NSE IPO: 5 reasons Jefferies believes the exchange stands out globally

Jefferies has outlined five reasons why NSE stands out globally ahead of its approximately $3 billion IPO, expected to launch in September. The brokerage highlights India's options boom with equity options growing at 56% CAGR between FY20 and FY26, NSE's over 90% market share across trading categories, an estimated normalised EBITDA margin of around 76-77%, investment assets of about Rs 28,800 crore in FY26, and manageable regulatory overhang after Sebi settlement provisions. NSE reportedly distributed about 74% of earnings as dividends in FY25 and approximately 85% in FY26, with FY26 operating revenue estimated at Rs 16,601 crore.