National Stock Exchange of India Files for Record-Breaking IPO

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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 Rs 30,000 crore, is poised to become the largest corporate market debut in India. If completed, the public offering will surpass the Rs 27,859 crore IPO of Hyundai Motor India in October 2024, marking a new milestone for the IPO market. Here's what you need to know about the offering:

Mega IPO

The DRHP outlines an IPO comprising up to 148,905,525 equity shares of face value Re 1 each, setting the scale for a massive public issue.

Estimated issue size

The offering is expected to raise approximately Rs 30,000 crore, making it the biggest IPO in India’s history if successfully completed.

Record breaking IPO

The NSE IPO is projected to surpass Hyundai Motor India’s Rs 27,859 crore public debut in October 2024, currently the largest in the country.

Pure offer for sale structure

According to the DRHP filed with the Securities and Exchange Board of India (Sebi), the issue is a pure offer for sale consisting entirely of existing equity shares.

World's largest exchange

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, as per data from the World Federation of Exchanges.

Sellers:

The State Bank of India is the largest selling shareholder, planning to divest 24.75 million shares in the public issue. MS Strategic (Mauritius) Limited will sell 16.00 million shares, while the Canada Pension Plan Investment Board is set to offload 11.87 million shares. Aranda Investments (Mauritius) Pte. Ltd. will divest 11.25 million shares, Bank of Baroda 10.98 million shares, and the Stock Holding Corporation of India Limited 10.89 million shares. Public sector insurers are also part of the offer for sale, including General Insurance Corporation of India (10.66 million shares), The New India Assurance Company Ltd. (10.50 million shares), National Insurance Company Limited (6.00 million shares), and United India Insurance Company Limited (6.00 million shares).

Financial portolio

For the year ended March 31, 2026, the exchange reported total income of Rs 187,133.70 million, compared with Rs 191,768.31 million in FY25 and Rs 163,520.62 million in FY24. Revenue from operations stood at Rs 166,013.09 million in FY26, against Rs 171,406.78 million in FY25 and 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 for the year from continuing operations stood at 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 was Rs 103,020.61 million, with total comprehensive income at Rs 103,710.93 million.