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The National Stock Exchange of India (NSE) on Wednesday said its proposed initial public offering (IPO) has enough shareholders participating in the offer-for-sale even if the company is valued at over ₹5 trillion.
During a post-earnings conference call, the company’s management was responding to a question from an analyst on whether it had enough OFS participation to meet regulatory requirements at over ₹5 trillion valuation.
To be sure, companies with a market capitalisation exceeding ₹5 trillion are required to make a minimum public offer of ₹15,000 crore and to issue at least 1% of the post-issue market cap, subject to a minimum dilution of 2.5%.
The NSE's valuation is currently around ₹5.06 trillion, based on its unlisted share price. This valuation is significant as it triggers specific regulatory requirements for the minimum public offer.
If NSE's valuation exceeds ₹5 trillion, it must make a minimum public offer of ₹15,000 crore and ensure at least a 1% post-issue market cap dilution, with a minimum of 2.5%. For valuations between ₹1 trillion and ₹5 trillion, the minimum public offer is ₹6,250 crore or 2.75% dilution.
Yes, NSE has indicated sufficient shareholder participation in its Offer for Sale (OFS) even if the company's valuation surpasses ₹5 trillion. Expressions of interest for around 4-5% equity have been received from major holders.
NSE's revenue and profit declined in FY26 primarily due to a reduced share of income from transaction charges and clearing and settlement income. Market activity also moderated, with lower average daily turnover in equity cash and derivatives trading.
No, the NSE has stated that it has no plans to issue bonus shares to investors ahead of its planned initial public offering.
If the valuation is between ₹1 trillion and ₹5 trillion, the minimum public offer requirement is at least ₹6,250 crore, or 2.75% of post-issue market cap.
Based on the current unlisted share price of NSE, which can be bought between ₹2,030 and ₹2,045 apiece, the company is valued at around ₹5.06 trillion.
NSE is currently drafting offer documents for its mega IPO, which could be worth over ₹20,000 crore. As part of the draft red herring prospectus process, the exchange likely received expressions of interest for offer for sale (OFS) participation of around 4–5% of its equity by late April, Mint has learnt. This included commitments from major holders like the Life Insurance Corporation of India, Stock Holding Corp. of India, and Singapore-based investment company Temasek Holdings.
Addressing a question by an individual investor in the post earnings conference call on Wednesday, the stock exchange also said that it has no plans to issue bonus shares to investors ahead of the planned IPO.
The IPO is part of a wave of major public offerings expected in 2026, with high-profile listings anticipated from Reliance's Jio Platforms, SBI Funds Management, and Flipkart. This follows a record-breaking 2025 for the primary market, in which 371 companies raised over ₹1.75 trillion, bolstered by the massive debuts of HDB Financial Services, LG Electronics India, and ICICI Prudential Asset Management.
On Tuesday, the exchange reported a 3% year-on-year decline in revenue and a 15% drop in profit for FY26. Revenue fell 3% to ₹16,601 crore from ₹17,141 crore a year ago, while profit declined 15% to ₹10,302 crore.
Revenue fell mainly on the back of a decline in the share of income from transaction charges and clearing and settlement income. Income from transaction charges fell 4% year-on-year to ₹13,057 crore from ₹13,636 crore the previous year, while clearing and settlement income fell 22% to ₹251 crore from ₹321 crore.
This comes against the backdrop of a volatile market and a cooling of derivatives trading. According to NSE's Market Pulse report from April 2026, "Market activity moderated in FY26, with equity cash ADT declining 7% year-on-year to ₹1.05 trillion and derivatives witnessing a similar slowdown—equity futures and options ADT falling 14% and 8% year-on-year, respectively." ADT, or average daily turnover, is a liquidity metric that measures the total value of derivatives contracts traded on a platform, averaged over a particular period.
Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.
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