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NSE files for IPO: Could the exchange’s public offering become the largest in India’s history?

The long-awaited offer for sale (OFS) of a 6% stake could raise as much as Rs 30,000 crore. At that level, NSE would be valued at over Rs 5 lakh crore, placing it among India’s most valuable listed companies.

The NSE has filed draft papers to sell a 6% stake. Wikimedia Commons

5 min readMumbaiJun 18, 2026 03:53 PM IST First published on: Jun 18, 2026 at 03:05 PM IST

After nearly a decade of delays caused by regulatory hurdles, the National Stock Exchange (NSE), India’s largest stock exchange, finally submitted its IPO (initial public offering) documents late on Wednesday.

Market estimates suggest the offering could raise around Rs 20,000 crore through an offer for sale (OFS), although some participants believe the issue could be significantly larger at Rs 25,000 crore-Rs 30,000 crore.

An OFS is a type of IPO where a company’s promoters or early investors sell their existing shares on the primary market, rather than issuing new shares to raise fresh capital. For instance, India’s largest IPO, by Hyundai Motor, was a pure OFS issue.

If the NSE offering is priced at the upper end of these projections, it could become the largest public offering in India’s history, surpassing Hyundai Motor India’s Rs 27,870 crore IPO launched in 2024. NSE shares are trading at around Rs 2,035 in the unofficial private market, implying a potential IPO size of around Rs 30,000 crore. But there is no certainty that the issue will be priced at those levels.

India’s biggest IPOs

Hyundai Motor India, which raised Rs 27,870 crore through the IPO, debuted with a valuation of around Rs 1.59 lakh crore during its IPO. LIC, currently India’s second-largest IPO, raised Rs 21,008 crore in 2022 through the sale of a 3.5% stake, valuing the insurer at Rs 6 lakh crore.

India's biggest IPOs

Paytm, Tata Capital and Coal India complete the list of the five largest IPOs in India, having raised between Rs 15,000 crore and Rs 18,000 crore each. The remaining spots in the top 10 are occupied by HDB Financial Services, LG Electronics India, Swiggy, General Insurance Corporation and NTPC Green Energy, all of which raised between Rs 10,000 crore and Rs 12,500 crore through their public offerings.

NSE’s rival, BSE, raised Rs 1,243.43 crore through its 2017 IPO at a valuation of roughly Rs 4,400 crore. Today, BSE commands a market capitalization of more than Rs 1.65 lakh crore.

NSE’s valuation could exceed Rs 5 lakh crore

The NSE has filed draft papers to sell up to 14.89 crore shares, representing nearly a 6% stake in the company. If the IPO for the 6% stake raises around Rs 30,000 crore, it would imply a valuation of more that Rs 5 lakh crore for the entire company.

“At roughly 40x FY26 projected PAT [profit after tax], a Rs 5 lakh crore valuation may appear expensive at first glance. However, it is broadly in line with several global exchange peers. In fact, there could still be upside left on the table, and I believe the stock has the potential to double within 2-3 years of listing,” said the head of research at a domestic brokerage firm.

“This view is based on NSE’s ability to sustain its current profitability levels and maintain its dominant position across both cash and derivatives markets. Additionally, the steady expansion of India’s retail investor base, reflected in strong growth in demat accounts, provides a powerful structural tailwind. Taken together, these factors could make NSE an attractive long-term investment opportunity,” he said.

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Such a valuation would place the NSE among the 10 most valuable listed companies in India, surpassing Infosys, whose current market capitalisation stands at around Rs 4.6 lakh crore. At present, Reliance Industries is India’s most valuable listed company with a market capitalisation of approximately Rs 18 lakh crore, followed by HDFC Bank at about Rs 12.26 lakh crore and Bharti Airtel at more than Rs 11.41 lakh crore.

Other members of the top tier include SBI, ICICI Bank, TCS, Bajaj Finance, LIC, L&T and Hindustan Unilever, each with market capitalisations ranging between Rs 5 lakh crore and Rs 10 lakh crore.

Why is NSE valuation so high?

NSE commands a substantially higher valuation than its peers, driven by its significantly larger revenue base and dominant position across both cash and derivatives trading segments. In FY26, NSE reported consolidated revenue of Rs 16,601 crore, compared with approximately Rs 4,834 crore reported by BSE.

This revenue advantage stems from NSE’s leadership across multiple market segments.

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According to IDBI Capital, as of FY26, NSE held a 92.99% market share in cash equities (based on total turnover), 99.79% in equity futures, 74.71% in equity options (based on premium turnover), 99.48% in exchange-traded currency futures, and 100% in exchange-traded currency options (based on total industry premium turnover). Furthermore, NSE has ranked as the world’s largest exchange for equity derivatives contracts traded for seven consecutive years.

NSE’s revenue from operations was Rs 16,601 crore during FY26 as against Rs 14,780 crore during FY24. Its net profit was Rs 10,302 crore during FY26 as against Rs 8,305 crore during FY24, NSE said.

As per World Federation of Exchanges, NSE retained its position as the largest equity derivatives exchange globally with over 36.99 billion (including NSE International Exchange) contracts traded in Fiscal 2026. The exchange’s strong market dominance, diversified revenue streams, and global leadership in derivatives trading underpin its premium valuation relative to peers.