The National Stock Exchange of India has taken a significant step toward its public listing by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Wednesday. The proposed initial public offering (IPO) comprises up to 148,905,525 equity shares, potentially making it the largest corporate market debut in Indian history, with an estimated value exceeding Rs 30,000 crore.
Historic IPO Expected to Break Records
The upcoming IPO is poised to surpass the previous record held by Hyundai Motor India, which raised Rs 27,859 crore in October 2024. This milestone marks the culmination of a multi-year effort by the country's largest stock exchange to list its shares on BSE, overcoming various regulatory hurdles that had previously stalled its listing ambitions.
Offer for Sale Structure
According to the regulatory documents filed with SEBI, the DRHP outlines a pure offer for sale consisting entirely of existing equity shares with a face value of Re 1 each. Institutional investors and state-run financial entities dominate the list of selling shareholders.
- State Bank of India plans to divest the largest block, offloading 24.75 million shares.
- MS Strategic (Mauritius) Limited follows as the second-largest seller with 16.00 million shares.
- Canada Pension Plan Investment Board intends to offload 11.87 million shares.
- Aranda Investments (Mauritius) Pte. Ltd. listed 11.25 million shares for divestment.
- Bank of Baroda proposed selling 10.98 million shares.
- Stock Holding Corporation of India Limited offered 10.89 million shares.
- General Insurance Corporation of India proposed a sale of 10.66 million shares.
- The New India Assurance Company Ltd. liquidating 10.50 million shares.
- National Insurance Company Limited and United India Insurance Company Limited both offered 6.00 million shares each.
Financial Performance Highlights
The financial statements appended to the DRHP reveal the exchange's performance over the last three fiscal years:
- Total Income: For FY2026, total income stood at Rs 187,133.70 million, down from Rs 191,768.31 million in FY2025 but higher than Rs 163,520.62 million in FY2024.
- Revenue from Operations: Rs 166,013.09 million in FY2026, compared to Rs 171,406.78 million in FY2025 and Rs 147,800.11 million in FY2024.
- Total Expenses: Excluding contributions to the Core Settlement Guarantee Fund, expenses increased to Rs 59,999.03 million in FY2026 from Rs 48,062.92 million in FY2025.
- Profit from Continuing Operations: Rs 101,795.29 million in FY2026, down from Rs 116,057.48 million in FY2025 but up from Rs 84,064.80 million in FY2024.
- Net Profit: Rs 103,020.61 million in FY2026, compared to Rs 121,876.89 million in FY2025.
- Total Comprehensive Income: Rs 103,710.93 million after factoring in other comprehensive income of Rs 690.32 million.
The core profitability metrics showed resilience despite rising operating costs and exceptional provisions, indicating the exchange's robust financial health.
