NSE was incorporated in 1992. It was recognized as a stock exchange by SEBI in April 1993 and commenced operations in 1994 with the launch of the wholesale debt market, followed shortly after by the launch of the cash market segment.
A homegrown brand with a global vision, we were the largest multi-asset class exchange in terms of number of trades in cash equities and contracts traded in equity derivatives in Fiscal 2026. NSE was the first exchange in India to implement electronic or screen-based trading which began its operations in 1994; a pioneer in technology which ensures the reliability and performance of its systems through a culture of innovation and investment in technology. NSE operates a market ecosystem to bring in transparency & efficiency.
Market Leadership:If someone in India is buying or selling regular stocks (cash equities), trading popular market indexes like the Nifty 50 index products, or trading complex financial contracts based on stock prices (derivatives), they are almost certainly doing it through this exchange. They have virtually no major competitors in these areas.
Strong Financials:High operating profitability characterized by robust EBITDA margins and strong cash generation.
Debt-Free: Practically no fund-based borrowings or debt burden on the books.
Negatives: The issue is 100% an OFS; the exchange receives no fresh capital from the IPO.
Dependency: A massive share of revenue relies on transaction charges from futures and options (F&O) making earnings vulnerable to volume shifts.
Now, let’s discuss the financial data and important dates for the IPO.
The valuation is very good
Market Cap: Rs 4,41,788 crores
ROE (Return on Equity): 32.98%
ROCE (Return on Capital Employed): 42.80%
Debt to Equity Ratio: 0%
PE Ratio: 57.51%
EPS (Earnings Per Share): Rs.41.62%
EBITDA MARGIN: 66.85%
PAT MARGIN:50.98%
Let’s talk about the important dates for this IPO:
IPO Open Date: 17th September 2026 IPO End Date: 21st September 2026
Allotment Date: 22nd September 2026
Refund/Shares Credit: 23rd September 2026
Listing Date: 24th September 2026
IPO Size & Lots:
The total size of the IPO is Rs 22562 crores.
100% Offer for Sale (OFS).
Price Band: Rs.1700 to Rs.1785 per share.
Retail Lot Size: 1 lot (8 shares) = Rs 14,280.
Small HNI Lot Size: 15 lots (120 shares) = Rs 2,14,200.
Big HNI Lot Size: 71 lots (568 shares) = Rs 10,13,880.
Investor Quota: Retail gets 35%, HNI gets 15%, and QIB gets the remaining 50%