NSE IPO Opens September 17, Should Investors Subscribe At Rs 1,785?

Mumbai: India’s largest stock exchange, the National Stock Exchange (NSE), is finally heading to the stock market with its much-awaited IPO. But for investors, the key question is simple: is NSE worth buying at Rs 1,785 a share?

SAMCO Securities believes it is, assigning a “Subscribe” rating to the issue, supported by NSE’s commanding market share, high profitability and long-term growth potential.

What Will NSE IPO Cost?

The IPO opens on September 17 and closes on September 21, with a price band of Rs 1,700 to Rs 1,785 per share.

The minimum bid is eight shares, meaning retail investors will need Rs 14,280 for one lot at the upper price band. The IPO size is around Rs 22,561 crore, making it one of India’s largest public issues.

The offer is entirely an Offer for Sale (OFS), meaning NSE will not receive fresh funds from the IPO.

Why Is NSE Attractive?

NSE dominates India's equity market, accounting for around 93 per cent of cash-market turnover in FY2026. It also commands a strong position in derivatives.

As of June 30, 2026, NSE had around 13.24 crore unique registered investors.

The exchange facilitates trading across equities, derivatives, bonds, ETFs, mutual funds and other financial products.

Strong Profits, No Fund-Based Debt

NSE’s total income rose from around Rs 16,352 crore in FY2024 to Rs 18,713 crore in FY2026.

Profit after tax stood at around Rs 3,120 crore in Q1FY27, while its EBITDA margin was nearly 79 per cent. NSE also carries no fund-based debt.

What Are The Risks?

NSE’s dependence on trading volumes, particularly derivatives, remains a key risk. Regulatory changes affecting derivatives could weigh on earnings.

The top 10 trading members contributed around 47 per cent of revenue in Q1FY27.

SAMCO’s “Subscribe” call reflects NSE’s strong fundamentals, but investors should carefully assess valuation and regulatory risks before applying.

(By Shipra Rana)