The buzz around National Stock Exchange's (NSE) IPO continues to build despite no official announcement about the launch timeline. According to reports from The Financial Express, expectations are growing that the listing process could be a reality in the near future, though the exact date remains unknown. The exchange has appointed Rothschild & Co as an independent advisor as of February 2026 to oversee the IPO process, tasked with developing the selection framework for bankers and managing the pitching round.
NSE delivered robust financial results in Q4FY26, with consolidated net profit rising 8% to ₹2,871 crore compared to ₹2,650 crore in the same period last year. As reported by The Financial Express, revenue from operations surged 32% year-on-year to ₹4,968 crore in Q4FY26, up from ₹3,771 crore in the corresponding quarter of the previous financial year. The board recommended a dividend of ₹35 per share for FY26 subject to shareholder approval, while EBITDA increased 27% quarter-on-quarter and 30% year-on-year to ₹3,633 crore. The strong performance was supported by robust derivatives and cash market activity across India's capital markets ecosystem.
NSE's unlisted shares have shown strong momentum, surging 7% in the last 6 months since January when the MD indicated possible IPO progress. According to The Financial Express, the unlisted share price is currently trading above ₹2,000 per share, reflecting growing investor interest in the upcoming public offering. The exchange's total shareholder base has crossed ₹2.2 lakh crore, indicating a substantial unlisted shareholder base. Market sentiment in the unlisted space remains highly speculative, with retail participation increasing sharply amid expectations of strong listing gains and limited float availability.
The IPO is expected to be valued at $2.75 billion, based on a total valuation of $55 billion for NSE, as estimated by platforms trading its unlisted shares. As reported by The Financial Express, approximately 5% of NSE shareholding will be offered for sale in the IPO, with major institutional investors including Life Insurance Corporation of India, State Bank of India, and private equity fund ChrysCapital looking to sell stakes. 20 investors including Singapore's Temasek and Canada Pension Plan Investment Board are also considering selling their stakes. The proposed IPO is expected to be among India's largest listings, reflecting the strategic importance and scale of the exchange business.
Regulatory overhang from the historical co-location case appears to be gradually easing, with SEBI's in-principle approval and settlement progress improving listing visibility. The exchange received listing approval this year after the long delay, while rival BSE went public in 2017. Despite the excitement, valuation concerns persist among experienced market participants, especially given elevated unlisted prices and uncertainties around final IPO pricing and OFS participation norms. NSE's IPO momentum reflects a combination of improving regulatory clarity, strong financial performance, and heightened investor enthusiasm in India's pre-IPO market, though investors should remain selective and valuation-conscious ahead of the eventual public listing.
