The transaction charges of the country’s largest stock exchange accounted for 79 per cent of its revenue five years ago but have come down to 70 per cent now, NSE Chief Executive Officer Ashishkumar Chauhan said at a pre-IPO press conference on Friday.
Further diversification
“New revenue lines like data, connectivity and indices, which you take together, comprise almost 11 per cent of our revenue. Those are growing at a very fast pace,” Chauhan said, expressing hope that the exchange will be able to further diversify it.Electronic gold receipts, specialised investment funds and the potential growth of exchange-traded funds are other areas that could create new revenue streams, the exchange said.
Options accounted for 60 per cent of NSE’s operating revenue in FY26, of which monthly index options made up 6 per cent, single-stock options 8 per cent and weekly options the remaining. Futures and cash equities contributed 9 per cent each.
On costs, NSE expects technology expenses to grow at about 17-18 per cent annually going forward, after an elevated runrate in recent years.
The exchange has set the price band at ₹1,700-1,785, much lower than the anticipated price of over ₹2,000.
At the low pricing, only 4.1-4.25 per cent of the company’s equity needed to be offered to meet the applicable regulatory requirement, Chauhan said. Existing shareholders ultimately made available about 5.11 per cent of NSE’s equity comprising 12.64 crore shares, against 14.89 crore shares proposed in the draft prospectus.
The investment bankers said it had been harder to persuade existing shareholders to sell than to convince new investors to buy into NSE. “It was a task. It was harder to convince selling shareholders to sell than convince the incoming shareholders to invest,” the banker said.
‘100% public float eventually’
The issue is entirely an offer for sale, with no proceeds accruing to NSE. The exchange said it has no promoter and will eventually have 100 per cent public float, subject to applicable lock-in requirements.When asked about plans to allow shares of NSE to trade on its own platform, Chauhan said the exchange has not applied to SEBI to allow its shares to trade on NSE, while leaving open the possibility of considering such an application later.
On recent regulatory measures affecting market volumes, Chauhan said the exchange had seen several cycles of tighter regulation since its inception and remained aligned with SEBI.
Reduced sales
Several selling shareholders have reduced their proposed sales at the RHP stage. State Bank of India has cut its offer to about 1.60 crore shares from 2.48 crore shares proposed in the DRHP. MS Strategic (Mauritius) has reduced its sale to 1.10 crore shares from 1.60 crore, while Bank of Baroda has cut its offer to about 76.9 lakh shares from nearly 1.10 crore.Stock Holding Corporation of India’s offer has been reduced to about 61.9 lakh shares from 1.09 crore, while General Insurance Corporation of India has also reduced its sale to about 61.9 lakh shares from 1.07 crore. National Insurance Company has cut its offer to 40 lakh shares from 60 lakh.
Mahagony/Mahag Investments has reduced its proposed sale to 30 lakh shares from 50 lakh, while Indian Bank will sell 15 lakh shares against 24.8 lakh shares proposed earlier.
SBI Capital Markets has been added as a selling shareholder with about 87.8 lakh shares. The RHP also records the withdrawal of Amit Kumar Lohia, who had proposed to sell up to 25,000 shares in the DRHP.
Other shareholders, including Canada Pension Plan Investment Board, Aranda Investments, New India Assurance, United India Insurance, Crown Capital, Ontario Inc., Oriental Insurance, ICICI Lombard, TA Asia Pacific Acquisitions and other existing shareholders, continue to participate in the OFS.
Published on September 11, 2026