National Stock Exchange has filed its draft red herring prospectus with SEBI, moving closer to its long‑awaited IPO. The offer price is expected between ₹1,800 and ₹2,100 per share. At this range, the valuation stands near ₹5 lakh crore. The IPO would trade at about 40 times earnings. In comparison, the unlisted market price is ₹2,075 with a P/E of nearly 50 times.
NSE posted a strong FY26 profit after tax of more than ₹10,300 crore. Its book value is ₹120, giving a price‑to‑book multiple of 16. Return ratios remain impressive. ROE is 32%, while ROCE is 43%. These numbers show efficient use of capital and steady profitability.
Moreover, analysts expect strong demand from both domestic and foreign investors. NSE’s dominant role in India’s capital markets adds weight to this view. The registrar for the issue is MUFG. The listing is likely during the festive season of 2026, which may boost investor sentiment further.
Importantly, the IPO valuation offers a discount compared with current unlisted levels. This makes it attractive for long‑term investors. With monopoly‑like status, consistent earnings, and high returns, NSE’s IPO is shaping up as one of India’s biggest market events.
