After 10 years of delays, NSE IPO back on track: Unlisted shares zoom to 6-month highs

Can India’s largest stock exchange finally make its way to Dalal Street? After years of delays and regulatory hurdles, the National Stock Exchange (NSE) appears closer than ever to its public listing. In simple terms, the question is no longer if NSE will launch its initial public offering (IPO), but when it will happen. The trigger this time is clear. On February 6, the NSE board approved plans to move ahead with its long-pending IPO. The proposed issue will be an offer for sale (OFS). This means that the existing shareholders are set to dilute part of their holdings. NSE IPO: Unlisted shares surge as optimism builds In the unlisted share market, NSE shares are buzzing. Post the latest development around the NSE IPO and also its Q3 financial numbers, the prices have climbed sharply. Unlisted shares are now changing hands at around Rs 2,075 apiece. Compared to earlier levels, this marks a rise of roughly 180% from Rs 1,624 lows. Trading in the unlisted space has been volatile, with prices moving in a broad range of Rs 1,625 to Rs 2,400 per share in recent months. Based on recent transaction levels, NSE’s implied market capitalisation in the unlisted market stands at around Rs 5.13 lakh crore. . NSE said in a statement, “Considered and approved undertaking an initial public offering (IPO) through an offer for sale by existing shareholders of the company (OFS), for the listing of the equity shares of face value of Re 1 each of the company.” Meanwhile, the timelines and issue size details are yet to be officially announced, the approval itself marks a significant milestone for this long awaited public offering. NSE IPO: A decade long roadblock – key reasons To understand why the NSE IPO is such a big talking point, it is important that one must again revisit its long regulatory journey. NSE first filed draft papers for an IPO back in 2016. The exchange aimed to raise about Rs 10,000 crore. However, approval was withheld due to governance concerns and the widely discussed co-location case. The controversy centred on allegations that certain brokers received preferential access to NSE’s trading systems. What followed thereafter were regulatory probes, legal challenges and extended delays. Moreover, the matter even reached the Delhi High Court. All these roadblocks in a way led to freezing IPO plans for several years. NSE IPO: Settlement clears the path – A key turning point After years of delays, a turning point came in 2025 for the NSE IPO. This was the year when NSE settled the long-pending cases with the market regulator SEBI. Adding to this, the exchange agreed to pay around Rs 1,400 crore as part of the settlement. In its financial disclosures, NSE had already made provisions of Rs 1,297 crore, in addition to Rs 100 crore deposited earlier following a Securities Appellate Tribunal order. This settlement paved the way for regulatory comfort. Moreover, it eventually led to the crucial no-objection from SEBI. That clearance has now translated into board approval for the IPO. NSE Q3 numbers recap Even as IPO buzz gathers pace, NSE’s latest financial performance presents a mixed picture. For the December quarter of financial year 2026 (Q3FY26), the exchange reported a consolidated profit after tax of Rs 2,408 crore. This is lower than the Rs 3,834 crore posted in the same quarter last year. Revenue from operations fell 9% year-on-year to Rs 3,925 crore from Rs 4,349 crore. However, on a sequential basis, profit rose 15% compared to Rs 2,098 crore in the previous quarter. Total income for the quarter stood at Rs 4,395 crore, down 9% from a year ago but 6% higher quarter-on-quarter. Why NSE’s listing matters For many investors, NSE is not just another company. Founded in 1994, it introduced electronic screen-based trading in India at a time when physical trading rings were still common. Today, it is among the world’s largest exchanges in derivatives trading and remains India’s dominant platform for equity and derivatives volumes. Ironically, while thousands of companies have listed on NSE over the years, the exchange itself has remained unlisted. Its IPO represents more than a financial transaction. It signals closure to a long regulatory chapter and opens the door for public investors to own a stake in India’s key market infrastructure institution. Now, with all these developments, the debate is no longer about whether NSE will list. The focus has moved to timing, valuation and structure.