NSE IPO - Key Highlights from the Draft Red Herring Prospectus (DRHP) - Connect with me to buy the Unlisted Share now.

[Raghvendra N Dhoot]

📢 *NSE DRHP Filed – Landmark Moment for Private Market Investors*

Congratulations to all investors who participated in the NSE private market journey. The filing of NSE’s DRHP is a major milestone and one of the most important private-to-public market transitions in India.

*Key Highlights from NSE DRHP*

1️⃣ DRHP filed dated 17 June 2026
NSE has filed its Draft Red Herring Prospectus for the proposed IPO. Price band, IPO dates and final offer value are still blank and will be updated later.

2️⃣ 100% Offer for Sale
The IPO is entirely an Offer for Sale. NSE is not raising fresh capital. Existing shareholders are selling up to 14.89 crore shares.

3️⃣ Proposed listing on BSE
NSE shares are proposed to be listed on BSE. NSE will be listed on BSE as regulations do not permit self-listing.

4️⃣ No identifiable promoter
NSE has disclosed that it does not have an identifiable promoter, making it a professionally managed market infrastructure institution.

5️⃣ Strong financial metrics
NSE’s FY26 EPS is ₹41.62, weighted average EPS is ₹42.82, and FY26 RoNW is 33.21%.

6️⃣ BSE used as listed peer
In the DRHP, BSE Ltd is used as the listed industry peer, with the industry P/E shown at 66.67x.

7️⃣ Strong profitability
NSE reported a 55.05% PAT margin in FY26 and RoAE of approximately 32.98%, placing it among the stronger global exchange groups on profitability and returns.

8️⃣ Massive market infrastructure scale
NSE had 129.09 million unique registered investors in FY26, with market capitalisation of listed entities at around ₹411.25 trillion.

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📊 *Possible NSE IPO / Listing Price at Different P/E Multiples*

Based on NSE FY26 EPS of ₹41.62, the implied price can be:

*P/E Multiple* : Implied NSE Price

*33.36x — similar to BSE IPO historical P/E:*  ₹1,389
*35x* : ₹1,457
*40x* : ₹1,665
*45x* : ₹1,873
*50x* : ₹2,081
*55x* : ₹2,289
*60x* : ₹2,497
*66.67x* *— current BSE peer P/E in DRHP: ₹2,775*
*70x* : ₹2,913

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🔍 *Scenario Analysis*

* If NSE is priced like BSE’s historical IPO valuation, the price could be around ₹1,350–1,500.
* If NSE is priced at a reasonable premium, around 40x–50x P/E, the price could be around ₹1,650–2,100.
* If NSE is priced as a premium monopoly market-infrastructure asset, around 55x–60x P/E, the price could be around ₹2,300–2,500.
* If NSE is priced close to the current BSE peer multiple of 66.67x, the implied price comes around ₹2,775.
* At 70x P/E, NSE could be around ₹2,913, which would be a premium valuation and would require strong institutional demand.

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💡 *Investor View*

This DRHP is a very positive milestone for long-term private market investors. However, the final IPO attractiveness will depend on the price band.

* ₹1,400–1,700 = very attractive
* *₹2,000–2,500 = fair and interesting*
* ₹2,700–2,900 = priced close to current BSE peer valuation / premium zone


⚠️ _Disclaimer: Private market investments are high-risk and illiquid. Valuations can change materially, listing timelines are uncertain, and investors may lose part or all of their capital. This is not investment advice._

DRHP - 

 NSEDRHP20260617214858.pdf

Thank you,

Raghvendra Narendra Dhoot
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