NSE plans Rs 30,000 crore IPO, set to break records

NSE IPO: India’s Biggest Market Debut in the Making — All You Need to Know About the Rs 30,000 Crore Mega Offering

The National Stock Exchange of India (NSE) is gearing up for a landmark moment in Indian financial history, having filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) of up to 148,905,525 equity shares. Valued at an estimated Rs 30,000 crore, this offering is set to become the largest corporate IPO in the country’s history.

If successfully executed, the NSE IPO will eclipse Hyundai Motor India’s Rs 27,859 crore debut in October 2024, which currently holds the record for India’s largest IPO.

Key Details of the IPO

Scale of the Offering
The DRHP specifies that the IPO will consist of up to 148,905,525 equity shares, each with a face value of Re 1. This positions the issue as a massive public offering.

Estimated Size
The IPO is expected to raise approximately Rs 30,000 crore, marking it as the biggest IPO in Indian history if completed successfully.

Offer Structure
The issue is structured as a pure offer for sale, meaning it will entirely consist of existing equity shares being sold by current shareholders.

About NSE: A Global Leader
The NSE is not only India’s largest stock exchange but also holds a prominent position globally. According to the World Federation of Exchanges, the NSE was the world’s largest equity derivatives exchange in Fiscal 2026, recording over 36.99 billion contracts traded, including activity from its international arm, NSE International Exchange (NSEIX). Additionally, as of March 31, 2026, the NSE ranked as the third-largest globally by the number of cash equity trades and maintained its leadership in India’s cash market turnover.

Shareholders Selling Stakes
Several major shareholders are participating in the offer for sale:

• State Bank of India: The largest selling shareholder, planning to divest 24.75 million shares.
• MS Strategic (Mauritius) Limited: Selling 16.00 million shares.
• Canada Pension Plan Investment Board: Offloading 11.87 million shares.
• Aranda Investments (Mauritius) Pte. Ltd.: Divesting 11.25 million shares.
• Bank of Baroda: Selling 10.98 million shares.
• Stock Holding Corporation of India Limited: Offloading 10.89 million shares.

Public sector insurers are also part of the offering:
- General Insurance Corporation of India: Selling 10.66 million shares.
- The New India Assurance Company Ltd.: Divesting 10.50 million shares.
- National Insurance Company Limited: Offloading 6.00 million shares.
- United India Insurance Company Limited: Selling 6.00 million shares.

Financial Performance
For the fiscal year ending March 31, 2026, NSE reported a total income of Rs 187,133.70 million, a slight decline from Rs 191,768.31 million in FY25 but an increase compared to Rs 163,520.62 million in FY24. Revenue from operations stood at Rs 166,013.09 million in FY26, down from Rs 171,406.78 million in FY25 but higher than Rs 147,800.11 million in FY24.

Total expenses (excluding contributions to the Core Settlement Guarantee Fund) rose to Rs 59,999.03 million in FY26 from Rs 48,062.92 million in FY25. Despite this, profit from continuing operations was Rs 101,795.29 million in FY26, compared to Rs 116,057.48 million in FY25 and Rs 84,064.80 million in FY24. Net profit for FY26 stood at Rs 103,020.61 million, with total comprehensive income reaching Rs 103,710.93 million.

Conclusion
The NSE IPO is set to be a defining moment for India’s capital markets, promising to break records and reinforce the exchange’s global standing. With a robust financial portfolio and significant shareholder participation, this mega offering is poised to reshape the landscape of IPOs in India.