NSE IPO countdown: Unlisted shares surge 7% in 6 months – What’s the big buzz

While the date is not known here are many other aspects that are known. Some of the most well-known names in private equity have been chosen as its lead advisors.

But that’s not all. Here’s a list of key factors we know about the IPO and the development so far-

NSE unlisted shares buzzing

It’s important to note that NSE has a huge unlisted shareholder base. The total number of shareholders at NSE crossed two lakh crore a month ago and currently stands at 2.2 lakh crore. The unlisted share price has been buzzing since January when the NSE MD indicated possible progress in the IPO proceedings. The share price has surged 7% in the last 6 months. Unlisted shares are currently trading above the Rs 2,000 per share mark.

NSE Q4FY26 results

NSE recorded a consolidated net profit at Rs 2,871 crore in the fourth quarter of FY26 versus Rs 2,650 crore in the same period a year ago, a growth of 8%. The revenue from operation surged 32% YoY to Rs 4,968 crore in Q4FY26, compared to Rs 3,771 crore posted by the company in the corresponding quarter of the previous financial year.

The board of NSE also recommended a dividend of Rs 35 per share for FY26 subject to shareholders’ approval.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at Rs 3,633 crore in Qq4FY26 versus Rs 2,851 crore in Q3FY26 and Rs 2,799 crore in Q4FY25, implying an increase of 27% QoQ and 30% YoY.

NSE IPO lead advisor

As of February 2026, the NSE has appointed Rothschild & Co as an independent advisor to oversee its IPO process. Rothschild is tasked with developing the selection framework for the syndicate of bankers (BRLMs) and managing the “beauty parade” (pitching round).

How much are investors selling?

A bit more than 5% of NSE shareholding is likely to be offered for sale in the IPO. Earlier news reports suggested that Life Insurance Corporation of India, State Bank of India, and private equity fund ChrysCapital are looking to sell stakes in the upcoming National Stock Exchange IPO.

20 investors who are looking to sell a stake in the NSE IPO include Singapore’s state-owned investor, Temasek, and the Canada Pension Plan Investment Board as well.

NSE: Negligible retail shareholding

The number of retail shareholders offering shares in the IPO is almost negligible. Fewer than 500 retail shareholders may potentially offer their shares for sale in the IPO. The participation from the institutional shareholders is high, with most of them offering nearly 10% of their existing stake.

Valuation of NSE IPO

The share sale by India’s largest exchange is expected to be valued at $2.75 billion, based on a total valuation of $55 billion for the NSE, as estimated by a platform that trades its unlisted shares. This will be one of two major share sales expected in India this year, alongside an issue by billionaire Mukesh Ambani’s Reliance Jio Platforms.

Reason behind delay in NSE IPO

The company initially filed in for its IPO papers in 2016, which was delayed for nearly a decade primarily due to severe regulatory, governance, and technical challenges. The 2015 co-location scam is most notable owes the pleasure. SEBI investigation found that certain brokers received unfair, preferential access to NSE servers, leading to prolonged legal issues.

It received a listing approval this year after a long delay. However, a monetary settlement to end the litigation is expected, which would pave the way for the public offer. The NSE has been trying to list since 2016, while its rival, BSE, went public in 2017.