NSE Assures Enough Shareholders SEBI's IPO Compliance

NSE has indicated that it already has enough shareholder participation for its upcoming IPO, even if the company’s valuation crosses  Rs.5 lakh cr (Rs.5 trillion). The company's management addressed the question of if NSE had enough OFS participation to meet the legal requirements if NSE IPO valuation goes to Rs 5 trillion.

Based on the current NSE unlisted share price of around Rs. 2,084.37-Rs. 2,045 per share, the NSE valuation is estimated at nearly Rs. 5.06 lakh cr.
Let’s understand what SEBI's updated IPO Size regulations are for NSE before launching its IPO.

SEBI’s Updated Regulations For IPO Size

Since NSE valuation is already around Rs. 5.06 trillion in the unlisted market. Now, the exchange may fall into SEBI’s highest IPO compliance bracket. This means the NSE IPO may need a minimum public offer of Rs. 15,000 cr along with at least 2.5% dilution. However, the NSE management stated that enough shareholders are already willing to participate in the OFS route. It might be reducing concerns around regulatory compliance and IPO execution.

NSE IPO Could Likely Exceed Rs 20,000 Crore

According to Mint, NSE IPO could likely exceed Rs. 20,000 cr, as the exchange likely received an EOI (Expression of Interest) for OFS participation for nearly 4-5% equity by late April.

In this, major shareholders might include the LIC, Stock Holding Corporation of India, and Singapore’s Temasek Holdings. NSE management also clarified that there are currently no plans to issue bonus shares before the IPO.

NSE's FY26 Profit Declines But PAT Rises 15%

• Around 5th May, NSE announces its Q4 FY26 results, which show an increase in revenue but also a decline year-over-year. The decline in yearly revenue was due to a moderation in overall market activity.

• NSE’s FY26 revenue declined by 3% YoY, while PAT fell by 15%. The decline was mainly due to lower transaction charge income, weaker clearing & settlement revenue, and a slowdown in overall trading activity.

• Average Daily Turnover (ADT) in equity cash fell 7% YoY, while equity futures and options ADT declined 14% and 8%, respectively. The decline was possible due to SEBI’s tighter derivatives regulations and broader market correction.  

• However, revenue from operations rose nearly 27% QoQ, mainly supported by a 34% jump in transaction charges and stronger trading activity. Also, PAT rose by 19% QoQ.
  
  NSE also announced a final dividend of Rs 35 per share, including a special one-time dividend of Rs.10 per share.

Also Read: NSE Q4 FY26 Results Out: What All Happened?

NSE IPO Moves Closer as Exchange Targets 15 June DRHP Filing 

A long-awaited NSE IPO is possibly now moving into the final preparation stage. According to Business Standard, the NSE reportedly targets June 15, 2026, to file its DRHP. Filing before June-end will allow NSE to include its latest FY26 financials, which were already discussed earlier.

To support the IPO process, NSE has scheduled an Extraordinary General Meeting (EGM) on May 25 for amendments to its Articles of Association (AoA). After filing the DRHP, NSE will wait for final observations and approval from SEBI, a process that possibly takes around 2-3 months.

The exchange has also been trying since 2016 to close long-pending regulatory matters related to the colocation and dark fiber cases through a proposed settlement of over Rs. 1,800 Cr, as recommended by SEBI’s high-powered advisory panel. Resolving these legacy issues could be considered one of the biggest steps toward clearing the path for the NSE IPO.  NSE has additionally strengthened its board and appointed around 20 merchant bankers and 8 legal advisors ahead of the listing process.