National Stock Exchange of India IPO
MainboardNational Stock Exchange of India (NSE) is India's leading stock exchange and the world's largest derivatives exchange by trading volume. It provides integrated trading, clearing, settlement, indices, and market data services.
Verdict: Apply
Review
1. Grey market premium
★★★★★Unlisted market demand remains exceptionally strong with robust premiums. Official exchange GMP will solidify closer to the issue opening date.
2. Company financials
★★★★★NSE exhibits market-leading operating margins, robust cash flows, and zero net debt. Profitability has consistently expanded, driven by market participation and volume growth.
3. Subscription status
★★★★★The issue has not opened for bidding yet. Heavy oversubscription across QIB, NII, and retail segments is anticipated.
4. Anchor investors
★★★★★Anchor book details are yet to be published prior to bidding. Top-tier sovereign wealth funds and domestic institutional investors are expected to heavily participate.
Company financials
Amount ₹ in Crores
| Period ended | Revenue | Expense | EBITDA | PAT | Assets |
|---|---|---|---|---|---|
| 2022 | ₹8,945.71 | ₹2,298.11 | ₹6,950.20 | ₹5,198.34 | ₹22,540.10 |
| 2023 | ₹12,765.39 | ₹3,329.80 | ₹9,890.15 | ₹7,356.11 | ₹28,780.45 |
| 2024 | ₹16,433.82 | ₹4,680.12 | ₹12,410.50 | ₹8,306.00 | ₹35,120.80 |
Subscription
Anchor investors
Anchor book details pending.
Anchor allocation details are not yet available ahead of the issue opening.
Risks
- RegulatoryRegulatory interventions by SEBI, such as tightening F&O trading norms or revising transaction charge structures, directly impact core revenue.
- CyclicalRevenues and profitability are highly correlated with market volatility and overall capital market trading volumes.
- LitigationHistorical regulatory scrutiny and ongoing legacy legal matters could result in penalties or operational directives.
- ConcentrationA dominant portion of transaction revenue is heavily concentrated in equity index derivatives trading.