{"id":53311,"date":"2026-09-12T12:34:05","date_gmt":"2026-09-12T07:04:05","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=53311"},"modified":"2026-09-12T12:35:13","modified_gmt":"2026-09-12T07:05:13","slug":"national-stock-exchange-of-india-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/national-stock-exchange-of-india-ipo\/","title":{"rendered":"National Stock Exchange of India IPO"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\t\n\n\n \n \n National Stock Exchange of India (NSE) IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* ==========================================================================\n 1. DESIGN TOKENS & RESET\n ========================================================================== *\/\n :root {\n --brand-primary: #16a34a;\n --brand-primary-hover: #15803d;\n --brand-light: #f0fdf4;\n --brand-border: #bbf7d0;\n\n --neutral-900: #0f172a;\n --neutral-800: #1e293b;\n --neutral-700: #334155;\n --neutral-600: #475569;\n --neutral-500: #64748b;\n --neutral-200: #e2e8f0;\n --neutral-100: #f1f5f9;\n --neutral-50: #f8fafc;\n --surface: #ffffff;\n\n --radius-sm: 6px;\n --radius-md: 10px;\n --radius-lg: 16px;\n --radius-full: 9999px;\n\n --shadow-subtle: 0 1px 3px rgba(0, 0, 0, 0.04), 0 1px 2px rgba(0, 0, 0, 0.02);\n --shadow-card: 0 4px 12px -2px rgba(15, 23, 42, 0.06), 0 2px 6px -2px rgba(15, 23, 42, 0.04);\n --shadow-hover: 0 12px 24px -4px rgba(15, 23, 42, 0.10);\n\n --font-stack: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Inter, \"Helvetica Neue\", sans-serif;\n }\n\n *, *::before, *::after {\n box-sizing: border-box;\n margin: 0;\n padding: 0;\n }\n\n body {\n font-family: var(--font-stack);\n background-color: var(--neutral-50);\n color: var(--neutral-700);\n line-height: 1.75;\n -webkit-font-smoothing: antialiased;\n }\n\n \/* ==========================================================================\n 2. LAYOUT WRAPPER\n ========================================================================== *\/\n .cmr-article-wrapper {\n max-width: 760px;\n margin: 32px px 64px;\n background: var(--surface);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-lg);\n padding: 40px 32px;\n box-shadow: var(--shadow-card);\n }\n\n \/* ==========================================================================\n 3. HEADER & META\n ========================================================================== *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 10px;\n margin-bottom: 18px;\n }\n\n .tag-badge {\n display: inline-flex;\n align-items: center;\n gap: 6px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: var(--radius-full);\n padding: 3px 12px;\n font-size: 11px;\n font-weight: 700;\n letter-spacing: 0.06em;\n text-transform: uppercase;\n }\n\n .tag-badge::before {\n content: \"\";\n width: 6px;\n height: 6px;\n background-color: var(--brand-primary);\n border-radius: 50%;\n }\n\n .meta-source {\n font-size: 13px;\n font-weight: 500;\n color: var(--neutral-500);\n }\n\n h1.post-title {\n font-size: 28px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n letter-spacing: -0.02em;\n margin-bottom: 24px;\n }\n\n h2.section-heading {\n font-size: 19px;\n font-weight: 700;\n color: var(--neutral-900);\n margin: 36px 0 16px;\n letter-spacing: -0.01em;\n display: flex;\n align-items: center;\n gap: 8px;\n }\n\n .cmr-article-wrapper p {\n font-size: 15.5px;\n margin-bottom: 18px;\n color: var(--neutral-700);\n text-align: justify;\n }\n\n .cmr-article-wrapper strong {\n color: var(--neutral-900);\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 4. IPO AT A GLANCE GRID\n ========================================================================== *\/\n .cmr-glance-title {\n font-size: 12px;\n font-weight: 700;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.08em;\n margin: 28px 0 14px;\n display: flex;\n align-items: center;\n gap: 12px;\n }\n\n .cmr-glance-title::after {\n content: '';\n flex: 1;\n height: 1px;\n background: var(--neutral-200);\n }\n\n .cmr-glance-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin-bottom: 16px;\n }\n\n .cmr-glance-item {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px;\n transition: all 0.2s ease-in-out;\n }\n\n .cmr-glance-item:hover {\n background: var(--surface);\n border-color: #cbd5e1;\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .cmr-glance-item.cmr-highlight {\n background: linear-gradient(145deg, #ffffff, var(--brand-light));\n border-color: var(--brand-border);\n }\n\n .cmr-glance-item.cmr-highlight .cmr-g-value {\n color: var(--brand-primary);\n }\n\n .cmr-g-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n font-weight: 600;\n letter-spacing: 0.04em;\n margin-bottom: 4px;\n }\n\n .cmr-g-value {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n }\n\n .cmr-g-sub {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 4px;\n }\n\n .glance-badge {\n background: var(--neutral-100);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-sm);\n padding: 10px 14px;\n font-size: 13px;\n color: var(--neutral-600);\n margin-bottom: 28px;\n font-weight: 500;\n text-align: center;\n }\n\n \/* ==========================================================================\n 5. FEATURE LISTS\n ========================================================================== *\/\n .cmr-feature-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 12px;\n }\n\n .cmr-feature-list li {\n position: relative;\n padding-left: 28px;\n font-size: 15px;\n color: var(--neutral-700);\n }\n\n .cmr-feature-list li::before {\n position: absolute;\n left: 0;\n top: 1px;\n width: 18px;\n height: 18px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: 50%;\n display: flex;\n align-items: center;\n justify-content: center;\n font-size: 11px;\n font-weight: 800;\n }\n\n \/* ==========================================================================\n 6. TABLES (FINANCIAL & RESERVATION) - DESKTOP BASE\n ========================================================================== *\/\n .table-container {\n width: 100%;\n overflow-x: auto;\n -webkit-overflow-scrolling: touch;\n margin: 18px 0;\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n background: var(--surface);\n }\n\n .fin-table, .res-table {\n width: 100%;\n border-collapse: collapse;\n font-size: 14.5px;\n text-align: left;\n }\n\n .fin-table th, .fin-table td,\n .res-table th, .res-table td {\n padding: 12px 18px;\n border-bottom: 1px solid var(--neutral-200);\n }\n\n .fin-table thead tr, .res-table thead tr {\n background: var(--neutral-100);\n }\n\n .fin-table th {\n font-weight: 700;\n color: var(--neutral-800);\n text-align: right;\n }\n\n .fin-table th:first-child, .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: var(--neutral-700);\n text-align: right;\n font-variant-numeric: tabular-nums;\n }\n\n .res-table td {\n color: var(--neutral-700);\n text-align: left;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: var(--neutral-900);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background-color: var(--neutral-50);\n }\n\n .fin-table tbody tr:last-child td, .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 6px;\n margin-bottom: 24px;\n }\n\n \/* ==========================================================================\n 7. KPI STATS CARDS\n ========================================================================== *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin: 20px 0 28px;\n }\n\n .kpi-card {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n background: var(--surface);\n border-color: var(--brand-border);\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .kpi-card .kpi-value {\n font-size: 20px;\n font-weight: 800;\n color: var(--brand-primary);\n line-height: 1.2;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.05em;\n margin-top: 4px;\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 8. OBJECTS OF THE ISSUE LIST\n ========================================================================== *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 10px;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: var(--radius-md);\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n font-size: 14.5px;\n }\n\n .objects-list li .obj-label {\n color: var(--neutral-700);\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: var(--neutral-900);\n white-space: nowrap;\n margin-left: 16px;\n background: var(--surface);\n padding: 2px 8px;\n border-radius: var(--radius-sm);\n border: 1px solid var(--neutral-200);\n }\n\n \/* ==========================================================================\n 9. VERDICT BOX & CTA\n ========================================================================== *\/\n .cmr-verdict-card {\n background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n border: 1px solid var(--brand-border);\n border-left: 5px solid var(--brand-primary);\n padding: 24px;\n border-radius: var(--radius-md);\n margin: 36px 0;\n }\n\n .cmr-verdict-title {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n margin-bottom: 8px;\n }\n\n .cta-wrap {\n text-align: center;\n margin: 36px 0 16px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n gap: 8px;\n background: var(--brand-primary);\n color: #ffffff !important;\n font-size: 15px;\n font-weight: 700;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: var(--radius-full);\n box-shadow: 0 4px 14px rgba(22, 163, 74, 0.25);\n transition: all 0.2s ease;\n cursor: pointer;\n }\n\n .cta-btn:hover {\n background: var(--brand-primary-hover);\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(22, 163, 74, 0.35);\n }\n\n .source-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 32px;\n border-top: 1px solid var(--neutral-200);\n padding-top: 14px;\n text-align: center;\n }\n\n hr.divider {\n border: none;\n border-top: 1px solid var(--neutral-200);\n margin: 32px 0;\n }\n\n \/* ==========================================================================\n 10. RESPONSIVE MOBILE BREAKPOINTS & TABLE-TO-CARD REDESIGN\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n\n \/* \u2500\u2500 Responsive Table Stacking Transformation \u2500\u2500 *\/\n .table-container {\n border: none;\n background: transparent;\n overflow: visible;\n margin: 14px 0;\n }\n\n .fin-table, .res-table {\n display: block;\n width: 100%;\n border: none;\n }\n\n .fin-table thead, .res-table thead {\n display: none;\n }\n\n .fin-table tbody, .res-table tbody {\n display: block;\n width: 100%;\n }\n\n .fin-table tbody tr, .res-table tbody tr {\n display: block;\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 14px 16px;\n margin-bottom: 14px;\n box-shadow: var(--shadow-subtle);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background: var(--neutral-50);\n }\n\n .fin-table td, .res-table td {\n display: flex;\n justify-content: space-between;\n align-items: center;\n gap: 12px;\n padding: 8px 0;\n border-bottom: 1px dashed var(--neutral-200);\n text-align: right;\n font-size: 13.5px;\n }\n\n .res-table td {\n align-items: flex-start;\n }\n\n .fin-table tbody tr td:last-child, .res-table tbody tr td:last-child {\n border-bottom: none !important;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n display: block;\n font-size: 15px;\n font-weight: 700;\n color: var(--neutral-900);\n border-bottom: 1px solid var(--neutral-200) !important;\n padding-bottom: 8px;\n margin-bottom: 6px;\n text-align: left;\n }\n\n .fin-table td::before, .res-table td::before {\n content: attr(data-label);\n font-weight: 600;\n color: var(--neutral-500);\n font-size: 11px;\n text-transform: uppercase;\n letter-spacing: 0.04em;\n text-align: left;\n flex-shrink: 0;\n }\n\n .fin-table td:first-child::before, .res-table td:first-child::before {\n display: none !important;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n <!-- \u2500\u2500 IPO AT A GLANCE \u2500\u2500 -->\n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n\n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b91,700 \u2013 \u20b91,785<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b91 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Sep 17 \u2013 21<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">8 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,280<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b922,561.57 Cr<\/div>\n <div class=\"cmr-g-sub\">100% OFS<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE<\/div>\n <div class=\"cmr-g-sub\">Cross-Listing Only<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px;\">Kotak \/ Morgan Stanley<\/div>\n <div class=\"cmr-g-sub\">Reg: MUFG Intime<\/div>\n <\/div>\n <\/div>\n\n <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>1992<\/strong>, the National Stock Exchange of India Limited (NSE) is India’s flagship financial market infrastructure institution and the world’s largest derivatives exchange by contract volume. NSE operates a vertically integrated capital markets ecosystem comprising multi-asset trading, clearing, settlement, listing services, index administration, financial analytics, and market surveillance.\n <\/p>\n <p>\n NSE commands an overwhelming monopolistic moat across Indian financial markets, executing trade discovery across equities, equity derivatives, currency contracts, debt instruments, and mutual fund distributions:\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li><strong>Unrivaled Market Dominance:<\/strong> Commands an undisputed 99.79% market share in the cash equity segment, 99.48% in equity options premium turnover, 74.71% in equity futures, and 100% in exchange-traded currency options as of March 31, 2026.<\/li>\n <li><strong>Unmatched Structural Scale:<\/strong> Caters to over 261.36 million investor accounts, 129 million unique registered investors, 1,328 trading members, and 3,005 listed corporations aggregating \u20b9474.08 trillion (~$5.7T) in market capitalization.<\/li>\n <li><strong>Diversified Non-Trading Moats:<\/strong> Recurring fee-income streams driven by NSE Clearing Ltd. (clearing market shares over 88%\u201391%), NSE Indices Ltd. (curating benchmark indices like Nifty 50), NSE Data & Analytics, and the NSE International Exchange (NSE IX) at GIFT City.<\/li>\n <li><strong>Pan-India Financial Inclusion:<\/strong> Highly scalable proprietary technology infrastructure servicing active investor participation across more than 99% of India’s postal pin codes.<\/li>\n <\/ul>\n\n <p>\n The company has <strong>no identifiable promoter<\/strong> and is entirely owned by institutional and public shareholders.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 HISTORY & MILESTONES \u2500\u2500 -->\n <h2 class=\"section-heading\">Company History & Key Milestones<\/h2>\n <p>\n NSE was set up in <strong>1992<\/strong> on the recommendation of the Pherwani Committee, formed in the aftermath of the Harshad Mehta securities scam to bring transparency and technology to Indian stock trading. It received recognition as a stock exchange from SEBI in April 1993 and went live in 1994 with the wholesale debt market, followed shortly by the cash market segment.\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li><strong>1995 \u2013 Screen-Based Trading:<\/strong> NSE introduced a fully automated, screen-based trading system, replacing India’s open-outcry floor trading model.<\/li>\n <li><strong>1996 \u2013 Nifty 50 Launch:<\/strong> Debuted the CNX Nifty index (renamed Nifty 50 in 2015) on April 22, 1996, which is now India’s most widely tracked equity benchmark and underlies one of the largest derivatives franchises in the world.<\/li>\n <li><strong>1999 \u2013 Fully Electronic Exchange:<\/strong> Became the first Indian exchange to completely phase out manual\/floor-based trading.<\/li>\n <li><strong>2000 \u2013 Derivatives Segment:<\/strong> Launched equity index and stock futures and options, a segment that today accounts for the overwhelming majority of NSE’s trading volumes and revenue.<\/li>\n <li><strong>2003 \u2013 Internet Trading:<\/strong> Rolled out internet-based remote trading, widening retail access beyond broker terminals.<\/li>\n <li><strong>2017 \u2013 NSE IX at GIFT City:<\/strong> Launched NSE International Exchange (NSE IX) in Gujarat’s GIFT City in June 2017, marking NSE’s entry into international, dollar-denominated derivatives trading, including GIFT Nifty contracts.<\/li>\n <li><strong>2017 \u2013 Nifty 50 at 10,000:<\/strong> The Nifty 50 crossed the 10,000 mark for the first time in July 2017, roughly 21 years after its launch.<\/li>\n <\/ul>\n\n <p>\n Over three decades, NSE has expanded from a single cash-market platform into a multi-asset group spanning NSE Clearing Ltd. (central counterparty clearing), NSE Indices Ltd. (index licensing and administration), NSE Data & Analytics (market data products), and NSE IX (GIFT City), alongside its core exchange business.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 FINANCIALS \u2500\u2500 -->\n <h2 class=\"section-heading\">Financial Overview<\/h2>\n <p>\n National Stock Exchange of India Ltd. represents one of the most profitable financial utilities globally, generating \u20b910,302.06 Cr in Profit After Tax (PAT) in FY26, alongside an exceptional Q1 FY27 net profit of \u20b93,120.08 Cr.\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Metric (\u20b9 Cr)<\/th>\n <th>Q1 FY 2027<\/th>\n <th>FY 2026<\/th>\n <th>FY 2025<\/th>\n <th>FY 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td data-label=\"Metric\">Total Income<\/td>\n <td data-label=\"Q1 FY 2027\">\u20b95,252.17<\/td>\n <td data-label=\"FY 2026\">\u20b918,713.37<\/td>\n <td data-label=\"FY 2025\">\u20b919,176.83<\/td>\n <td data-label=\"FY 2024\">\u20b916,352.06<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Metric\">Operating EBITDA<\/td>\n <td data-label=\"Q1 FY 2027\">\u20b94,332.04<\/td>\n <td data-label=\"FY 2026\">\u20b914,519.09<\/td>\n <td data-label=\"FY 2025\">\u20b916,021.36<\/td>\n <td data-label=\"FY 2024\">\u20b911,623.83<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Metric\">PAT (Profit After Tax)<\/td>\n <td data-label=\"Q1 FY 2027\">\u20b93,120.08<\/td>\n <td data-label=\"FY 2026\">\u20b910,302.06<\/td>\n <td data-label=\"FY 2025\">\u20b912,187.69<\/td>\n <td data-label=\"FY 2024\">\u20b98,305.74<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Metric\">Net Worth<\/td>\n <td data-label=\"Q1 FY 2027\">\u20b934,983.74<\/td>\n <td data-label=\"FY 2026\">\u20b931,869.72<\/td>\n <td data-label=\"FY 2025\">\u20b930,165.05<\/td>\n <td data-label=\"FY 2024\">\u20b923,833.10<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Metric\">Reserves & Surplus<\/td>\n <td data-label=\"Q1 FY 2027\">\u20b934,996.73<\/td>\n <td data-label=\"FY 2026\">\u20b931,866.04<\/td>\n <td data-label=\"FY 2025\">\u20b930,105.83<\/td>\n <td data-label=\"FY 2024\">\u20b923,924.91<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Metric\">Total Assets<\/td>\n <td data-label=\"Q1 FY 2027\">\u20b991,334.07<\/td>\n <td data-label=\"FY 2026\">\u20b987,937.44<\/td>\n <td data-label=\"FY 2025\">\u20b969,466.64<\/td>\n <td data-label=\"FY 2024\">\u20b965,463.98<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Restated Consolidated Figures  |  Source: RHP Filings<\/p>\n\n <!-- \u2500\u2500 KPIS \u2500\u2500 -->\n <h2 class=\"section-heading\">Key Financial Metrics (FY26)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">42.80%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">32.98%<\/div>\n <div class=\"kpi-label\">Return on Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">50.98%<\/div>\n <div class=\"kpi-label\">PAT Margin (FY26)<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">58.78%<\/div>\n <div class=\"kpi-label\">PAT Margin (Q1 FY27)<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b950.43<\/div>\n <div class=\"kpi-label\">Post-IPO EPS (Ann.)<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">35.40x<\/div>\n <div class=\"kpi-label\">Post-IPO P\/E (Ann.)<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 NSE VS BSE COMPARISON \u2500\u2500 -->\n <h2 class=\"section-heading\">NSE vs. BSE: How the Two Exchanges Compare<\/h2>\n <p>\n NSE’s IPO arrives with the country’s only other listed exchange, BSE Ltd., already trading in the market as a live reference point. While both are exchange operators, their scale, product mix, and valuation multiples differ meaningfully:\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Parameter<\/th>\n <th>NSE (at IPO)<\/th>\n <th>BSE (Listed)<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td data-label=\"Parameter\">Cash Market Share<\/td>\n <td data-label=\"NSE (at IPO)\">~99.8%<\/td>\n <td data-label=\"BSE (Listed)\">~0.2%<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Parameter\">Equity Options Premium Share<\/td>\n <td data-label=\"NSE (at IPO)\">~99.5%<\/td>\n <td data-label=\"BSE (Listed)\">~0.5%<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Parameter\">Primary Benchmark Index<\/td>\n <td data-label=\"NSE (at IPO)\">Nifty 50<\/td>\n <td data-label=\"BSE (Listed)\">Sensex<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Parameter\">Implied Market Cap (Upper Band)<\/td>\n <td data-label=\"NSE (at IPO)\">~\u20b94,41,788 Cr<\/td>\n <td data-label=\"BSE (Listed)\">~\u20b91,40,000 Cr<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Parameter\">Post-IPO \/ Trailing P\/E<\/td>\n <td data-label=\"NSE (at IPO)\">~35.4x (Ann.)<\/td>\n <td data-label=\"BSE (Listed)\">Market-determined<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">BSE figures are approximate market references as of early September 2026 and will move with market prices; they are shown only for context, not as a like-for-like valuation benchmark.<\/p>\n\n <p>\n NSE’s dominance in cash equities and, more importantly, in equity derivatives premium turnover (the segment that drives the bulk of exchange revenue industry-wide) is the central pillar of the bull case for its valuation. That said, prospective investors should note that industry-wide derivatives turnover has cooled through mid-2026, with average daily derivatives turnover reported down roughly 16% year-on-year in August 2026 and options premium turnover down around 20% month-on-month from July – a trend worth tracking rather than a one-off blip, since exchange revenue is closely tied to trading activity.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Allocation Limit<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td data-label=\"Investor Category\">QIB Shares Offered<\/td>\n <td data-label=\"Allocation Limit\">Not more than 50% of the Net Offer<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Investor Category\">Retail (RII) Shares Offered<\/td>\n <td data-label=\"Allocation Limit\">Not less than 35% of the Net Offer<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Investor Category\">NII (HNI) Shares Offered<\/td>\n <td data-label=\"Allocation Limit\">Not less than 15% of the Net Issue<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <!-- \u2500\u2500 IPO TIMELINE \u2500\u2500 -->\n <h2 class=\"section-heading\">IPO Timeline: Key Dates to Track<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Event<\/th>\n <th>Indicative Date<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr>\n <td data-label=\"Event\">Anchor Investor Bidding<\/td>\n <td data-label=\"Indicative Date\">September 16, 2026<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Event\">IPO Opens for Subscription<\/td>\n <td data-label=\"Indicative Date\">September 17, 2026<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Event\">IPO Closes for Subscription<\/td>\n <td data-label=\"Indicative Date\">September 21, 2026<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Event\">Basis of Allotment Finalisation<\/td>\n <td data-label=\"Indicative Date\">September 22, 2026<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Event\">Refunds \/ Unblocking of Funds Initiated<\/td>\n <td data-label=\"Indicative Date\">September 23, 2026<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Event\">Credit of Shares to Demat Account<\/td>\n <td data-label=\"Indicative Date\">September 23, 2026<\/td>\n <\/tr>\n <tr>\n <td data-label=\"Event\">Tentative Listing Date<\/td>\n <td data-label=\"Indicative Date\">September 24, 2026 (BSE)<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Dates are indicative and sourced from exchange filings; always confirm the final schedule with the official RHP and BSE\/NSE circulars before making investment decisions.<\/p>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n <h2 class=\"section-heading\">Objects of the Issue<\/h2>\n <p>\n The landmark public offer is a <strong>100% Offer for Sale (OFS)<\/strong> of 12,64,36,650 equity shares aggregating to \u20b922,561.57 Cr. NSE will not receive any proceeds from the issue, with all funds being distributed to institutional and corporate selling shareholders:\n <\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">State Bank of India<\/span>\n <span class=\"obj-amt\">\u20b92,850.54 Cr (1,59,69,410 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Canada Pension Plan Investment Board (CPPIB)<\/span>\n <span class=\"obj-amt\">\u20b92,119.52 Cr (1,18,74,060 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Aranda Investments (Mauritius) Pte. Ltd. (Temasek)<\/span>\n <span class=\"obj-amt\">\u20b92,007.47 Cr (1,12,46,336 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">MS Strategic (Mauritius) Ltd. (Morgan Stanley)<\/span>\n <span class=\"obj-amt\">\u20b91,963.50 Cr (1,10,00,000 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">The New India Assurance Company Ltd.<\/span>\n <span class=\"obj-amt\">\u20b91,874.25 Cr (1,05,00,000 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">SBI Capital Markets Ltd.<\/span>\n <span class=\"obj-amt\">\u20b91,567.34 Cr (87,80,590 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Bank of Baroda<\/span>\n <span class=\"obj-amt\">\u20b91,372.73 Cr (76,90,375 Shares)<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Stock Holding Corporation of India \/ GIC<\/span>\n <span class=\"obj-amt\">\u20b91,104.47 Cr each<\/span>\n <\/li>\n <\/ul>\n\n <p>\n Because the offer is a pure OFS, roughly 6% of NSE’s pre-IPO equity is changing hands from early institutional and corporate shareholders to public investors, while the company’s own balance sheet and cash position are unaffected – there is no fresh capital being raised for expansion, technology, or debt reduction.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 REGULATORY OVERHANG \u2500\u2500 -->\n <h2 class=\"section-heading\">Regulatory Overhang: The SEBI Co-Location Settlement<\/h2>\n <p>\n A long-pending legal matter shadowed NSE’s path to the public markets for several years: the “co-location” case, in which SEBI examined preferential server-access arrangements that allegedly let certain trading members receive market data ahead of others between 2010 and 2014. A 2019 SEBI order arising from this case had barred NSE from accessing capital markets, effectively blocking any IPO until it was resolved.\n <\/p>\n <p>\n NSE pursued a consent settlement with SEBI, revising its offer over time before the two sides agreed on a final settlement of <strong>\u20b91,491.21 crore<\/strong>, paid without NSE admitting or denying wrongdoing. NSE had already provided for \u20b91,391.21 crore of this amount in its FY26 accounts, and completed the payment (\u20b9776.47 crore deposited earlier, with the balance of \u20b9714.74 crore paid in July 2026). On <strong>September 3, 2026<\/strong>, the Supreme Court formally disposed of the SEBI case against NSE following the settlement, clearing the last major regulatory obstacle roughly two weeks ahead of the IPO opening.\n <\/p>\n <p>\n For prospective investors, this is worth noting less as an ongoing risk and more as a resolved legal overhang – but it is a reminder that exchanges operate under continuous SEBI oversight, and future regulatory or fee-structure changes (such as those governing transaction charges, colocation, or algo-trading access) can still influence NSE’s revenue model over time.\n <\/p>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 GMP SECTION \u2500\u2500 -->\n <h2 class=\"section-heading\">Grey Market Premium (GMP) Trend<\/h2>\n <div class=\"glance-badge\">\n As of mid-September 2026, unofficial grey market channels indicated NSE IPO shares trading at a premium of roughly 10% over the upper price band – but GMP is an unregulated, informal indicator that moves daily (and can turn negative) right up to listing, so it should not be treated as a forecast of listing-day performance.\n <\/div>\n\n <hr class=\"divider\" \/>\n\n <!-- \u2500\u2500 RISKS \u2500\u2500 -->\n <h2 class=\"section-heading\">Key Risks & Considerations<\/h2>\n <p>\n No IPO analysis is complete without weighing the other side of the ledger. Alongside its dominant market position, investors should factor in the following before applying:\n <\/p>\n <p>\n <strong>Revenue is tied to trading volumes, not a fixed subscription:<\/strong> NSE’s transaction charges scale with cash and derivatives turnover. Recent months have shown softening activity, with average daily derivatives turnover down roughly 16% year-on-year in August 2026 and options premium turnover down about 20% month-on-month – a reminder that exchange earnings can be cyclical and sensitive to market sentiment, retail participation trends, and regulatory changes to derivatives lot sizes or expiry structures.\n <\/p>\n <p>\n <strong>This is a 100% Offer for Sale:<\/strong> None of the IPO proceeds go to NSE itself; the company raises no fresh growth capital through this listing, and the entire benefit accrues to selling shareholders such as SBI, CPPIB, Temasek, and Morgan Stanley affiliates.\n <\/p>\n <p>\n <strong>Regulatory dependency:<\/strong> As a SEBI-regulated market infrastructure institution, NSE’s fee structures, technology mandates, and governance norms are subject to change by the regulator, and past regulatory actions (like the co-location matter) illustrate that legal and compliance risk is inherent to the business, even after the current overhang is resolved.\n <\/p>\n <p>\n <strong>Valuation is rich by historical standards:<\/strong> At the upper price band, NSE is being offered at a post-IPO P\/E in the mid-30s on an annualised basis – a premium multiple that assumes continued market share dominance and stable-to-growing trading volumes; any moderation in derivatives activity or intensifying competition (from BSE, MCX, or new entrants) could compress this multiple.\n <\/p>\n\n <!-- \u2500\u2500 VERDICT CARD \u2500\u2500 -->\n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n The National Stock Exchange of India IPO represents the most anticipated capital markets listing in Indian financial history. NSE is not merely a market intermediary; it is the vital technological backbone of India’s capital formation, enjoying an effective monopoly (>99% market share in cash and options volumes) and unprecedented operating leverage.\n <\/p>\n <p style=\"margin-top: 10px;\">\n Financially, the exchange functions as a cash-generating compounding machine, generating over \u20b910,300 Cr in annual net profits with zero debt, EBITDA margins above 75%, and return on capital employed exceeding 42%. At the upper price band of \u20b91,785, the offering values NSE at \u20b94,41,787.50 Cr ($53B), translating to a post-IPO P\/E of 35.40x on an annualized Q1 FY27 earnings basis (42.89x on FY26 PAT). Given its peerless market franchise, structural financialization tailwinds in India, and defensive annuity-style earnings, this is a cornerstone portfolio candidate for all categories of long-term investors.\n <\/p>\n <p style=\"margin-top: 10px; font-size: 13px; color: var(--neutral-500);\">\n This is an informational analysis, not personalised investment advice. IPO investments carry market risk, including the risk of loss of capital; please read the RHP in full and consult a registered financial advisor before applying.\n <\/p>\n <\/div>\n\n <!-- \u2500\u2500 CTA BUTTON \u2500\u2500 -->\n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for NSE IPO on Flattrade →\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Sources: Chittorgarh IPO Filings · NSE RHP\/DRHP · Business Standard · Moneylife · ETV Bharat · Equentis Research<\/div>\n\n<\/main>\n\n<\/body>\n<\/html>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"National Stock Exchange of India (NSE) IPO \u2013 Flattrade Kosh IPO Summary Price Band \u20b91,700 \u2013 \u20b91,785 FV:…","protected":false},"author":10,"featured_media":53318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-53311","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ipos","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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