Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

National Stock Exchange of India Limited (NSE), India's largest stock exchange, filed its DRHP with SEBI after a decade-long, repeatedly delayed listing journey (originally planned 2016, stalled over co-location and dark fibre regulatory issues). In January 2026, under new management, NSE reached a Rs 1,300 Cr settlement with SEBI clearing the path to refile. IPO is entirely an Offer for Sale of up to 14.89 crore equity shares (148,905,525 shares, face value Rs 1) by existing shareholders - NSE itself receives no proceeds. NSE Clearing Ltd and NSE Indices Ltd (425 indices including Nifty 50) are notable subsidiaries. Market share: ~93% cash equities, ~100% equity futures, 73% equity options. FY26 revenue Rs 16,601 Cr (down 3.1% YoY), profit Rs 10,302 Cr (down 15.5% YoY). Anchor bidding Sep 16. As a stock exchange, NSE shares list on BSE rather than on itself. Total issue size Rs 22,561.57 Cr, OFS revised down to 12.64 Cr shares (from 14.89 Cr in DRHP) - some shareholders including GIC and New India Assurance sold fewer shares than originally planned. Final issue price Rs 1,785 (upper band), valuing NSE at ~Rs 4.42 lakh Cr - India's second-largest IPO ever after Hyundai Motor India (2024). Final subscription: 5.71x overall (QIB 12.68x, NII 6.55x, RII 1.39x, Employee 2.36x). Bids worth ~Rs 90,300 Cr. Listing scheduled Sep 24, 2026 on BSE. Listed Sep 24, 2026 on BSE at Rs 1,800, up 0.84%; touched intraday high of Rs 1,878 (+5.21%). Post-listing market cap ~Rs 4.5 lakh Cr, among India's largest listed companies. Debut follows nearly a decade of delays since the original 2016 attempt, involving co-location controversy and governance issues.