing equity shares. This means the exchange will not receive any proceeds from the offering; instead, the funds will go to the selling shareholders.
Key Selling Shareholders
The State Bank of India is the largest selling shareholder, planning to divest 24.75 million shares. Other major sellers include:
| Seller | Shares to be Offloaded (million) |
|---|---|
| State Bank of India | 24.75 |
| MS Strategic (Mauritius) Limited | 16.00 |
| Canada Pension Plan Investment Board | 11.87 |
| Aranda Investments (Mauritius) Pte. Ltd. | 11.25 |
| Bank of Baroda | 10.98 |
| Stock Holding Corporation of India Limited | 10.89 |
| General Insurance Corporation of India | 10.66 |
| The New India Assurance Company Ltd. | 10.50 |
| National Insurance Company Limited | 6.00 |
| United India Insurance Company Limited | 6.00 |
Public sector insurers represent a significant portion of the offer-for-sale, according to the DRHP.
Financial Performance at a Glance
For the year ended March 31, 2026, the exchange reported total income of ₹187,133.70 million, compared with ₹191,768.31 million in FY25 and ₹163,520.62 million in FY24. Revenue from operations stood at ₹166,013.09 million in FY26, against ₹171,406.78 million in FY25 and ₹147,800.11 million in FY24.
Despite a rise in total expenses excluding contributions to the Core Settlement Guarantee Fund to ₹59,999.03 million in FY26 from ₹48,062.92 million in FY25, profit for the year from continuing operations stood at ₹101,795.29 million in FY26, compared to ₹116,057.48 million in FY25 and ₹84,064.80 million in FY24. Net profit for FY26 was ₹103,020.61 million, with total comprehensive income at ₹103,710.93 million.
| Metric (in ₹ million) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 187,133.70 | 191,768.31 | 163,520.62 |
| Revenue from Operations | 166,013.09 | 171,406.78 | 147,800.11 |
| Total Expenses (excl. CSGF) | 59,999.03 | 48,062.92 | — |
| Profit from Continuing Operations | 101,795.29 | 116,057.48 | 84,064.80 |
| Net Profit | 103,020.61 | — | — |
Global Exchange Rankings
According to the World Federation of Exchanges, the NSE maintained its position as the world’s largest equity derivatives exchange, recording over 36.99 billion contracts traded in Fiscal 2026, including activity from the NSE International Exchange (NSEIX). As of March 31, 2026, the exchange also remained India’s largest in terms of total cash market turnover and ranked as the third-largest globally by number of cash equity trades.
Implications for Investors and Market Participants
For CFOs, treasury directors, and trade finance professionals, the NSE IPO represents a significant liquidity event for institutional sellers and a deepening of India’s capital markets. The pure offer-for-sale structure means no primary capital is raised by the exchange, so the market impact will be secondary. However, the listing provides a public valuation benchmark for one of the world’s leading exchanges. The scale of the offering—estimated at ₹30,000 crore—will test market absorption capacity and could influence the cost of capital for other issuers in the pipeline. Given NSE’s profitability and dominant market share, the listing is expected to attract strong demand from domestic and foreign institutional investors.
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