NSE IPO: 10 key things investors need to know about India’s largest IPO in history

NSE has filed its DRHP for what is set to be India's largest IPO in history — an Offer for Sale of up to 14.89 crore shares (about 6% of paid-up equity capital) at a face value of Re 1 each, with shares to be listed on BSE. In the unlisted market, NSE trades at around Rs 1,950–2,170, about 45x FY26 earnings, valued below BSE at roughly 70x and MCX at around 80x. Five PSU shareholders — IDBI Bank, SBI, SBI Capital Markets, IFCI and Bank of Baroda — are among those selling, while LIC, Premji Invest and Radhakishan Damani are retaining their stakes. Revenue rose to Rs 16,601 crore in FY26 from Rs 14,780 crore in FY24, though PAT fell 15% year-on-year to Rs 10,302 crore due to tighter SEBI rules on equity derivatives trading.