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National Stock Exchange of India Ltd (NSE) IPO
National Stock Exchange of India Ltd (NSE)
₹13,600 /8 sharesMinimum investment
IPO listing details
Listed on
24 Sep '26
Issue price
₹1,785.00
Exchange
BSE
IPO details
Minimum investment
₹13,600
Price range
₹1,700 - ₹1,785
Lot size
8
Issue size
22,568.94 Cr
Face value
1
IPO document
Subscription rate
Qualified Institutional Buyers12.68x
Non-Institutional Investor6.54x
Retail Individual Investor1.37x
Employees2.37x
Total5.69x
As of 21 Sep'26, 06:55 PM
Schedule
17 Sep 2026
IPO open date
21 Sep 2026
IPO close date
22 Sep 2026
Allotment date
22 Sep 2026
Funds unblock or debit
24 Sep 2026
Tentative listing date
About
Founded in
1992
MD/CEO
Mr Ashishkumar Chauhan
Parent organisation
National Stock Exchange of India Ltd (NSE)
National Stock Exchange of India Ltd (NSE) IPO
https://www.youtube.com/watch?v=NF7-CVjEawA
NSE Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has maintained leading market shares across key asset classes. In FY26, it had a 92.99% share in the cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in exchange-traded currency futures, and 100% in exchange-traded currency options, according to the Redseer Report.
NSE has a large registered investor base and broad geographic reach. As of June 30, 2026, it had 132.37 million unique registered investors covering more than 99% of Indian postal codes. Its platform also supported trading in securities and other instruments of 3,270 entities.
The company has a broad capital-market platform covering trading, clearing, listing, and related services. Its offerings include equities, equity and currency derivatives, commodities, interest rate futures, mutual funds, debt instruments, REITs, and InvITs. Its subsidiaries also provide clearing and settlement infrastructure across multiple asset classes.
The company has a large technology infrastructure supporting high trading volumes. As of June 30, 2026, its network included seven data centres and more than 200,000 trading terminals across over 1,400 cities and towns. Its platform processed 21.89 billion peak order messages and 201 million trades on March 24, 2026.
NSE has a significant presence in listings and capital raising. As of June 30, 2026, 3,005 entities were listed on its platforms, including 565 SME companies, while 195 non-profit organisations were registered on its Social Stock Exchange. The exchange facilitated Rs 20.33 lakh crore of total fund mobilisation in FY26.
The company claims to have governance mechanisms suited to its role as a first-level regulator and market infrastructure institution. Its Governing Board has a majority of public interest directors, while separate committees oversee technology, risk and regulatory functions. It also maintains information barriers between its regulatory and commercial divisions.
NSE operates in a highly regulated industry and is subject to continuous supervision, inspections, and audits by SEBI, as well as oversight from RBI, the International Financial Services Centres Authority (IFSCA), and other statutory authorities. The company has received observations, show cause notices, administrative warnings, deficiency and advisory letters from SEBI relating to areas including internal controls, technology, data governance, surveillance, risk management, and regulatory compliance, with certain findings resulting in enforcement actions and settlement proceedings. Inability to satisfactorily address these observations or comply with applicable regulatory requirements could result in penalties, restrictions on operations, suspension or revocation of its registration or licence and could materially and adversely affect its business, financial condition, and prospects.
NSE has been, and continues to be, subject to enforcement actions, penalties, and adjudication proceedings by SEBI in relation to alleged violations of applicable SEBI laws and regulations. Adverse outcomes in these ongoing or future proceedings could materially and adversely affect the company’s business, reputation, and financial condition, results of operations, cash flows, and prospects.
The company derived Rs 13,057.01 crore, Rs 13,635.76 crore, and Rs 12,129.64 crore from transaction charges in FY26, FY25, and FY24, respectively, representing 78.65%, 79.55%, and 82.07% of revenue from operations. Of this, options transaction charges contributed Rs 9,997.57 crore, Rs 10,194.03 crore and Rs 9,550.19 crore, while futures transaction charges contributed Rs 1,480.10 crore, Rs 1,727.26 crore and Rs 1,248.97 crore, respectively. Any significant decline in trading volumes, particularly in options and futures, due to regulatory changes, market conditions, investor sentiment, or other factors could adversely affect the company’s revenue, financial condition, and business prospects.
The company derived Rs 7,765.58 crore, Rs 7,623.84 crore, and Rs 6,689.42 crore of revenue from its top 10 trading members in FY26, FY25, and FY24, respectively, representing 46.78%, 44.48%, and 45.26% of revenue from operations. The company’s dependence on a concentrated group of high-volume trading members exposes it to revenue volatility, and any loss, reduced trading activity, financial distress, or migration of these members to competing exchanges could adversely affect its business and financial condition.
The company has experienced multiple technology and system failures, including a February 24, 2021, disruption that halted all trading segments for nearly five hours and 24 minutes, as well as technical glitches during FY26, FY25, and FY24 affecting member access, market data, trading systems, website availability, and risk management systems. A financial disincentive of Rs 6.04 crore was levied on and paid by the company in May 2026 for a technical glitch dated April 25, 2024, while aggregate financial disincentives of approximately Rs 1.00 crore were levied and paid for glitches dated March 7, 2022, and December 18, 2023. Any recurrence or escalation of such technology failures, including failures involving third-party service providers, could disrupt trading and settlement, reduce market confidence, and result in regulatory action, financial penalties, litigation, or adverse effects on the company’s business and financial condition.
The company generated Rs 352.44 crore, Rs 313.82 crore, and Rs 222.62 crore from listing services in FY26, FY25, and FY24, respectively, accounting for 2.12%, 1.83%, and 1.51% of revenue from operations. The number of IPOs on its exchange also declined from 242 in FY25 to 219 in FY26, and any decline in listings, issuances, or capital-raising activity due to macroeconomic conditions, regulatory changes, competition, or issuer preference for alternative fundraising avenues could adversely affect its listing revenue, trading activity, and market share.
The company is exposed to cybersecurity risks affecting its trading, clearing, settlement, and other critical systems, including a DDoS attack in May 2025 involving approximately 395 million hits within 11 minutes, which slowed its multilingual website. The company also received a SEBI warning dated May 9, 2025, for shortcomings in its VAPT audit and delays in closing VAPT observations within prescribed timelines. Any successful cyberattack, data breach, or failure to comply with SEBI’s cybersecurity requirements could disrupt operations, compromise sensitive information, result in regulatory action or penalties, and adversely affect the company’s business, financial condition, and reputation.
Certain subsidiaries have incurred losses, including NSE Foundation at Rs 12.47 crore in FY26 and Rs 10.03 crore in the three months ended June 30, 2026, and NSE Sustainability Ratings and Analytics Limited at Rs 2.60 crore in FY26. The company has also made significant investments in its subsidiaries, including Rs 750 crore in NSEIX, while NSEIX has invested Rs 250 crore in NSE IFSC Clearing Corporation Limited and Rs 15 crore in NSEIX Global Access IFSC Limited. If these subsidiaries continue to incur losses or are unable to raise sufficient capital, the company may need to provide additional financial support, which could adversely affect its financial condition and results of operations.
NSE, its subsidiaries, directors, key management personnel (KMP), senior management, and group companies are involved in legal proceedings pending before various courts, tribunals, quasi-judicial bodies, and appellate authorities. Any adverse outcome in these proceedings or further liability arising from such matters could adversely affect the company’s reputation, business, results of operations, financial condition, and cash flows.
As at July 31, 2026, NSE and its subsidiaries had total outstanding unsecured borrowings of Rs 11,526.85 crore. Any failure to meet its obligations under these borrowings could adversely affect the company’s financial condition and cash flows.
Application details
For NSE IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹1700 - ₹1785 | Upto ₹2 Lakhs | 8 |
| Employee | ₹1530 - ₹1615 | Upto ₹5 Lakhs | 8 |
| High Networth Individual | ₹1700 - ₹1785 | ₹2 - ₹5 Lakhs | 8 |