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NSE IPOLISTED

NSE, BSEMainboardBook Built Issue

National Stock Exchange of India (NSE) is India’s largest stock exchange, offering trading, clearing, settlement, listing, and market data services across multiple asset classes.

Compare

Listing price

₹1,800

Listing gain

+0.84%

Current

₹1,800

Listed

24 Sept 26

Opens

17 Sept 26

Closes

21 Sept 26

Allotment

22 Sept 26

Refund

23 Sept 26

Demat

23 Sept 26

Listing

24 Sept 26

Listed at

₹1,800

+0.84% on 24 Sept 26

Min. investment₹14,280
GMP₹40 · +2.2%
Subscribed5.71x
Track in the app

Overview

Price band

₹1700-1785

Lot size

8 shares

Min. investment

₹14,280

Issue size

₹22561.57 Cr

12.64 Cr shares

Offer for sale

₹22,561.57 Cr

12.64 Cr shares

Face value

₹1 / share

Issue type

Book Built Issue

Listing at

NSE, BSE

Employee discount

₹170.00

Reservation

Anchor Investor 29.89%QIB 19.94%B-HNI 9.97%S-HNI 4.98%Individual 34.88%Employee 0.34%
CategoryShares offered% of issue
Anchor Investor3,77,93,73929.89%
QIB2,52,07,86819.94%
NII (HNI)1,89,00,48214.95%
B-HNI1,26,00,3219.97%
S-HNI63,00,1614.98%
Individual4,41,01,12534.88%
Employee4,33,1370.34%
Total12,64,36,351100%

Lot size & investment

ApplicationLotsSharesAmount
Retail (Min)18₹14,280
Retail (Max)14112₹1,99,920
S-HNI (Min)15120₹2,14,200
S-HNI (Max)70560₹9,99,600
B-HNI (Min)71568₹10,13,880

Listing performance

NSE/BSE: NSE

Listing gain

+0.84%

Gain per retail lot

₹120

Latest vs issue

—

GMP was

₹40 (+2.24%)

₹1,785
₹1,825+2.24%
₹1,800+0.84%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

NSE Live GMP

GMP₹40
Est. Price₹1,825
Est. Gain2.24%

Not enough GMP history yet to draw a trend.

GMP × retail lot ₹320GMP × S-HNI min ₹4,800Expected listing ~ ₹1,825GMP is unofficial and changes often. Data as of 21 Sept, 08:45 pm.

Subscription

21 Sept, 08:45 pm

Oversubscribed 5.71 times · 38,45,783 applications

QIB
12.68x
NII (HNI)
6.55x
S-HNI
4.09x
B-HNI
7.78x
Employee
2.40x
Retail
1.39x
Total
5.71x

Total applications

38,45,783

Total bid amount

₹90,288 Cr

Category breakdown

CategoryShares offeredShares bidTimesBid amount
QIB2,52,07,86831,97,15,50412.68x₹57,069 Cr
NII (HNI)1,89,00,48212,37,51,6246.55x₹22,090 Cr
B-HNI1,26,00,3219,79,71,5767.78x₹17,488 Cr
S-HNI63,00,1612,57,80,0484.09x₹4,602 Cr
Retail4,41,01,1256,13,06,5921.39x₹10,943 Cr
Employee4,33,13710,38,8082.40x₹185 Cr
Total8,86,42,61250,58,12,5285.71x₹90,288 Cr

Application-wise breakup

CategoryApplications reservedAppliedTimes
B-HNI1,05,0031,38,3431.32x
S-HNI52,5011,73,9433.31x
Retail55,12,64133,99,7090.62x
Employee043,116—

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

020,00040,00060,00080,0001,00,000Mar 2024 · Revenue: 16,352.06Mar 2024 · Expense: 3,608.79Mar 2024 · Profit after tax: 8,305.74Mar 2024 · Assets: 65,463.98Mar 2024Mar 2025 · Revenue: 19,176.83Mar 2025 · Expense: 4,806.29Mar 2025 · Profit after tax: 12,187.69Mar 2025 · Assets: 69,466.64Mar 2025Mar 2026 · Revenue: 18,713.37Mar 2026 · Expense: 5,999.9Mar 2026 · Profit after tax: 10,302.06Mar 2026 · Assets: 87,937.44Mar 2026Jun 2026 · Revenue: 5,252.17Jun 2026 · Expense: 1,172.03Jun 2026 · Profit after tax: 3,120.08Jun 2026 · Assets: 91,334.07Jun 2026

Key performance indicators

As of 31 Mar 2026

ROE

32.98%

PAT Margin

50.98%

ROCE

42.8%

EBITDA Margin

66.85%

RoNW

33.21%

Valuation vs listed peers

EPS Pre IPO

₹41.62

EPS Post IPO

₹50.43

P/E Pre IPO

42.89

P/E Post IPO

35.4

Price-to-earnings

NSE (post-issue)
35.40×
BSE Limited
54.28×
CompanyP/EP/BRoNWFace value
BSE Limited54.28———

Peer median P/E 54.3× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+14.4%

Profit growth FY24 → FY26

+24.0%

P/E vs peer median

35.4× vs 54.3×

  • PAT margin 51.0% and ROCE 42.8%.
  • Priced below its listed-peer median P/E.
  • 100% offer for sale — the company raises no new money.

Strengths & risks

  • Market Leadership across key asset classes in India.
  • Vertically Integrated Model spanning trading, clearing, settlement, listing and data services.
  • Strong Technology Infrastructure supporting high volumes and low-latency execution.
  • Diversified Portfolio across multiple asset classes and services.
  • Strong Profitability and Cash Generation supported by scale and an asset-light model.
  • Experienced Management and Governance backed by strong risk and compliance frameworks.
6.1/10

Buzz score · Neutral

From GMP, subscription and issue size

Financials7.8
Growth5.1
Business6.8
Demand5.6
Risk7.2

Objects of the issue

The National Stock Exchange of India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.

Company & documents

National Stock Exchange of India Limited (“NSE”) is a key pillar of India's financial market infrastructure, operating a vertically integrated, multi-asset class platform offering trading, clearing, settlement, listing, market data, connectivity and licensing services.

Incorporated in November 1992, NSE operates across multiple asset classes and financial market segments, including the cash market, equity futures and options, commodity derivatives, currency derivatives, mutual funds, wholesale debt market and interest rate futures. Its integrated platform enables market participants to access a broad range of financial products and services while supporting the efficient functioning of India's capital markets.

As of March 31, 2026, NSE supported 253.66 million registered investor accounts and 129.09 million Unique Registered Investors, along with 1,325 trading members and 2,978 Listed Entities. The total market capitalisation of entities listed on the Exchange stood at ₹411.25 trillion, while ₹20.33 trillion was mobilised through its platform during Fiscal 2026.


NSE's proprietary technology infrastructure supports high-speed transactions and market operations. As of March 31, 2026, its platform processed approximately 12–14 billion messages daily with a capacity of around 5 million messages per second.

Beyond its core exchange operations, NSE provides clearing and settlement, listing, market data, connectivity and index licensing services. Through its subsidiaries, it manages the Nifty family of indices and operates NSE International Exchange at GIFT City.

The NSE Group also has interests in complementary businesses across the broader financial market infrastructure ecosystem, including mutual fund registry services, depository-related services, e-governance, mobile trading solutions and exchanges across commodities, power, receivables and coal.

Through its integrated ecosystem spanning trading, clearing, settlement, listing, technology, data, connectivity and index services, NSE plays an important role in facilitating capital formation, price discovery, risk management and investor participation in India's financial markets.

As of March 31, 2026, NSE had 1,974 full-time employees on a standalone basis. Its subsidiaries had an additional 907 full-time employees, taking the Group's total full-time workforce to approximately 2,881 employees.

Registrar

MUFG Intime India Pvt. Ltd.

Phone: 022-49186000

Email: nse.ipo@in.mpms.mufg.com

Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Company contact

National Stock Exchange of India Ltd.

Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, 400051

Phone: +91 22 2659 8100

Email: nse_ipo@nse.co.in

Web: https://www.nseindia.com/

Book running lead managers

  • HDFC Bank Limited
  • Axis Capital Limited
  • JM Financial Limited
  • 360 ONE WAM Limited
  • Equirus Capital Limited
  • ICICI Securities Limited
  • SBI Capital Markets Limited
  • IIFL Capital Services Limited
  • Anand Rathi Advisors Limited
  • DAM Capital Advisors Limited
  • Avendus Capital Private Limited
  • J.P. Morgan India Private Limited
  • Nuvama Wealth Management Limited
  • Kotak Mahindra Capital Company Limited
  • IDBI Capital Markets & Securities Limited
  • Motilal Oswal Investment Advisors Limited
  • Pantomath Capital Advisors Private Limited
  • Citigroup Global Markets India Private Limited
  • Morgan Stanley India Company Private Limited
  • HSBC Securities and Capital Markets (India) Private Limited

Promoters

  • No Identifiable Promoter