NSE files draft papers for India’s largest IPO worth over Rs 30,000 crore

NEW DELHI: The National Stock Exchange of India has filed its draft red herring prospectus (DRHP) on Wednesday to launch an initial public offering (IPO) of up to 148,905,525 equity shares, setting the stage for the country’s largest corporate market debut worth an estimated Rs 30,000 crore.

The proposed offering is set to surpass the Rs 27,859 crore public market debut of Hyundai Motor India in October 2024 to become the biggest initial public offering in Indian history. The mega public issue by the country’s largest stock exchange marks the culmination of a multi-year effort to list its shares on BSE, overcoming an array of regulatory roadblocks that previously stalled its listing ambitions.

According to the regulatory documents filed with the Securities and Exchange Board of India (SEBI) on Wednesday night, the DRHP outlines a pure offer for sale consisting entirely of existing equity shares with a face value of Re 1 each.

Institutional investors and state-run financial entities lead the list of selling shareholders in the public issue. The State Bank of India plans to divest the largest block of shares, offloading 24.75 million shares. MS Strategic (Mauritius) Limited follows as the second-largest seller with a proposed sale of 16.00 million shares, while the Canada Pension Plan Investment Board intends to offload 11.87 million shares in the public market.

Other major financial institutions trimmed their ownership through the offer for sale. Aranda Investments (Mauritius) Pte. Ltd. listed 11.25 million shares for divestment, followed closely by the Bank of Baroda with 10.98 million shares and the Stock Holding Corporation of India Limited with 10.89 million shares.

State-backed insurers also joined the vendor list, with the General Insurance Corporation of India proposing a sale of 10.66 million shares, and The New India Assurance Company Ltd. liquidating 10.50 million shares. National Insurance Company Limited and United India Insurance Company Limited both offered 6.00 million shares each for sale.

The financial statements appended to the DRHP highlighted the financial trajectory of the exchange over the last three fiscal periods. For the financial year ended March 31, 2026, the exchange recorded a total income of Rs 187,133.70 million, down slightly from Rs 191,768.31 million in the preceding fiscal year, but higher than the Rs 163,520.62 million reported in the financial year ended March 31, 2024.

Revenue from operations for the year ended March 31, 2026, stood at Rs 166,013.09 million, compared to Rs 171,406.78 million in the fiscal year 2025 and Rs 147,800.11 million in the fiscal year 2024. Total expenses excluding contributions to the Core Settlement Guarantee Fund increased to Rs 59,999.03 million for the year ended March 31, 2026, up from Rs 48,062.92 million in the previous year.

The core profitability metrics showed resilience despite rising operating costs and exceptional provisions. The exchange reported a profit for the year from continuing operations at Rs 101,795.29 million for the fiscal period ended March 31, 2026, down from Rs 116,057.48 million in the fiscal period ended March 31, 2025, but higher than the Rs 84,064.80 million logged during the fiscal period ended March 31, 2024.

The net profit for the year ended March 31, 2026, reached Rs 103,020.61 million, down from Rs 121,876.89 million in the fiscal year 2025, while total comprehensive income stood at Rs 103,710.93 million after factoring in other comprehensive income of Rs 690.32 million. (ANI)