NSE National Stock Exchange IPO
UPCOMINGMAINBOARDDRHP Filed
Awaiting issue details
Analysis
6 strengths · 6 risks
- Price Band
- TBA
- Lot Size
- TBA
- Lot Value
- TBA
- Open Date
- TBA
- Close Date
- TBA
About NSE National Stock Exchange
NSE generates revenue primarily from transaction charges on trading members executing trades across market segments (Cash Market, Futures, Options, Mutual Funds), clearing and settlement services, data centre services, data feed and terminal services, licensing services, and listing services.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE
Strengths (6)
- •Largest stock exchange in India with dominant market share across all asset classes
- •Advanced technology platform processing billions of orders daily with high reliability
- •Serves 129 million unique registered investors across 99% of Indian postal codes
- •Leading global derivatives exchange by contract volume for seven consecutive years
- •Comprehensive offerings including cash equities, derivatives, debt, and currency trading
- •Strong profitability with highest adjusted operating EBITDA margin among global exchanges
Risk Factors (6)
- •First public offer with no formal market history; no assurance of active trading or price sustainability post-listing
- •Equity investments involve significant risk; investors may lose entire investment if unable to afford potential losses
- •NSE operates in highly regulated financial markets subject to regulatory changes and compliance requirements
- •Competition from other stock exchanges and financial market participants may affect NSE's market position and revenues
- •Technology and cybersecurity risks in operating exchange infrastructure and handling sensitive financial data
- •Significant differences between Ind AS, US GAAP, and IFRS may affect financial assessment accuracy
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
ANALYSIS PENDINGRating will be available once IPO opens for subscription.
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
GMP data will appear a few days before the IPO opens.
Investor Quota
Subscription Status
Subscription data will appear once bidding begins.
IPO Timeline
Issue Opens
TBA
Issue Closes
TBA
Allotment
TBA
Listing
TBA
Issue Opens
TBA
Issue Closes
TBA
Allotment
TBA
Listing
TBA
IPO Details
| Registrar | — |
| Exchange | BSE |
| ISIN | — |
| Face Value | — |
| Issue Size | — |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | Kotak Mahindra Capital Company Limited, JM Financial Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited |
3-Year Financial Summary
Financial data not available yet.
Company Fundamentals
7 sections extracted from this filingCapital Structure
Capital structure not disclosed in this filing.The capital-structure table was not found in NSE National Stock Exchange's offer document (common in abridged prospectuses).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in NSE National Stock Exchange's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in NSE National Stock Exchange's filing.
Source: NSE National Stock Exchange offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- Anchor+60.00%
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- State Bank of India2,47,50,000 sh
- MS Strategic (Mauritius) Limited1,60,00,000 sh
- Canada Pension Plan Investment Board1,18,74,060 sh
- Aranda Investments (Mauritius) Pte Ltd1,12,46,336 sh
- Bank of Baroda1,09,86,250 sh
- Stock Holding Corporation of India Limited1,08,90,000 sh
- General Insurance Corporation of India1,06,58,000 sh
- The New India Assurance Company Ltd.1,05,00,000 sh
- National Insurance Company Limited60,00,000 sh
- United India Insurance Company Limited60,00,000 sh
Source: NSE National Stock Exchange offer document (DRHP/RHP).
Board & Management
Board of Directors (12)
- Shri Srinivas Injeti₹0.04 Cr p.a.
Chairperson and Public Interest Director
Retired Civil Servant
- Shri Ashishkumar Chauhan₹1.38 Cr p.a.
Managing Director and Chief Executive Officer
Service
- Shri Veneet Nayar₹0.02 Cr p.a.
Non-Independent Director
Self-Employed
- Prof. G. Sivakumar₹0.02 Cr p.a.
Public Interest Director
- Shri Rajesh Gopinathan₹0.04 Cr p.a.
Public Interest Director
- Justice (Retd.) Smt. Abhilasha Kumari₹0.05 Cr p.a.
Public Interest Director
- Prof. (Dr.) Mamata Biswal₹0.05 Cr p.a.
Public Interest Director
- Shri Rajeev Vasudeva
Public Interest Director
- Shri P.R. Ramesh
Public Interest Director
- Shri Dinesh Pant
Non-Independent Director
- Shri Viral Mody₹0.29 Cr p.a.
Executive Director - Vertical 1
- Shri Sanjay Shorey
Executive Director - Vertical 2
Key Managerial Personnel (6)
- Shri Ashishkumar Chauhan₹1.38 Cr p.a.
Managing Director and Chief Executive Officer
Service
- Shri Ajay Sharma₹0.22 Cr p.a.
Chief Financial Officer
Former SEBI compliance officer, SEBI assistant general manager, RBI assistant manager
- Shri Rajesh Thapar₹0.24 Cr p.a.
Chief Information Security Officer
Bachelor of Technology (Computer Science and Engineering), Master of Technology (Information Technology)
Axis Bank Limited executive vice president, OakNorth India Private Limited, Yes Bank Limited group executive vice president, IDBI Bank Limited assistant general manager
- Shri Sampath Manickam₹0.23 Cr p.a.
Chief Technology Officer - Technology Infrastructure
Bachelor of Science (Information Systems), Chief Technology Officer Program (Wharton), Chief Digital Officer Program (ISB)
Jio Platforms Limited senior vice president, Nxtra Data Limited regional business head, Wipro Technologies lead consultant, IBM Global Services India manager
- Dr. Harish Ahuja₹0.19 Cr p.a.
Executive Vice President – Issuer Relationships
Bachelor of Engineering, Master of Technology (IIT Delhi), MBA (Nanyang Technological University), Executive Master of Business Administration (Norwegian Business School), Ph.D. (IIT Delhi)
Waaree Energies Limited president – strategy & policy, director on Power Exchange India Limited and Receivable Exchange of India Limited boards
- Smt. Prajakta Powle₹0.09 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Commerce, Bachelor of Law, Associate Member of Institute of Company Secretaries of India
L&T Technology Services Limited Company Secretary, BSE Limited Company Secretary, Bennett Coleman & Co Limited Senior Manager, Jindal South West Holdings Limited Company Secretary, Reliance Industries Limited Manager
Source: NSE National Stock Exchange offer document (DRHP/RHP).
Industry & Market
NSE is the largest stock exchange in India in terms of total turnover across asset classes (cash market 92.99%, equity futures 99.79%, equity options 74.71%, exchange-traded currency derivatives 99.48%-100.00%) and the largest derivatives exchange globally by number of contracts traded for seven consecutive years
Per SEBI, Redseer Report, World Federation of Exchanges, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| BSE Limited | 66.67 | — | — | — |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 33 | 10.778 |
| Tax | Company | 10 | 8.327 |
| Tax | Subsidiaries | 29 | 59.036 |
| Tax | Subsidiaries | 8 | 8.325 |
| Tax | Directors | 1 | 0.25 |
| Tax | Subsidiaries | 1 | 444.221 |
NSE faces multiple material civil litigations including challenges to circulars on margin money acceptance, disputes over obligations and annulment adjustments, and consolidated writ petitions regarding regulatory action failures and claim rejections. Additionally, NSE Clearing Limited (a subsidiary) has pending criminal and civil matters including a Special Leave Petition before the Supreme Court regarding frozen shares valued at approximately ₹70 million, and NSE Investments has filed a company petition alleging oppression and mismanagement at Market Simplified India Limited resulting in shareholding dilution.
Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the NSE National Stock Exchange IPO opening?
The NSE National Stock Exchange IPO dates have not yet been announced. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the NSE National Stock Exchange IPO?
The price band for the NSE National Stock Exchange IPO is not yet announced. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the NSE National Stock Exchange IPO?
The minimum lot size is TBA shares with a minimum investment of not yet announced. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of NSE National Stock Exchange IPO today?
Grey Market Premium data for NSE National Stock Exchange is not available yet. It typically starts appearing a few days before the IPO opens.
When will the NSE National Stock Exchange IPO list on NSE and BSE?
The listing date for the NSE National Stock Exchange IPO has not been announced yet. It is typically 5 to 6 working days after the subscription closes.
How can I check the NSE National Stock Exchange IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the NSE National Stock Exchange IPO a mainboard or SME issue?
NSE National Stock Exchange is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the NSE National Stock Exchange IPO?
You can apply for the NSE National Stock Exchange IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
Should I subscribe to NSE National Stock Exchange IPO?
Based on our algorithmic analysis, NSE National Stock Exchange IPO is rated UNRATED with low confidence. Rating will be available once subscription and GMP data is collected. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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