Overview
- The exchange filed a draft red herring prospectus with SEBI on Wednesday proposing an offer‑for‑sale of about 148.9 million shares, roughly 6% of its paid‑up capital.
- Market and grey‑market indicators point to an issue near Rs 30,000 crore, implying a pre‑IPO valuation around Rs 5 lakh crore for NSE.
- The sale will be entirely an OFS with major sellers listed in the DRHP including State Bank of India, MS Strategic (Mauritius), CPPIB, Bank of Baroda and several public insurers while LIC will not sell any shares.
- NSE’s DRHP discloses strong FY26 results with profit after tax around Rs 10,302 crore, but it also flags risks from heavy dependence on transaction fees and sensitivity to regulatory decisions and market cycles.
- Next steps include SEBI’s detailed review, merchant bankers setting a price band and a potential listing on the rival BSE if regulators clear the offer and market conditions permit, with all proceeds going to selling shareholders rather than to NSE.