NSE IPO: Nithin Kamath explains why India has few businesses like this ‘cash generating machine’

NSE is preparing what could be India's largest IPO in history, an offer-for-sale of up to 14.89 crore equity shares representing nearly 6 percent of paid-up equity capital, with the issue size pegged at roughly Rs 30,000 crore based on an estimated valuation around Rs 5 lakh crore. NSE shares will be listed on BSE, mirroring the existing BSE-on-NSE arrangement. Zerodha's Nithin Kamath highlighted NSE as a cash generation and distribution machine, reporting FY26 profit above Rs 10,300 crore with Rs 8,660 crore paid out as dividends at an 84 percent payout ratio, while flagging the tax arbitrage between dividends and capital gains as a key reason few Indian businesses prioritise shareholder payouts.