NSE IPO Review: 'Highly attractive' - Subscribe for long-term, says Raj Gaikar of SAMCO Securities

NSE IPO: After years of anticipation, India’s much-awaited, marquee NSE IPO is finally set to open its doors to investors next week. The public issue of the country’s leading stock exchange has already generated enormous interest, and the newly announced price band has now kicked off the countdown to its highly anticipated market debut.

The NSE IPO will open on September 17, 2026 and close on September 21, 2026, with the price band set at ₹1,700– ₹1,785 per equity share. The shares will have a face value of Re 1.

The issue is a 100% Offer for Sale (OFS), so NSE itself will receive no proceeds. After each selling shareholder’s share of offer expenses and taxes, the entire amount raised will go to the selling shareholders.

The likely IPO allotment date is September 22, followed by a probable listing on September 24. Anchor investors are scheduled to receive their allocation on September 16.

NSE IPO: Should you Subscribe?

SAMCO Securities has announced the first subscribe rating on the most awaited NSE IPO. Considering its leadership, financial strength, high margins, debt-free balance sheet and structural capital-market growth, SAMCO Securities recommends subscribing to the IPO for the long term.

“At the upper price of ₹1,785, NSE is valued at 42.89x FY2026 earnings, which is supported by its superior market position, profitability, scalability and long-term growth opportunity,” Raj Gaikar, Equity Research Analyst, SAMCO Securities.

SAMCO believes that NSE offers investors exposure to a dominant market-infrastructure business, backed by strong market share, profitability, technology and a debt-free balance sheet. However, its dependence on derivatives remains a key risk.

“National Stock Exchange of India Limited (NSE) offers investors an opportunity to participate in one of the strongest market infrastructure businesses in India. Its scale, liquidity, technology infrastructure, integrated clearing ecosystem and extensive investor base create a strong competitive moat,” Gaikar stated.

NSE IPO: Key strengths by Choice Broking

SAMCO Securities pointed out that NSE has maintained its position as India’s largest stock exchange by total turnover in the cash market and equity derivatives from FY2001 through FY2026 and the three months ended June 30, 2026. It has also been the country’s largest exchange by total turnover in exchange-traded currency derivatives since FY2009 over the same period, according to the Redseer Report.

Moreover, it added that NSE's market dominance remains significant. In FY2026 and the three months ended June 30, 2026, NSE accounted for 92.99% and 93.05% of India’s cash-market turnover, 99.79% and 99.72% of equity futures, and 74.71% and 68.48% of equity options based on premium turnover. Its share in exchange-traded currency futures was 99.48% and 100%, while it held 100% and 100% of exchange-traded currency options, respectively.

The exchange also has substantial scale, with 132.37 million unique registered investors as of June 30, 2026. Its technology platform is designated Critical Information Infrastructure and supports equities, bonds, derivatives, ETFs, mutual funds, REITs and InvITs, with microsecond order response times and nanosecond order acknowledgements in key segments. NSE reported no data breaches affecting its operations during Q1 FY2027 or FY2026, FY2025 and FY2024, it further informed.

Financial strength is another key advantage. Total income increased to ₹18,713.37 crore in FY2026 from ₹16,352.06 crore in FY2024. In Q1 FY2027, revenue from operations rose 13.10% to ₹4,560.41 crore, while PAT increased 6.71% to ₹3,120.08 crore. Operating EBITDA stood at ₹3,594.25 crore, with an operating EBITDA margin of 78.81%.

Moreover, the company has zero fund-based borrowings and substantial treasury investments.

NSE IPO: Key Risks by Choice Broking

According to SAMCO Securities, NSE’s substantial dependence on derivatives remains a key risk. Transaction charges accounted for 78.65% of FY2026 revenue from operations, with options alone contributing 60.22%. Transaction-charge revenue declined 4.24% in FY2026, while futures transaction charges fell 14.31%, partly due to regulatory measures.

SAMCO Securities also highlighted the decline in NSE’s equity-options market share as a concern. The exchange’s share by premium turnover fell from 96.86% in FY2024 to 68.48% in Q1 FY2027, while SEBI restrictions on weekly expiries and higher securities transaction taxes could further weigh on speculative derivatives volumes.

Another risk flagged by the brokerage is the concentration of revenue among a small group of trading members. The top 10 contributed 47% of revenue in Q1 FY2027, while the largest member accounted for 7.72% and the top three together contributed 21.92%.

Moreover, a loss of activity, financial distress or migration of these members to competing venues could hurt NSE’s trading volumes and revenue.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.