National Stock Exchange of India IPO
National Stock Exchange of India IPO is a mainboard IPO raising ₹22,561 Cr at ₹1,700 – ₹1,785 a share. It listed on 24 Sept 2026 and trades at ₹1,738 today, −2.6% against its issue price of ₹1,785. It was subscribed 5.71× in total.
5.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
The National Stock Exchange of India (NSE) operates India's largest stock exchange, running a vertically integrated platform that offers trading, clearing, settlement, listing, and data services across multiple asset classes (cash equities, equity futures and options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market, and interest rate futures). It serves listed companies, trading members, and retail and institutional investors across India (and via its GIFT City subsidiary internationally). It also runs the Nifty index family and data/analytics businesses (NSE Data & Analytics, NSE Cogencis).
How it earns
Primarily by charging transaction fees on trades executed on its platform, with additional revenue from listing fees, data feed and connectivity charges, colocation rack rentals, licensing of Nifty indices, clearing & settlement fees, and investment income on its treasury and settlement guarantee funds.
Who buys
Trading members and listed companies use the platform directly: as of June 30, 2026, NSE had 1,328 trading members and 3,005 listed entities. End-investors are retail and institutional: 132.37 million unique registered investors (identified by PAN), with investors spread across more than 99% of Indian postal codes; individual investors contributed 33.40% of NSE cash market turnover in Fiscal 2026. Specific customer names and concentration percentages are not stated.
Scale
As of June 30, 2026: 132.37 million unique registered investors, 261.36 million registered investor accounts, 3,005 listed entities with aggregate market capitalisation of ₹474.08 trillion, 1,328 trading members, 1,868 colocation member racks, 435 Nifty indices, seven data centres (including primary and member colocation), network across more than 30 cities, and a Core Settlement Guarantee Fund of ₹13,392.31 crore (consolidated).
What it says sets it apart
- Dominant Indian market share: 92.99% of cash market turnover, 99.79% of equity futures turnover, 74.71% of equity options premium turnover, and 100% of exchange-traded currency options premium turnover in Fiscal 2026 (Redseer Report).
- Largest multi-asset exchange globally by number of trades: 11.38% global share in cash equities and 51.18% in equity derivatives in Fiscal 2026; world's largest derivatives exchange by number of contracts traded for seven consecutive years through March 31, 2026 (World Federation of Exchanges).
- Vertically integrated one-stop platform with own clearing corporation (NCL, the largest in India by cleared value - 88.42% cash market, 91.04% equity derivatives in Fiscal 2026), enabling cross-segment margin fungibility.
- Nifty index franchise dominance: ~72.5% of index fund and ETF AUM in India (ex-gold/silver) is linked to Nifty Indices, and ~76.9% of such schemes track Nifty Indices (March/June 2026).
- Proprietary technology scale: platform processes ~5 million messages per second with microsecond response time, average 12.46 billion messages daily (Apr 2024–Jun 2026), peak of 293.85 million trades in a single day (June 4, 2024), backed by a mirrored Disaster Recovery site and seven data centres.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs1785 / stated EPS Rs41.62 (FY2026 (year ended March 31, 2026), diluted, restated consolidated; basic equals diluted because the Group has no outstanding dilutive potential equity shares (Ind AS 33)). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth |
|---|---|---|---|---|
| Year ended March 31, 2026 | ₹16,601 Cr | ₹10,302 Cr | 62.1% | ₹32,114 Cr |
| Year ended March 31, 2025 | ₹17,141 Cr | ₹12,188 Cr | 71.1% | ₹30,353 Cr |
| Year ended March 31, 2024 | ₹14,780 Cr | ₹8,306 Cr | 56.2% | ₹23,974 Cr |
| Three months ended June 30, 2026 | ₹4,560 Cr | ₹3,120 Cr | 68.4% | ₹35,244 Cr |
| Three months ended June 30, 2025 | ₹4,032 Cr | ₹2,924 Cr | 72.5% | ₹33,331 Cr |
Where the money goes
The offer →100% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 13× their allocation. Retail: 1.39×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Kotak Mahindra Capital Company Limited — median +26.0% across the 79 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 2 Nov 2026.
What to watch
- 100% of the issue is offer for sale — only ₹0 Cr of new money reaches the company.
- Priced at 42.9× earnings — 21% below the median of the peers the issuer itself names.
- The register's top risk: Colocation/Dark Fibre ₹14,912M settlement and Supreme Court appeal (prospectus page 93).
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track National Stock Exchange of Ind
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.