NSE Files DRHP for IPO: Nearly 6% Offer for Sale, Listing on BSE and Other Key Details

The National Stock Exchange of India (NSE) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), reviving a listing process that has been pending for several years. 

According to the DRHP, the proposed IPO comprises an offer for sale (OFS) of up to 14.89 crore equity shares with a face value of Re 1 each, representing 6% of the exchange's paid-up equity capital. 

NSE IPO Structure and Proposed Listing 

The IPO is entirely an offer for sale by existing shareholders, with no fresh issue of shares by the exchange. 

Following the public issue, NSE's equity shares are proposed to be listed on the BSE, similar to the arrangement under which BSE's own shares are listed on the NSE. 

PSU and Other Shareholders Participating in the OFS 

Among public sector shareholders, IDBI Bank holds 74.16 lakh shares, followed by State Bank of India with 64.28 lakh shares, SBI Capital Markets with 53.63 lakh shares, IFCI with 34.32 lakh shares and Bank of Baroda with 10.99 lakh shares. 

Other shareholders participating in the offer for sale include Tiger Global Five Holdings, Aranda Investments (Mauritius) Pte Ltd, SAIF II-SE Investments Mauritius Limited, GAGIL FDI Limited, Norwest Venture Partners X FII – Mauritius, Citigroup Strategic Holdings Mauritius Ltd, GS Strategic Investments Limited, MS Strategic (Mauritius) Limited, Quantum (M) Limited, PI Opportunities Fund – I, HDFC Standard Life Insurance Company Limited, Bajaj Holdings & Investment Limited and Housing Development Finance Corporation Limited. 

Meanwhile, Life Insurance Corporation of India (LIC), Premji Invest and investor Radhakishan Damani are not participating in the share sale, according to the DRHP. 

NSE Financial Performance and Market Position 

NSE reported revenue from operations of ₹16,601 crore in FY26 compared with ₹14,780 crore in FY24. 

Net profit stood at ₹10,302 crore in FY26 against ₹8,305 crore in FY24. However, profit after tax declined 15% from ₹12,188 crore in FY25, partly reflecting the impact of SEBI's regulations on equity derivatives trading. 

According to the World Federation of Exchanges, NSE remained the world's largest equity derivatives exchange during FY26, with more than 36.99 billion contracts traded, including activity on NSE International Exchange (NSEIX). 

As of March 31, 2026, it was also India's largest exchange by cash market turnover and the world's 3rd largest exchange by the number of cash equity trades. 

NSE’s Technology Infrastructure and Listing Journey 

As of March 2026, NSE's technology platform processed an average of 12-14 billion messages every day. The exchange also recorded its highest cumulative trading activity on June 4, 2024, when total trades across segments reached 293.85 million. 

The latest DRHP filing marks a key development in a listing process that began in December 2016, when NSE had initially filed draft papers for a ₹10,000 crore IPO.  

Conclusion 

NSE has filed its DRHP with SEBI for an IPO comprising a 6% offer for sale of existing shares, with the proposed listing on BSE. The filing outlines the share sale structure, participating shareholders and the exchange's financial and operational details ahead of its planned public listing. 

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