NSE IPO - Quick View
I went through the NSE RHP, and honestly, this is not a typical IPO story. What stands out? 🔹 Strong business moat: NSE has massive scale and around 51% global share in equity-derivatives contracts. 🔹 Excellent profitability: FY26 EPS ₹41.62 and RoNW 33.21%. The business has maintained strong profitability. 🔹 Ownership structure: NSE does not have an identifiable promoter . It is a widely held market-infrastructure company, so the usual promoter holding analysis is not directly applicable here. 🔹 100% OFS: Existing shareholders are selling their shares; NSE itself is not raising fresh capital through the IPO. 🔹 Valuation: At ₹1,785, NSE is valued at roughly 43x FY26 earnings — not cheap, but below BSE’s RHP-reported 54.3x P/E. 🔹 Key risks: High dependence on derivatives, regulatory changes and technology/cybersecurity risks. My takeaway: NSE looks like a high-quality and highly profitable market-infrastructure business, but the IPO comes at a premium valuation. The bigger ...