NSE Chief Executive Officer Ashishkumar Chauhan
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NSE’s ₹22,000-crore-plus IPO, priced in the ₹1,700-1,785 band, against street expectations of a valuation of over ₹2,000 per share, has prompted several existing shareholders to scale back their planned stake sales. Investors eventually offered 12.64 crore shares, representing 5.11 per cent of the exchange’s equity, through the offer-for-sale (OFS).At the lower valuation, only around 4.1-4.25 per cent of the company’s equity needed to be offered to meet regulatory norms, NSE Chief Executive Officer Ashishkumar Chauhan said. The final OFS size is lower than the 14.89 crore shares proposed in the draft prospectus. The IPO is estimated to raise ₹21,494-22,569 crore, significantly lower than the earlier estimate of around ₹30,000 crore, reflecting the lower-than-expected valuation.Several shareholders, led by SBI and MS Strategic (Mauritius), reduced their proposed stake sales at the RHP stage, while SBI Capital Markets joined the OFS with 87.8 lakh shares on offer, and Amit Kumar Lohia withdrew. Other major investors, including CPPIB, Aranda Investments, and a clutch of insurers, continue to participate.“It was a challenge. It was harder to convince the selling shareholders to part with their stakes than to persuade incoming investors to invest,” an investment banker associated with the issue said.The IPO is entirely an OFS, with no proceeds accruing to NSE. The exchange, which has no promoter, said it will eventually move towards a 100 per cent public float, subject to applicable lock-in requirements.The public issue will open for subscription on September 17, 2026, and close on September 21, 2026. The allocation to anchor investors is scheduled for September 16, a day ahead of the issue opening.As it prepares for listing, NSE is looking to reduce its dependence on weekly index derivatives, which accounted for 46 per cent of operating revenue in FY26. Transaction charges remain its largest revenue source, though their contribution has fallen to 70 per cent from 79 per cent five years ago.“New revenue streams such as data, connectivity, and indices collectively account for almost 11 per cent of our revenue. These segments are growing at a very fast pace,” Chauhan said, adding that “we hope to achieve even greater diversification going forward.”NSE is exploring opportunities in electronic gold receipts, specialised investment funds, and exchange-traded funds, while options contributed 60 per cent of operating revenue in FY26. The exchange expects technology spending to rise by 17-18 per cent annually.Meanwhile, Chauhan said NSE has not sought SEBI approval for its shares to trade on its own platform, though it may do so later, and it remains aligned with the regulator.Published on September 11, 2026
