Overview
Updated 12 days agoThe National Stock Exchange of India (NSE) is a leading multi-asset class stock exchange, providing a comprehensive platform for trading, clearing, and settlement. It maintains a dominant market share in India across cash and derivative segments, supported by a robust, technology-driven infrastructure.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 8 | ₹14,280 |
| Retail (max) | 14 | 112 | ₹1,99,920 |
| sNII (min) | 15 | 120 | ₹2,14,200 |
| bNII (min) | 71 | 568 | ₹10,13,880 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | Mainboard |
| Sector | Finance |
| Price band | ₹1,700–1,785 |
| Final issue price | ₹1,785.00 |
| Face value | ₹1 per share |
| Lot size | 8 shares |
| Minimum investment | ₹14,280 |
| Issue size | ₹22,561 Cr |
| P/E at upper band | 42.9x |
| Registrar | MUFG Intime India Private Limited |
| NSE symbol | NSE |
| ISIN | INE721I01024 |
Company & business
Established in 1992, the National Stock Exchange of India (NSE) has transformed India's capital markets by providing a transparent, technology-driven ecosystem for trading, clearing, and settlement. As a first-level regulator, it offers a vertically integrated platform covering cash markets, equity derivatives, currency derivatives, and debt instruments. The exchange is a global leader in terms of contracts traded in equity derivatives and number of trades in cash equities. NSE operates through key subsidiaries like NSE Clearing Limited and NSE Indices Limited, providing a one-stop solution for market participants. Its infrastructure is designed for high-speed, high-frequency transactions, ensuring resilience and security for millions of registered investors and thousands of listed entities.
Objects of the issue — how the money will be used
- Carry out the Offer for Sale
- Achieve the benefits of listing the Equity Shares on BSE
Key strengths
- Largest stock exchange in India by turnover across cash and derivative segments.
- Global leader in equity derivatives contracts and cash equity trades.
- Vertically integrated business model covering trading, clearing, and settlement.
- Robust, scalable, and resilient technology infrastructure with high-frequency processing capabilities.
- Strong brand reputation synonymous with trust, transparency, and regulatory compliance.
- Significant network effects driven by a vast base of registered investors and listed entities.
- Consistent financial performance with sustained cash generation and high operating margins.
Key risks
- Dependence on the performance of Indian capital markets and economic conditions.
- Intense competition from other domestic and international stock exchanges.
- Regulatory risks associated with being a Market Infrastructure Institution (MII).
- Technological risks, including potential system failures or cybersecurity threats.
- Reliance on third-party industry reports and market data for strategic planning.
- Potential impact of changes in regulatory policies or SEBI directives.
- Concentration of revenue from transaction charges in specific market segments.
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 14,780.01 | -- | 8,305.74 | 65,463.98 | 23,973.88 | -- |
| FY25 | 17,140.68 | -- | 12,187.69 | 69,466.64 | 30,353.33 | -- |
| FY26 | 16,601.31 | -- | 10,302.06 | 87,937.44 | 32,113.54 | -- |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| National Stock Exchange of India this issue | 16,601.3 | 41.62 | 42.9x | 33.21 | 129.75 |
| BSE Limited | 4,834.0 | 60.61 | 54.3 | 45.00 | 163.60 |
This issue is priced at 42.9x P/E against a peer median of 54.3x: a discount of 21%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.