Archive · 12 Sep 2026
NSE Sets September IPO as It Seeks Broader Revenue Base
The National Stock Exchange, or NSE, plans to sell shares to the public in a large IPO.
The sale will begin on September 17, with some investors allowed to bid a day earlier.
Existing shareholders, rather than NSE itself, will sell 126.4 million shares.
NSE earns much of its operating income from options trading.
The exchange wants to depend less on options by growing commodities, ETFs and specialised investment funds.
Its shares will be listed on the Bombay Stock Exchange, not on NSE.
NSE said it has enough publicly held shares to meet IPO rules.
After a six-month lock-in period for pre-IPO investors, the company said all of its shares will be freely tradable.
Analysts still warn that heavy dependence on transaction fees and options could be a risk.
NSE’s Rs 22,500 crore offer for sale will open on September 17 at Rs 1,700–1,785 per share.
The IPO comprises 126.4 million shares sold by existing shareholders, with anchor bidding scheduled for September 16.
NSE said options generated 60% of operating revenue in FY26, while monthly and single-stock options held nearly 100% market share.
The exchange plans to expand specialised investment funds, commodities and exchange-traded funds to diversify income.
NSE shares will list on BSE, and the exchange said it has not sought approval to list them on NSE.
- Who
- The National Stock Exchange, led by Managing Director and Chief Executive Officer Ashishkumar Chauhan, and its existing shareholders.
- What
- NSE announced a Rs 22,500 crore offer-for-sale IPO of 126.4 million shares.
- When
- Anchor bidding is scheduled for September 16; public bidding runs from September 17 to September 21.
- Where
- The shares will be listed on BSE; NSE said it has not sought approval for listing on its own exchange.
- Why
- NSE is raising funds through an offer for sale while seeking to broaden its businesses and reduce dependence on options-trading revenue.
NSE Management
Investor Concerns
Revenue diversification
NSE Management
NSE said specialised investment funds, commodities and exchange-traded funds could help diversify its income beyond options trading.
Investor Concerns
Analysts cautioned that transaction charges and options remain a dominant source of revenue, leaving NSE exposed if derivatives activity or market share declines.
Options-market strength
NSE Management
NSE management said it holds nearly 100% market share in monthly index and single-stock options, supporting its current business position.
Investor Concerns
Samco Securities identified a decline in NSE’s equity-options market share over the previous two years as a key risk.
IPO valuation
NSE Management
Ashishkumar Chauhan said merchant bankers advised the price after deliberations, discussions and roadshows.
Investor Concerns
The reported valuation of about Rs 4.42 trillion at the upper price-band limit may prompt investors to weigh the exchange’s concentration in options revenue and its dependence on major trading members.
- Offer type
- Complete offer for sale by existing shareholders
- Issue size
- 126.4 million shares
- Estimated issue value
- More than Rs 22,500 crore
- Price band
- Rs 1,700–1,785 per share
- Public bidding
- September 17–21
- Operating revenue mix
- Options contributed 60% of FY26 operating revenue, according to NSE management
- Listing venue
- BSE
- Lock-in period
- Six months for pre-IPO investors