NSE filed its DRHP with SEBI on June 17, 2026, targeting India's largest-ever IPO at ~₹30,000 crore — entirely an Offer for Sale — with global investor roadshows kicking off July 17 across the US, UK, Hong Kong, and Singapore. SEBI's observation letter is expected by August, with the IPO targeted to open in September 2026.
The exchange that prices everyone else is finally getting priced itself. NSE's IPO roadshow is live, and the number being whispered is a ₹5 trillion valuation on ₹18,700 crore of FY26 revenue and a ₹10,302 crore profit after tax. Operating EBITDA margins sit at ~67%. That is not a company. That is a toll booth.
Here is how a CFO reads a business like this. When margins are that high and the moat is genuinely structural — NSE runs ~90% of India's equity derivatives volume — the valuation conversation shifts from earnings multiples to replacement cost and ecosystem lock-in. You are not buying a stock; you are buying the infrastructure underneath every other stock.
The wrinkle a CFO would flag immediately: this is a 100% OFS — Offer for Sale — meaning every rupee raised goes to selling shareholders, not to NSE's balance sheet. LIC, SBI Capital Markets, Canadian pension funds exiting. Zero fresh capital. The company gets nothing except a listing. So the question a CFO asks is: what is the seller's reservation price, and does the public-market valuation reflect the business or the urgency of shareholders who have waited a decade for liquidity?
The concept underneath this is terminal value thinking. When a business has near-zero marginal cost of adding a new listed company or derivative contract, most of its intrinsic value sits in years 10–30, not the next three. That makes the discount rate — and your assumptions about India's capital market growth — the entire argument. Get those wrong, and a 'cheap' 40x earnings can still be expensive.
📚 Learn the concept: Valuation
Source: https://www.niftytrader.in/markets/nse-ipo-likely-to-get-sebi-approval/
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