NSE

ListedListed 24 Sep 2026MainboardNSE: NSECheck allotment
Current price₹ 1,777.05−0.45% since issue
Listing day+0.84%
Issue price
₹ 1,785
Issue size
₹ 22,561.57 Cr.
Min. investment
₹ 14,280
Listing price
₹ 1,800
Subscribed
5.71x
Lot size
8 shares
P/E
35.4
RoNW
33.21%
RoCE
42.80%
PAT margin
50.98%
EBITDA margin
66.85%
RoE
32.98%
EPS
₹ 50.43
NAV
₹ 129.75

About

National Stock Exchange of India Limited, known as NSE, was set up in November 1992. It is India's largest stock exchange and one of the leading multi-asset exchanges in the world. It runs what is called a vertically integrated ecosystem, which means it handles the whole chain rather than one part of it. This covers trading, clearing, settlement, listing of companies, market data, index services and regulatory oversight, across equities, derivatives, currency derivatives, commodities, debt securities and mutual funds. It has held the leading position in India in cash market turnover, in equity derivatives and in currency derivatives. As on 31 March 2026 the exchange had more than 253 million registered investor accounts and 129 million unique investors, 1,325 trading members and 2,978 listed companies, with total listed market capitalisation of about Rs 411 trillion. During FY2026 more than Rs 20.3 trillion was raised through its platform. It runs on a large technology setup that handles high frequency trading, live market data, risk management, surveillance and compliance, and it reaches more than 99% of Indian postal codes. As on 31 March 2026 it had 1,974 full time employees, with another 907 employed across its subsidiaries.

Timeline

  1. Opens
    17 Sep
    done
  2. Closes
    21 Sep
    done
  3. Allotment
    22 Sep
    done
  4. Refunds
    23 Sep
    done
  5. Demat credit
    23 Sep
    done
  6. Listing
    24 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 218 on 11 Sep 2026
Lowest
₹ 39 on 24 Sep 2026
First quoted
₹ 218 on 11 Sep 2026

Subscription

How many times each investor group bid for its share, as of 25 Sep 2026, 12:03 AM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)18₹ 14,280
Retail (Max)14112₹ 1,99,920
S-HNI (Min)15120₹ 2,14,200
B-HNI (Min)71568₹ 10,13,880

Company overview

Financials

Financials by year
Assets87,937.4469,466.6465,463.98
Total Income18,713.3719,176.8316,352.06
Profit After Tax10,302.0612,187.698,305.74
EBITDA11,097.912,646.889,869.81
NET Worth31,869.7230,165.0523,833.1
Reserves and Surplus31,866.0430,105.8323,924.91
Total Borrowing000

Strengths

  • The company is completely debt free. Total borrowing was nil in FY2024, FY2025 and FY2026, against a net worth of Rs 31,869.72 crore.
  • The margin is exceptional. Profit after tax of Rs 10,302.06 crore on total income of Rs 18,713.37 crore is a PAT margin of 50.98%, with an EBITDA margin of 66.85%.
  • Return ratios are very high, with RoCE of 42.80% and RoNW of 33.21%.
  • It is the largest stock exchange in India and has held the leading position in cash market turnover, equity derivatives and currency derivatives.
  • The scale is enormous, with over 253 million registered investor accounts, 129 million unique investors, 2,978 listed companies and about Rs 411 trillion of listed market capitalisation as on 31 March 2026.
  • It earns across the whole chain, from trading and clearing to settlement, listing fees, market data and index services, so it is not dependent on one revenue line.
  • Running an exchange needs a licence from SEBI and enormous technology and surveillance infrastructure, which makes it close to impossible for a new competitor to replicate.
  • Reach extends to more than 99% of Indian postal codes, and Rs 20.3 trillion was raised on its platform during FY2026.
  • Employees get a discount of Rs 170 per share on the issue price, and the lot size is small at 8 shares, which keeps the retail application amount modest despite the high share price.

Risks

  • Profit fell sharply in the latest year. Profit after tax came down 15% from Rs 12,187.69 crore in FY2025 to Rs 10,302.06 crore in FY2026, and total income also fell from Rs 19,176.83 crore to Rs 18,713.37 crore.
  • The entire issue is an offer for sale of Rs 26,579.64 crore. Not a single rupee comes to the exchange itself, and all of it goes to the selling shareholders.
  • Earnings depend directly on market turnover. A prolonged fall in trading volumes, particularly in derivatives, would cut revenue with no cost offset.
  • This is a heavily regulated business. SEBI decisions on derivative lot sizes, expiry frequency and transaction charges directly change how much the exchange earns, and such rules have been tightened in recent years.
  • A large share of income comes from the derivatives segment, so any regulatory or behavioural shift away from derivatives trading has an outsized effect.
  • No promoter is named in the data available to us and the pre-issue promoter holding is shown as not applicable, so there is no promoter group standing behind the company.
  • Exchanges attract regulatory scrutiny and litigation as a matter of course, and any adverse finding carries both financial and reputational cost.
  • Total assets grew from Rs 69,466.64 crore to Rs 87,937.44 crore while profit fell, so the additional capital employed has not yet translated into earnings.
  • At the upper band of Rs 1,785 the P/E works out to about 35.4 times on a post issue EPS of Rs 50.43, which values the exchange at about Rs 4,41,787.50 crore even as its profit is falling.

Anchor investors

189 anchors put in ₹ 6,746.22 Cr., including 98 mutual funds.

Anchor investors
LIFE INSURANCE CORP.OF INDIA22,42,584400.35.93%
LIC ULIP-GROWTH FUND2,24,096400.59%
LIC NEW PENSION PLUS GROWTH FUND56,024100.15%
GOVERNMENT PENSION FUND GLOBAL14,00,5602503.71%
MONETARY AUTHORITY OF SINGAPORE11,20,4482002.96%
ABU DHABI INVESTMENT AUTHORITY-MONSOON11,20,4482002.96%
LSOI SPV 1 LTD.5,60,2241001.48%
LSOII SPV 3 LTD.5,60,2241001.48%
FIDELITY FUNDS-INDIA FOCUS FUND9,98,520178.242.64%
DENDANA INVESTMENTS (MAURITIUS) LTD.MANAGED BY FIL INVESTMENT MANAGEMENT (SINGAPORE) LTD.35,4806.330.09%
FIDELITY INDIA FUND86,44815.430.23%
SBI BANKING & FINANCIAL SERVICES FUND5,60,2241001.48%
ICICI PRUDENTIAL BALANCED ADVANTAGE FUND1,23,84022.110.33%
ICICI PRUDENTIAL MULTI-ASSET FUND2,88,96051.580.76%
ICICI PRUDENTIAL LARGE CAP FUND3,71,51266.310.98%
HDFC LARGE CAP FUND5,35,40095.571.42%
HDFC BANKING & FINANCIAL SERVICES FUND2,48,91244.430.66%
NIPPON INDIA LARGE CAP FUND7,84,3121402.08%
KOTAK AGGRESSIVE HYBRID FUND1,74,28831.110.46%
KOTAK LARGE CAP FUND87,14415.560.23%
KOTAK CONTRA FUND52,2889.330.14%
KOTAK ELSS TAX SAVER FUND87,14415.560.23%
KOTAK MULTICAP FUND3,48,59262.220.92%
KOTAK BANKING & FINANCIAL SERVICES FUND34,8566.220.09%
AXIS LARGE CAP FUND3,64,80065.120.97%
AXIS ELSS TAX SAVER FUND3,64,80065.120.97%
AXIS ESG INTEGRATION STRATEGY FUND54,7129.770.14%
ADITYA BIRLA SUN LIFE BANKING & FINANCIAL SERVICES FUND1,40,056250.37%
ADITYA BIRLA SUN LIFE MULTI-CAP FUND2,94,88852.640.78%
ADITYA BIRLA SUN LIFE LARGE CAP FUND2,74,504490.73%
APEX HYBRID LONG-SHORT FUND7,6401.360.02%
ADITYA BIRLA SUN LIFE EQUITY SAVINGS FUND67,224120.18%
UTI AGGRESSIVE HYBRID FUND1,05,58418.850.28%
UTI LARGE & MID CAP FUND1,50,83226.920.4%
UTI LARGE CAP FUND2,41,32843.080.64%
UTI RETIREMENT FUND30,1685.380.08%
UTI MASTER EQUITY PLAN UNIT SCHEME45,2488.080.12%
UTI DIVIDEND YIELD FUND1,29,71223.150.34%
UTI BANKING & FINANCIAL SERVICES FUND45,2488.080.12%
UTI CONSERVATIVE HYBRID FUND21,1123.770.06%
UTI EQUITY SAVINGS FUND15,0802.690.04%
MIRAE ASSET LARGE CAP FUND3,92,152701.04%
MIRAE ASSET LARGE & MIDCAP FUND3,92,160701.04%
TATA MUTUAL FUND - TATA ELSS - TAX SAVER FUND99,16017.70.26%
TATA LARGE & MID CAP FUND2,12,04837.850.56%
TATA BALANCED ADVANTAGE FUND2,12,04837.850.56%
TATA BANKING & FINANCIAL SERVICES FUND1,27,16822.70.34%
TATA DIGITAL INDIA FUND1,05,88018.90.28%
TATA DIVIDEND YIELD FUND28,00850.07%
FRANKLIN ASIAN EQUITY FUND56,016100.15%
FRANKLIN INDIA LARGE CAP FUND4,76,192851.26%
FRANKLIN BUILD INDIA FUND1,79,272320.47%
INVESCO INDIA CONTRA FUND7,84,3121402.08%
SBI NPS TRUST-SBI PENSION FUND SCHEME-CENTRAL GOVT.1,96,072350.52%
SBI NPS TRUST-SBI PENSION FUND SCHEME-E TIER I3,72,55266.50.99%
SBI NPS TRUST-SBI PENSION FUND SCHEME-E TIER II28,01650.07%
SBI NPS TRUST-SBI PENSION FUND SCHEME-ATAL PENSION YOJANA1,54,05627.50.41%
SBI NPS TRUST-SBI PENSION FUND-NPS LITE SCHEME-GOVT.PATTERN28,01650.07%
SBI NPS TRUST-SBI PENSION FUND-UPS-CG SCHEME61,624110.16%
SBI LIFE INSURANCE CO.LTD.8,40,3361502.22%
HDFC LIFE INSURANCE CO.LTD.8,40,3361502.22%
EDELWEISS LARGE CAP FUND56,024100.15%
EDELWEISS AGGRESSIVE HYBRID FUND1,12,048200.3%
EDELWEISS BALANCED ADVANTAGE FUND3,92,152701.04%
EDELWEISS RECENTLY LISTED IPO FUND2,24,088400.59%
NEW YORK STATE TEACHERS RETIREMENT SYSTEM-MANAGED BY GOLDMAN SACHS ASSET MANAGEMENT,LP30,8165.50.08%
GOLDMAN SACHS FUNDS-GOLDMAN SACHS ASIA EQUITY PORTFOLIO28,01650.07%
GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO4,75,07284.81.26%
GOLDMAN SACHS ETF TRUST-GOLDMAN SACHS INDIA EQUITY ETF28,01650.07%
QSIF EQUITY LONG-SHORT FUND4,76,184851.26%
QSIF EQUITY EX-TOP 100 LONG-SHORT FUND3,08,128550.82%
EASTSPRING INVESTMENTS INDIA EQUITY OPEN LTD.5,82,6321041.54%
EASTSPRING INVESTMENTS INDIA INFRASTRUCTURE EQUITY OPEN LTD.67,224120.18%
EASTSPRING INVESTMENTS-INDIA CONSUMER EQUITY OPEN LTD.67,224120.18%
HSBC GLOBAL INVESTMENT FUNDS-INDIAN EQUITY6,27,4481121.66%
360 ONE BEST IN CLASS5,33,90495.31.41%
FP CARMIGNAC EMERGING MARKETS67,16011.990.18%
CARMIGNAC PORTFOLIO4,03,99272.111.07%
CARMIGNAC EMERGENTS6,49,296115.91.72%
INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD.9,80,3921752.59%
ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK INDIA OPPORTUNITIES FUND2,28,94440.870.61%
ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND3,87,30469.131.02%
WHITEOAK CAPITAL FLEXI CAP FUND56,024100.15%
WHITEOAK CAPITAL ELSS TAX SAVER FUND5,60010.01%
WHITEOAK CAPITAL LARGE CAP FUND50,42490.13%
WHITEOAK CAPITAL BALANCED ADVANTAGE FUND11,20820.03%
WHITEOAK CAPITAL SPECIAL OPPORTUNITIES FUND11,20820.03%
WHITEOAK CAPITAL MULTI ASSET ALLOCATION FUND11,20820.03%
WHITEOAK CAPITAL MULTI CAP FUND44,81680.12%
WHITEOAK CAPITAL BALANCED HYBRID FUND11,20820.03%
WHITEOAK CAPITAL LARGE & MID CAP FUND70,00812.50.19%
WHITEOAK CAPITAL BANKING & FINANCIAL SERVICES FUND56,024100.15%
WHITEOAK CAPITAL ESG BEST-IN-CLASS STRATEGY FUND1,4000.250%
WHITEOAK CAPITAL QUALITY EQUITY FUND12,6082.250.03%
WHITEOAK CAPITAL EQUITY SAVINGS FUND2,8000.50.01%
WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND11,20820.03%
WHITEOAK CAPITAL DIVIDEND YIELD FUND8,4001.50.02%
VALIANT MAURITIUS PARTNERS OFFSHORE LTD.7,28,2881301.93%
VALIANT INDIA OPPORTUNITIES LTD.56,024100.15%
HSBC LARGE CAP FUND94,33616.840.25%
HSBC LARGE & MID CAP FUND56,96010.170.15%
HSBC ELSS TAX SAVER FUND1,36,68824.40.36%
HSBC FLEXI CAP FUND2,05,00836.590.54%
DSP MULTI ASSET ALLOCATION FUND3,08,120550.82%
DSP BANKING & FINANCIAL SERVICES FUND1,12,048200.3%
HDFC NPS TRUST-HDFC PENSION MANAGEMENT CO.LTD.-SCHEME E-TIER I1,23,248220.33%
HDFC NPS TRUST-HDFC PENSION MANAGEMENT CO.LTD.-SCHEME E-TIER II1,00,840180.27%
HDFC NPS TRUST-HDFC PF NPS EQUITY ADVANTAGE FUND-TIER I39,21670.1%
HDFC NPS TRUST-HDFC PENSION MANAGEMENT CO.LTD.-NPS VATSALYA SCHEME16,80830.04%
AXIS MAX LIFE INSURANCE LTD.-ULIF 00125/06/04 LIFEGROWTH104-GROWTH FUND84,27215.040.22%
AXIS MAX LIFE INSURANCE LTD.-ULIF 01108/02/07 LIFEGRWSUP104-GROWTH SUPER FUND2,80,112500.74%
AXIS MAX LIFE INSURANCE LTD.-UEGFH-HIGH GROWTH FUND II30,8085.50.08%
PGIM INDIA FLEXI CAP FUND1,12,032200.3%
PGIM INDIA MIDCAP FUND1,12,032200.3%
PGIM INDIA LARGE & MIDCAP FUND22,43240.06%
ITI MULTI CAP FUND56,032100.15%
ITI SMALL CAP FUND56,024100.15%
ITI LARGE CAP FUND28,00850.07%
ITI BANKING & FINANCIAL SERVICES FUND11,20020.03%
ITI FLEXI CAP FUND56,024100.15%
ITI LARGE & MIDCAP FUND39,20870.1%
BAJAJ FINSERV LARGE & MID CAP FUND1,68,064300.44%
BAJAJ FINSERV BANKING & FINANCIAL SERVICES FUND39,21670.1%
UNION FLEXI CAP FUND1,06,440190.28%
UNION SMALL CAP FUND61,624110.16%
UNION LARGECAP FUND39,21670.1%
LIC MF LARGE CAP FUND1,51,256270.4%
LIC MF VALUE FUND56,024100.15%
SAMCO MULTI CAP FUND53,2569.510.14%
SAMCO LARGE CAP FUND44,80080.12%
SAMCO LARGE & MID CAP FUND47,6008.50.13%
VALUE PARTNERS HIGH-DIVIDEND STOCKS FUND84,032150.22%
VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND84,032150.22%
INDIA EQUITY FUND I1,40,056250.37%
ZURICH INVEST INSTITUTIONAL FUNDS-ZIF AKTIEN EMERGING MARKETS-EM SYSTEMATIC EQUITY PORTFOLIO MANAGED BY WELLINGTON MANAGEMENT INTERNATIONAL LTD.61,11210.910.16%
VANGUARD EMERGING MARKETS SELECT STOCK FUND71,98412.850.19%
MOTILAL OSWAL LARGE CAP FUND1,34,448240.36%
NJ BALANCED ADVANTAGE FUND1,43,69625.650.38%
NJ FLEXI CAP FUND1,75,63231.350.46%
BANDHAN CONTRA FUND1,00,840180.27%
BARODA BNP PARIBAS BANKING & FINANCIAL SERVICES FUND31,7445.670.08%
BARODA BNP PARIBAS LARGE & MID CAP FUND63,48811.330.17%
LIC NPS TRUST-LIC PENSION FUND SCHEME E-TIER I84,032150.22%
AMBAR GLOBAL FUND LP2,80,112500.74%
KRONE FINSTOCK PRIVATE LIMITED2,80,112500.74%
ZETA GLOBAL FUNDS (OEIC) PCC LTD.-ZETA SERIES A FUND PC1,68,064300.44%
FLC INVESTCO,LLC1,40,048250.37%
GHISALLO MASTER FUND LP1,12,040200.3%
AUTHUM INVESTMENT & INFRASTRUCTURE LTD.84,032150.22%
GLOBE FINCAP LTD.1,12,040200.3%
VENUS INVESTMENTS VCC-VENUS STELLAR FUND1,12,040200.3%
VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES1,12,040200.3%
NX INDIA OPPORTUNITY GIFT TRUST1,12,040200.3%
INTELLECTIVE FUNDS VCC-RIGA GROWTH FUND1,12,040200.3%
ABAKKUS GROWTH FUND-OPEN ENDED84,032150.22%
FLUMEN INVESTMENT TRUST-1729 GROWTH FUND I84,032150.22%
KINGSWAY FUND-FRONTIER CONSUMER FRANCHISES84,032150.22%
ACM MASTER FUND84,032150.22%
BANK OF INDIA ELSS TAX SAVER56,024100.15%
BANK OF INDIA BUSINESS CYCLE FUND22,40040.06%
UTI NPS TRUST-UTI PENSION FUND SCHEME-E TIER I63,30411.30.17%
UTI NPS TRUST-UTI PENSION FUND-NPS LITE SCHEME-GOVT.PATTERN15,1202.70.04%
DURO INDIA OPPORTUNITIES FUND PTE.LTD.72,824130.19%
KOTAK MAHINDRA LIFE INSURANCE CO.LTD.61,624110.16%
EDELWEISS LIFE INSURANCE CO.LTD.61,624110.16%
SBI GENERAL INSURANCE CO.LTD.61,624110.16%
AXIS NPS TRUST-AXIS PENSION FUND MANAGEMENT LTD.-SCHEME E-TIER I51,5449.20.14%
NPS TRUST A/C - AXIS PENSION FUND MANAGEMENT LIMITED SCHEME E- TIER II1,4000.250%
AXIS NPS TRUST-AXIS PENSION FUND MANAGEMENT LTD.-NPS GOLDEN YEARS FUND-GROWTH TIER I2,2400.40.01%
AXIS NPS TRUST-AXIS PENSION FUND MANAGEMENT LTD.-NPS VATSALYA SCHEME8400.150%
ARVESTA FINANCIAL SERVICES PVT.LTD.28,01250.07%
NEO ALTERNATIVES INVESTMENT TRUST-NEO TREASURY PLUS FUND28,01250.07%
LYPTUS PUNCH CARD FUND LVF56,026100.15%
HCL CAPITAL PVT.LTD.28,01350.07%
ASHIKA GLOBAL FINANCE PVT.LTD.28,01350.07%
RAJASTHAN GLOBAL SECURITIES PVT.LTD.28,01250.07%
WINRO COMMERCIAL (INDIA) LTD.28,01250.07%
GROWW LARGE CAP FUND7,0031.250.02%
GROWW MULTICAP FUND21,0093.750.06%
DHARMAYUG INVESTMENTS LTD.28,01250.07%
SB OPPORTUNITIES FUND II28,01250.07%
VINEY GROWTH FUND28,01250.07%
NAVI FINSERV LTD.28,01250.07%
MONEYWISE FINANCIAL SERVICES PVT.LTD.28,01250.07%
ASTORNE CAPITAL VCC-ARVEN1,12,040200.3%
SOCIETE GENERALE-ODI17,70,3063164.68%
BNP PARIBAS FINANCIAL MARKETS-ODI9,80,3921752.59%
MORGAN STANLEY ASIA (SINGAPORE) PTE.-ODI1,40,056250.37%
BOFA SECURITIES EUROPE SA-ODI28,01350.07%

Registrar, lead managers and documents

Listing on
BSE
Face value
₹ 1 a share
Lead managers
JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., Nuvama Wealth Management Ltd., Axis Capital, ICICI Securities, Motilal Oswal Investment Advisors, IDBI Capital Markets & Securities Ltd., Avendus Capital, Equirus Capital Pvt.Ltd., Kotak Mahindra Capital Company Limited, Pantomath Capital Advisors Pvt Ltd, IIFL Capital Services Limited, Dam Capital Advisors Ltd, Hdfc Bank Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.