NSE IPO: Should you subscribe? Check price band, key details, fresh GMP, valuations & brokerage view
NSE IPO: Check issue details, valuation, financial performance and SAMCO Securities’ recommendation before subscribing.
- Sep 12, 2026,
- Updated Sep 12, 2026 9:48 AM IST
NSE IPO: The initial public offering (IPO) of National Stock Exchange of India (NSE) will open for subscription on September 17 and close on September 21. The issue is entirely an offer for sale of up to 12.64 crore equity shares, which means NSE will not receive any proceeds. The shares are proposed to be listed on BSE on September 24.
NSE has fixed a price band of Rs 1,700-1,785 a share. At the upper end, the issue size is about Rs 22,569 crore, making it one of the biggest IPOs in the Indian primary market. The employee reservation portion is capped at Rs 70 crore, and eligible employees will get a discount of Rs 170 a share.
Market position According to Raj Gaikar, Equity Research Analyst at SAMCO Securities, the IPO offers investors a chance to participate in one of India’s strongest market infrastructure businesses. In FY26, NSE accounted for 92.99 per cent of India’s cash-market turnover, 99.79 per cent of equity futures and 74.71 per cent of equity options based on premium turnover. It has remained the country’s largest exchange by cash-market and equity-derivatives turnover for several years.
As of June 30, 2026, NSE had 132.37 million unique registered investors, 261.36 million registered investor accounts, 1,328 trading members and 3,005 listed entities. SAMCO Securities said this scale, along with liquidity, technology infrastructure, an integrated clearing ecosystem and a wide investor base, gives NSE a competitive moat that would be difficult to replicate.
Technology and financials NSE runs a vertically integrated platform across trading, clearing and settlement through entities including NSE Clearing and NSE IFSC Clearing Corporation. Its technology infrastructure is classified as Critical Information Infrastructure. The exchange supports equities, bonds, derivatives, exchange-traded funds, mutual funds, REITs and InvITs, with microsecond-level order response times and nanosecond-level order acknowledgement times in several segments. In FY26, NSE Clearing accounted for 88.42 per cent of cash-market clearing and 91.04 per cent of equity-derivatives clearing by value.
NSE reported revenue from operations of Rs 16,601.31 crore in FY26, against Rs 17,140.68 crore in FY25. Profit after tax stood at Rs 10,302.06 crore, compared with Rs 12,187.69 crore a year earlier. Operating EBITDA margin was 66.85 per cent and normalised operating EBITDA margin was 76.23 per cent. It had no fund-based borrowings in FY26 and treasury investments of Rs 64,771.28 crore.
In the first quarter of FY27, revenue from operations rose 13.10 per cent year-on-year to Rs 4,560.41 crore, operating EBITDA increased 14.84 per cent to Rs 3,594.25 crore and PAT rose 6.71 per cent to Rs 3,120.08 crore. Cash-market average daily traded volume rose 25.25 per cent, while equity-options ADTV based on premium value increased 15.92 per cent.
Risks and valuation SAMCO Securities said a key risk is NSE’s dependence on transaction charges, especially equity options. In FY26, transaction charges made up 78.65 per cent of revenue from operations, with options alone contributing 60.22 per cent. NSE’s equity-options market share fell from 96.86 per cent in FY24 to 74.71 per cent in FY26 and 68.48 per cent in Q1 FY27.
The analyst and brokerage flagged regulatory measures such as restrictions on weekly expiries and higher securities transaction tax on equity derivatives, as well as concentration among trading members. The top 10 trading members contributed 47 per cent of revenue from operations in Q1 FY27, with the largest accounting for 7.72 per cent and the top three for 21.92 per cent.
At the upper price band of Rs 1,785, NSE is valued at 42.89 times FY26 earnings, 13.76 times FY26 book value and 26.61 times market capitalisation to FY26 revenue, according to SAMCO Securities. BSE, by comparison, trades at 54.28 times FY26 earnings.
Gaikar said NSE’s market position, margins, debt-free balance sheet and long-term opportunity support the investment case, while dependence on derivatives and the fall in equity-options market share remain key monitorables. SAMCO Securities has recommended subscribing to the IPO for the long term.
NSE IPO: The initial public offering (IPO) of National Stock Exchange of India (NSE) will open for subscription on September 17 and close on September 21. The issue is entirely an offer for sale of up to 12.64 crore equity shares, which means NSE will not receive any proceeds. The shares are proposed to be listed on BSE on September 24.
NSE has fixed a price band of Rs 1,700-1,785 a share. At the upper end, the issue size is about Rs 22,569 crore, making it one of the biggest IPOs in the Indian primary market. The employee reservation portion is capped at Rs 70 crore, and eligible employees will get a discount of Rs 170 a share.
Market position According to Raj Gaikar, Equity Research Analyst at SAMCO Securities, the IPO offers investors a chance to participate in one of India’s strongest market infrastructure businesses. In FY26, NSE accounted for 92.99 per cent of India’s cash-market turnover, 99.79 per cent of equity futures and 74.71 per cent of equity options based on premium turnover. It has remained the country’s largest exchange by cash-market and equity-derivatives turnover for several years.
As of June 30, 2026, NSE had 132.37 million unique registered investors, 261.36 million registered investor accounts, 1,328 trading members and 3,005 listed entities. SAMCO Securities said this scale, along with liquidity, technology infrastructure, an integrated clearing ecosystem and a wide investor base, gives NSE a competitive moat that would be difficult to replicate.
Technology and financials NSE runs a vertically integrated platform across trading, clearing and settlement through entities including NSE Clearing and NSE IFSC Clearing Corporation. Its technology infrastructure is classified as Critical Information Infrastructure. The exchange supports equities, bonds, derivatives, exchange-traded funds, mutual funds, REITs and InvITs, with microsecond-level order response times and nanosecond-level order acknowledgement times in several segments. In FY26, NSE Clearing accounted for 88.42 per cent of cash-market clearing and 91.04 per cent of equity-derivatives clearing by value.
NSE reported revenue from operations of Rs 16,601.31 crore in FY26, against Rs 17,140.68 crore in FY25. Profit after tax stood at Rs 10,302.06 crore, compared with Rs 12,187.69 crore a year earlier. Operating EBITDA margin was 66.85 per cent and normalised operating EBITDA margin was 76.23 per cent. It had no fund-based borrowings in FY26 and treasury investments of Rs 64,771.28 crore.
In the first quarter of FY27, revenue from operations rose 13.10 per cent year-on-year to Rs 4,560.41 crore, operating EBITDA increased 14.84 per cent to Rs 3,594.25 crore and PAT rose 6.71 per cent to Rs 3,120.08 crore. Cash-market average daily traded volume rose 25.25 per cent, while equity-options ADTV based on premium value increased 15.92 per cent.
Risks and valuation SAMCO Securities said a key risk is NSE’s dependence on transaction charges, especially equity options. In FY26, transaction charges made up 78.65 per cent of revenue from operations, with options alone contributing 60.22 per cent. NSE’s equity-options market share fell from 96.86 per cent in FY24 to 74.71 per cent in FY26 and 68.48 per cent in Q1 FY27.
The analyst and brokerage flagged regulatory measures such as restrictions on weekly expiries and higher securities transaction tax on equity derivatives, as well as concentration among trading members. The top 10 trading members contributed 47 per cent of revenue from operations in Q1 FY27, with the largest accounting for 7.72 per cent and the top three for 21.92 per cent.
At the upper price band of Rs 1,785, NSE is valued at 42.89 times FY26 earnings, 13.76 times FY26 book value and 26.61 times market capitalisation to FY26 revenue, according to SAMCO Securities. BSE, by comparison, trades at 54.28 times FY26 earnings.
Gaikar said NSE’s market position, margins, debt-free balance sheet and long-term opportunity support the investment case, while dependence on derivatives and the fall in equity-options market share remain key monitorables. SAMCO Securities has recommended subscribing to the IPO for the long term.