NSE Listing on the Horizon: IPO DRHP Filing Expected by Friday, Sources Reveal
The upcoming IPO of the National Stock Exchange (NSE) is poised to be a landmark event in the Indian capital markets, as the exchange plans to submit its draft papers to the Securities and Exchange Board of India (Sebi) this week. Following years of delays due to regulatory challenges and legal issues, this filing marks a significant achievement for one of India’s most eagerly awaited public offerings. The NSE is currently trading in the unlisted market at approximately Rs 1,950-2,050 per share, which suggests a valuation nearing Rs 5 lakh crore, positioning it to become one of the most valuable financial institutions listed in India once the IPO is executed.
The sentiment in the grey market seems optimistic. Research Analyst Nitant Darekar notes that the NSE commands premium valuations in the unlisted space, trading at about 45x projected FY26 earnings. While this valuation may appear robust relative to the Bombay Stock Exchange (BSE) and Multi Commodity Exchange (MCX), investors should proceed with caution due to the exchange’s heavy reliance on derivatives trading volumes, which can fluctuate based on regulatory changes in the futures and options segments. Moreover, the removal of the longstanding co-location case overhang is seen as a positive development, potentially bolstering investor confidence.
This IPO is expected to raise over Rs 20,000 crore through an offer for sale, predominantly aimed at facilitating liquidity and providing an exit for existing shareholders rather than funding expansion. With a significant rise in NSE’s shareholder base—surging from 39,201 to 186,481 over a year—the complexity of the offering has increased. Many market participants view an NSE IPO as a potential catalyst for reviving interest in India’s primary market, and its successful completion could set a new benchmark for the valuation and performance of public offerings within the country, offering investors direct exposure to India’s burgeoning capital markets ecosystem.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova IPO team.)