{"id":15188,"date":"2026-06-18T00:40:52","date_gmt":"2026-06-18T00:40:52","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/finance\/nse-drhp-landmark-ipo-filing-2026-06-18\/"},"modified":"2026-06-18T00:42:19","modified_gmt":"2026-06-18T00:42:19","slug":"nse-drhp-landmark-ipo-filing-2026-06-18","status":"publish","type":"post","link":"https:\/\/lemonn.co.in\/blog\/market-updates\/nse-drhp-landmark-ipo-filing-2026-06-18\/","title":{"rendered":"NSE files DRHP for landmark IPO, valuation seen near \u20b95 trillion"},"content":{"rendered":"
\"National<\/figure>\n\n\n

The National Stock Exchange of India (NSE)<\/strong> has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 149 million shares<\/strong>, a pure offer for sale that could value the bourse at about \u20b95 trillion<\/strong> and raise roughly \u20b929,780 crore<\/strong>, as per grey market indications.<\/p>\n\n\n\n

The filing, coming after SEBI granted a no\u2011objection and NSE settled the co\u2011location case earlier this year, positions what could be India\u2019s largest IPO by issue size and will see the exchange list its shares on rival BSE Ltd.<\/p>\n\n\n\n

Market overview and IPO structure<\/h2>\n\n\n\n
Item<\/strong><\/th>Detail<\/strong><\/th>Comments<\/strong><\/th><\/tr><\/thead>
Issuer<\/strong><\/td>National Stock Exchange of India Ltd<\/td>India\u2019s largest bourse, dominant in derivatives and cash equities.<\/td><\/tr>
Issue type<\/strong><\/td>Pure offer for sale<\/td>No fresh shares, proceeds to existing shareholders.<\/td><\/tr>
Offer size<\/strong><\/td>149 million shares (approx. 6% of capital)<\/strong><\/td>As per DRHP, entire stake sale by current investors.<\/td><\/tr>
Estimated issue value<\/strong><\/td>\u20b929,780 crore (approx.)<\/strong><\/td>Based on grey market price of at least \u20b92,000 per share.<\/td><\/tr>
Implied valuation<\/strong><\/td>Over \u20b95 trillion<\/strong><\/td>Would rank among India\u2019s most valuable listed financials.<\/td><\/tr>
Listing venue<\/strong><\/td>BSE Ltd<\/td>Regulations bar NSE from listing on its own platform.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
    \n
  • DRHP filing follows SEBI no\u2011objection issued in January 2026.<\/li>\n\n\n\n
  • IPO expected to be among the largest in Indian capital market history.<\/li>\n\n\n\n
  • About 6%<\/strong> of NSE\u2019s paid\u2011up equity is being offered to public investors.<\/li>\n\n\n\n
  • NSE itself will not receive any IPO proceeds, as no new capital is raised.<\/li>\n<\/ul>\n\n\n\n

    Key selling shareholders and ownership<\/h2>\n\n\n\n
    Shareholder<\/strong><\/th>Role in IPO<\/strong><\/th>Comments<\/strong><\/th><\/tr><\/thead>
    State Bank of India (SBI)<\/strong><\/td>Largest seller, up to 24.75 million shares<\/strong><\/td>Major domestic institutional shareholder trimming stake.<\/td><\/tr>
    MS Strategic (Mauritius) Ltd<\/strong><\/td>Selling up to 16 million shares<\/strong><\/td>Affiliate of Morgan Stanley.<\/td><\/tr>
    Canada Pension Plan Investment Board<\/strong><\/td>Selling up to 11.87 million shares<\/strong><\/td>Large foreign institutional investor.<\/td><\/tr>
    Aranda Investments (Mauritius) Pte Ltd<\/strong><\/td>Selling up to 11.24 million shares<\/strong><\/td>Temasek affiliate reducing exposure.<\/td><\/tr>
    Bank of Baroda, Stock Holding Corp, GIC Re, New India Assurance<\/strong><\/td>Around 11 million shares each<\/strong><\/td>Public sector and institutional holders monetising part stakes.<\/td><\/tr>
    National Insurance Co, United India Insurance Co<\/strong><\/td>Around 6 million shares each<\/strong><\/td>PSU insurers partially exiting.<\/td><\/tr>
    Life Insurance Corporation of India (LIC)<\/strong><\/td>Not selling<\/td>Remains largest shareholder with 10.72%<\/strong> stake.<\/td><\/tr>
    Premji Invest, Radhakishan Damani<\/strong><\/td>Not selling<\/td>Retain stakes of 2.35%<\/strong> and 1.58%<\/strong> respectively.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
      \n
    • Current regulations cap single shareholder stakes at 5% without specific approval.<\/li>\n\n\n\n
    • Banks and insurers can hold up to 15% under the regulatory framework.<\/li>\n\n\n\n
    • The OFS provides liquidity to long\u2011term institutional investors across public and private sectors.<\/li>\n<\/ul>\n\n\n\n

      Valuation, unlisted market pricing and peer comparison<\/h2>\n\n\n\n
      Entity \/ Metric<\/strong><\/th>Value<\/strong><\/th>Context<\/strong><\/th><\/tr><\/thead>
      NSE unlisted share price<\/strong><\/td>\u20b91,950 to \u20b92,170<\/strong><\/td>Implies valuation near \u20b95 lakh crore<\/strong> in grey\/unlisted market.<\/td><\/tr>
      Implied P\/E for NSE<\/strong><\/td>Around 45x FY26 earnings<\/strong><\/td>As cited by market participants tracking unlisted trades.<\/td><\/tr>
      BSE Ltd P\/E<\/strong><\/td>Around 70x<\/strong><\/td>Based on recent trading multiples.<\/td><\/tr>
      MCX P\/E<\/strong><\/td>Around 80x<\/strong><\/td>Highlights premium for listed exchange platforms.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
        \n
      • At grey market levels, NSE would surpass past large IPOs by issue size.<\/li>\n\n\n\n
      • The potential issue could exceed Hyundai Motor India and LIC offerings by value.<\/li>\n\n\n\n
      • Market participants describe NSE as a capital\u2011light, near\u2011monopoly exchange business.<\/li>\n\n\n\n
      • “NSE remains a capital-light near-monopoly. At around \u20b91,950-2,170 in the unlisted market, it trades near 45x FY26 earnings. That is rich, but below BSE at around 70x and MCX at around 80x,” said Nitant Darekar, research analyst at Bonanza.<\/li>\n<\/ul>\n\n\n\n

        Business performance and revenue mix<\/h2>\n\n\n\n
        Financial metric (FY26)<\/strong><\/th>Value<\/strong><\/th>YoY change<\/strong><\/th><\/tr><\/thead>
        Total revenue<\/strong><\/td>\u20b916,601 crore<\/strong><\/td>Down 3%<\/strong> from \u20b917,141 crore.<\/td><\/tr>
        Net profit<\/strong><\/td>\u20b910,302 crore<\/strong><\/td>Down 15%<\/strong> year on year.<\/td><\/tr>
        Transaction charges income<\/strong><\/td>\u20b913,057 crore<\/strong><\/td>Down 4%<\/strong> from \u20b913,636 crore.<\/td><\/tr>
        Clearing and settlement income<\/strong><\/td>\u20b9251 crore<\/strong><\/td>Down 22%<\/strong> from \u20b9321 crore.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
          \n
        • Revenue decline driven mainly by lower transaction and clearing income.<\/li>\n\n\n\n
        • Earnings remain closely tied to derivatives trading volumes.<\/li>\n\n\n\n
        • Market participants flag sensitivity to regulatory changes in futures and options.<\/li>\n\n\n\n
        • Recent SEBI curbs on retail F&O participation have weighed on exchange revenues.<\/li>\n<\/ul>\n\n\n\n

          Regulatory backdrop and SEBI actions<\/h2>\n\n\n\n
            \n
          • NSE\u2019s first IPO attempt in 2016 was halted amid the co\u2011location controversy.<\/li>\n\n\n\n
          • Allegations involved select brokers getting faster access to market data via NSE servers.<\/li>\n\n\n\n
          • The case led to governance changes and a leadership overhaul at the exchange.<\/li>\n\n\n\n
          • In January 2026, NSE agreed to a \u20b91,300 crore<\/strong> settlement with SEBI, clearing a key hurdle.<\/li>\n\n\n\n
          • SEBI has recently warned investors against trading unlisted shares on unauthorised platforms.<\/li>\n\n\n\n
          • The regulator reiterated that only recognised stock exchanges can host fundraising and secondary trading.<\/li>\n<\/ul>\n\n\n\n

            Listing process and timeline considerations<\/h2>\n\n\n\n
              \n
            • SEBI will now review the DRHP and issue observations.<\/li>\n\n\n\n
            • Formal observation period is 30 days<\/strong> from satisfactory clarifications, as per regulations.<\/li>\n\n\n\n
            • Legal experts expect a longer review given NSE\u2019s size and past regulatory overhang.<\/li>\n\n\n\n
            • After SEBI clearance, NSE will file the final prospectus with the Registrar of Companies.<\/li>\n\n\n\n
            • Price band and bidding dates will be set post\u2011approval in consultation with merchant bankers.<\/li>\n<\/ul>\n\n\n\n

              Competitive landscape and implications for investors<\/h2>\n\n\n\n
                \n
              • Once listed, NSE<\/strong> will directly compete with BSE Ltd<\/strong> in the public markets.<\/li>\n\n\n\n
              • BSE has been listed since 2017 and its shares have risen over 50%<\/strong> in the past year.<\/li>\n\n\n\n
              • BSE trades at a P\/E multiple above 70<\/strong>, reflecting investor appetite for exchange businesses.<\/li>\n\n\n\n
              • The NSE IPO will allow direct retail and institutional ownership in India\u2019s largest bourse.<\/li>\n\n\n\n
              • “The stock exchange business globally is a unique and highly resilient market infrastructure business, and the listing of an institution of NSE\u2019s calibre will allow small investors to own a stake in one of India\u2019s most important financial institutions,” said Dinesh Thakkar, chairman and managing director of Angel One.<\/li>\n<\/ul>\n\n\n\n

                SEBI advisory on unlisted NSE shares<\/h2>\n\n\n\n
                  \n
                • Ahead of the IPO, SEBI has cautioned against trading unlisted shares via unauthorised platforms.<\/li>\n\n\n\n
                • The regulator stressed that only recognised exchanges can provide trading and fundraising venues.<\/li>\n\n\n\n
                • The advisory comes amid active grey market interest in unlisted NSE<\/strong> shares.<\/li>\n<\/ul>\n\n\n\n

                  FAQ<\/h2>\n\n\n\n

                  Q: Will NSE receive any money from its IPO?<\/strong><\/p>\n\n\n\n

                    \n
                  • No. The IPO is a pure offer for sale by existing shareholders, so proceeds go entirely to them.<\/li>\n<\/ul>\n\n\n\n

                    Q: Where will NSE shares list after the IPO?<\/strong><\/p>\n\n\n\n

                      \n
                    • NSE cannot list on its own platform under current rules, so its shares will list on BSE Ltd<\/strong>.<\/li>\n<\/ul>\n\n\n\n

                      Q: How is NSE valued in the unlisted market before listing?<\/strong><\/p>\n\n\n\n

                        \n
                      • Unlisted trades indicate prices around \u20b91,950 to \u20b92,170<\/strong> per share, implying valuation near \u20b95 trillion<\/strong>.<\/li>\n<\/ul>\n\n\n\n

                        Frequently Asked Questions<\/h2>\n\n\n\n

                        Will NSE receive any proceeds from its IPO?<\/h3>\n\n\n\n

                        No. The IPO is structured as a pure offer for sale of existing shares, so all proceeds go to selling shareholders, not to NSE.<\/p>\n\n\n\n

                        What valuation is implied for NSE by the DRHP filing?<\/h3>\n\n\n\n

                        Based on grey market pricing of at least \u20b92,000 per share for 149 million shares, NSE is implied to be valued at over \u20b95 trillion.<\/p>\n\n\n\n

                        Why will NSE list on BSE instead of its own exchange?<\/h3>\n\n\n\n

                        Regulations bar a stock exchange from listing its own shares on its platform, so NSE will list on rival BSE Ltd.<\/p>\n","protected":false},"excerpt":{"rendered":"

                        The National Stock Exchange of India (NSE) has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 149 million shares, a pure offer for sale that could value the bourse at about \u20b95 trillion and raise roughly \u20b929,780 crore, as per grey market indications. […]<\/p>\n","protected":false},"author":15,"featured_media":15190,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_ayudawp_aiss_exclude":false,"_ayudawp_aiss_summary":"The National Stock Exchange of India (NSE) has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 149 million shares, a pure offer for sale that could value the bourse at about \u20b95 trillion and raise roughly \u20b929,780 crore, as per grey market indications. The filing, coming after SEBI granted a no\u2011objection and NSE settled the co\u2011location case earlier this year, positions what could be India\u2019s largest IPO by issue size and will see the exchange list its shares on rival BSE Ltd. \"The stock exchange business globally is a unique and highly resilient market infrastructure business, and the listing of an institution of NSE\u2019s calibre will allow small investors to own a stake in one of India\u2019s most important financial institutions,\" said Dinesh Thakkar, chairman and managing director of Angel One.","_ayudawp_aiss_summary_provider":"extractive","_ayudawp_aiss_summary_hash":"ba24cf844cdf0ae5524d6194b1338dba45043f67","footnotes":""},"categories":[512],"tags":[],"class_list":["post-15188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"blocksy_meta":[],"uagb_featured_image_src":{"full":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner.png",1200,640,false],"thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-150x150.png",150,150,true],"medium":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-300x160.png",300,160,true],"medium_large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-768x410.png",768,410,true],"large":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-1024x546.png",1024,546,true],"1536x1536":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner.png",1200,640,false],"2048x2048":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner.png",1200,640,false],"web-stories-poster-portrait":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-640x640.png",640,640,true],"web-stories-publisher-logo":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-96x96.png",96,96,true],"web-stories-thumbnail":["https:\/\/lemonn.co.in\/blog\/wp-content\/uploads\/2026\/06\/nse-drhp-landmark-ipo-filing-2026-06-18-banner-150x80.png",150,80,true]},"uagb_author_info":{"display_name":"Team Lemonn","author_link":"https:\/\/lemonn.co.in\/blog\/author\/yudh\/"},"uagb_comment_info":0,"uagb_excerpt":"The National Stock Exchange of India (NSE) has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 149 million shares, a pure offer for sale that could value the bourse at about \u20b95 trillion and raise roughly \u20b929,780 crore, as per grey market indications.…","_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/comments?post=15188"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15188\/revisions"}],"predecessor-version":[{"id":15191,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/posts\/15188\/revisions\/15191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media\/15190"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=15188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/categories?post=15188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/tags?post=15188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}