India’s National Stock Exchange, the largest derivatives exchange globally by contracts traded, is targeting a $46 billion valuation in an initial public offering as activity in the options market that has supported its expansion declines.
The $2.3 billion offering would rank as India’s third-largest ever. It is structured as an offer for sale, so NSE itself will receive no fresh capital. Anchor investor bidding is scheduled for 16 September. The share sale will open for subscription on 17 September and close on 21 September. The stock is expected to list on or about 24 September.
NSE has fixed the price range at 1,700 rupees to 1,785 rupees a share. That range is 15%-20% below the level indicated during roadshow discussions. The lower pricing reflects investor caution towards capital market companies whose revenues depend heavily on derivatives activity.
The bourse has also reduced the size of the IPO by more than 15% after several major investors cut the number of shares they planned to sell. Morgan Stanley’s MS Strategic (Mauritius) reduced its proposed sale by 31% to 11 million shares.
NSE has about 95% of the cash equity market and 75% of the equity derivatives market. It also accounted for roughly 89% of global stock index options volumes in 2025. That concentration has placed the exchange at the centre of a segment that became its main source of growth.
Rule changes have since cooled options trading. Options volumes are 27% below their 2024 peak. The nature of those rule changes has not been specified, and it remains unclear whether activity will level off, recover or continue to fall.
NSE reported that net profit for Q1 FY27 rose 6.7% year on year to ₹3,120 crore. Revenue for the quarter was ₹4,560 crore. The figures point to continuing earnings growth, although the pace of expansion comes as its largest growth engine slows.
The sale gives investors a choice between a business with a commanding position in India’s equity and derivatives markets and a recent decline in the options trading that underpinned its growth. The final valuation will depend on how investors judge the durability of that trading activity.
Retail demand for the IPO has not been indicated. NSE has also provided no information in the brief on its post-listing growth plans or on longer-term competition to its domestic market position.
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