Cyber risks to LIC stake, 15 things you should know about NSE's IPO
After 10 years of regulatory delays, NSE's Rs 30,000-crore public debut could reshape India's equity market landscape and rank among its most valuable firms
The National Stock Exchange's (NSE) long-awaited initial public offering (IPO) has finally taken shape, with the exchange filing draft papers with the Securities and Exchange Board of India (SEBI) for a public issue estimated at around Rs 30,000 crore.
The listing is expected to be a landmark event for Indian capital markets. Here are 15 key things investors should know about the proposed IPO:
Largest IPO in Indian history: At an estimated Rs 30,000 crore, NSE's IPO will surpass Hyundai Motor India's Rs 27,870-crore issue, currently the country's biggest IPO.
Entirely an Offer for Sale (OFS): The public issue will not involve any fresh issue of shares. Existing shareholders will sell 14.89 crore shares, representing nearly 6 per cent of NSE's equity.
Valuation above Rs 5 lakh crore: Based on unlisted market valuations, NSE is expected to command a market capitalisation exceeding Rs 5 lakh crore.
Potential top-10 company: At that valuation, NSE could debut among India's 10 most valuable listed companies, ahead of several blue-chip firms.
LIC remains invested: Despite being NSE's largest shareholder with a 10.72 per cent stake, Life Insurance Corporation of India (LIC) will not sell any shares in the IPO.
SBI among major sellers: State Bank of India plans to offload up to 2.48 crore shares, making it the largest selling shareholder in the issue.
Global investors expected to participate: Market experts believe the IPO will attract strong international interest given NSE's dominant position in India's financial market infrastructure.
Nearly a decade in the making: NSE first filed IPO documents in 2016, but regulatory concerns, particularly around the co-location controversy, delayed the process.
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Regulatory hurdle cleared: Sebi granted a no-objection certificate (NOC), allowing NSE to move forward with its listing plans.
Massive shareholder base: NSE has around 1.8 lakh shareholders, making it one of India's most widely held unlisted companies.
Derivatives drive revenue: Options trading alone contributed more than 60 per cent of NSE's operating revenue in FY26, highlighting its dependence on derivatives activity.
Profit dipped in FY26: NSE reported a 15 per cent decline in net profit to Rs 10,302 crore in FY26, compared with Rs 12,188 crore in FY25.
Technology and cyber risks flagged: In its draft prospectus, NSE highlighted risks from system failures, cyberattacks and AI-related challenges that could impact operations.
Co-location case still casts a shadow: Although NSE has taken settlement measures, legal and regulatory proceedings linked to the co-location and related matters remain important risk factors.
Listing deadline set: According to the draft papers, NSE has received SEBI's approval subject to completing the listing process before January 30, 2027.
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The IPO marks a defining moment for India's capital markets. As the country's largest stock exchange operator prepares to go public, investors will get a rare opportunity to participate directly in the growth story of an institution that handles the bulk of India's equity and derivatives trading.