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Informist, Thursday, Jun. 18, 2026

 

--NSE files DRHP with SEBI for IPO; offer consists of 148.91 mln shares OFS
--SBI to sell 24.75 mln shares via NSE IPO
--MS Strategic to sell up to 16 mln shares via NSE IPO
--GIC, New India Assurance to sell nearly 11 mln shares each via NSE IPO
--IFCI's Stock Holding Corp. of India to sell 10.99 mln shares via NSE IPO
--Bank of Baroda to sell up to 10.99 mln shares via NSE IPO

 

MUMBAI – The National Stock Exchange of India Ltd. has filed its much-awaited draft red herring prospectus with the Securities Exchange Board of India for an initial public offering. The issue is solely an offer for sale of 148.9 million shares. 

 

State Bank of India will sell the largest chunk among all the shareholders of NSE, offering 24.8 million shares through the public offer. Bank of Baroda, state-owned insurance companies General Insurance Corp. of India and The New India Assurance Co. will sell nearly 11 million shares each.

 

IFCI Ltd.'s Stock Holding Corp. of India will sell nearly 11 million shares. Two other unlisted insurance companies, National Insurance Co. and United India Insurance Co. will sell 6 million shares each. 

 

Among others, Temasek Holdings-owned Aranda Investments (Mauritius) will sell 11.2 million shares. MS Strategic (Mauritius) plans to offer 16 million shares, and Canada Pension Plan Investment Board plans to offer nearly 12 million shares.

 

The public offer will be made through the book building process and the shares will be listed on BSE. The offer is being managed by 20 book running lead managers, including Morgan Stanley India Co., Citigroup Global Markets India, and JP Morgan India.

 

Incorporated in 1992, NSE is India's largest stock exchange and became the default preference among market partcipants as it offered screen-based trading of securities. The exchange serves as a platform for trading, clearing, listing and other services such as data feed services, data terminal services, and licensing services.

 

The exchange has a share of nearly 93% in the cash market. Its market share in equity futures is almost 100% and that in the equity options market is nearly 75%. The platform has nearly 3,000 listed entities, including those on the mainboard and the small and medium enterprises platform.

 

For financial year 2025-26 (Apr-Mar), the stock exchange reported a consolidated net profit of just over INR 101.80 billion from continuing operations, a fall of over 12% on year. Its consolidated revenue for FY26 was down more than 3% at just over INR 166 billion. It saw a sharper fall in net profit due to a one-time provision of INR 13.91 billion made towards settlement of the co-location and dark fibre case with SEBI.  

 

A large part of the company's revenue comes from transactions fees and within that, it gets a major chunk from options trading. More than 60% of its annual revenue in FY26 was from transaction fees collected from the options bussines. The company gets nearly 32% of its annual revenue from the top five trading members and more than 40% from the top 10 members.  

 

The company had cash and cah equivalent worth INR 323.12 billion and outstanding borrowings of INR 89.73 billion at the end of FY26. There are claims related to direct and indirect taxes worth INR 8.65 billion against the company and its subsidiries.

 

In the draft papers, NSE raised concerns around the artificial intelligence-driven and algorithmic trading strategies that could lead to market volatility. These could also lead to sudden price changes and new forms of market manipulation that are difficult to detect, it said.  (Anshul Choudhary)

 

End

 

Edited by Avishek Dutta

 

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