6 IPOs tracked
Upcoming IPOs
6
Open Now
2
Pipeline Value
₹1.3L Cr
High Conviction
3
Under Review
4
AI Coverage
100%
Pipeline
Upcoming IPOs
Company
Sector
Issue Size
Status
AI Rating
Action
NSE
Financial Infrastructure
₹47,000 Cr
Awaiting Dates
9.4
Deep Dive
Reliance Jio
Telecom & Digital
₹30,000–50,000 Cr
Expected 2026
9.1
Watch
Acko
Insurance
TBA
DRHP Expected
7.8
Research
OYO
Hospitality
TBA
Awaiting Filing
6.9
Monitor
CSM Technologies
GovTech
₹146 Cr
Open
7.4
Review
Cordelia Cruises
Leisure
₹800+ Cr
Open
6.5
Pass
Deep Dive
NSE IPO
1 / 3
Company
National Stock Exchange
Sector
Financial Infrastructure
Expected Valuation
₹4.7 Lakh Cr
Market Share
95%
Cash Equities
FY26 Revenue
₹18,700 Cr
FY26 Net Profit
₹10,300 Cr
Investment Thesis
✓Monopoly-like market position in Indian capital markets
✓Strong operating leverage — incremental revenue flows to bottom line
✓Deep network effects create near-impossible barriers to entry
✓India’s financialization tailwinds (SIP flows, demat accounts)
✓Increasing retail participation driving transaction volumes
✦AI Summary
The NSE represents a high-quality financial infrastructure asset with strong network effects, dominant market share, and structural growth drivers. Primary concerns include regulatory overhang from historical SEBI investigations and heavy dependence on derivatives revenues which face potential regulatory intervention.
Strengths
Competitive Moat
✓Market leader with 95% cash equity share
✓Network effects create high switching costs
✓Technology infrastructure advantage
Financial Strength
✓62% operating margin
✓34% ROE
✓Consistent cash generation
Industry Tailwinds
✓Financial inclusion programs
✓Retail investing boom
✓Capital market expansion
Management Quality
✓25+ year operating history
✓Institutional governance framework
✓Strong execution track record
Weaknesses
Regulatory Risks
✗Historical SEBI investigations
✗Future regulatory oversight concerns
✗Co-location controversy history
Revenue Concentration
✗75% of revenue from derivatives trading
✗Vulnerable to regulatory changes in F&O segment
Valuation Concerns
✗Expected premium vs global exchanges
✗Rich multiple in context of regulatory risk
✦AI Verdict
Strength Score
9.4
Weakness Score
6.2
Net Attractiveness
High
Peer Comparison
Metric
NSE
BSE
CME Group
LSEG
Revenue Growth
18%
15%
10%
8%
Operating Margin
62%
48%
58%
32%
ROE
34%
21%
28%
16%
P/E
Expected
62x
28x
24x
✦AI Commentary
NSE demonstrates stronger network effects and profitability than domestic peers. The operating margin of 62% is best-in-class among exchanges globally. Valuation premium appears justified if the 18% revenue growth trajectory sustains through FY28.
Issue Details
Issue Size₹47,000 Cr
Fresh Issue₹10,000 Cr
OFS₹37,000 Cr
Implied Market Cap₹4.7 Lakh Cr
EV/Sales25.1x
P/E (FY26)45.6x
✦AI Fair Value Range
Bear Case₹3.8 Lakh Cr
Base Case₹4.5 Lakh Cr
Bull Case₹5.3 Lakh Cr
Subscription Expectations
InstitutionalVery High
RetailVery High
HNIHigh
Expected Anchor Investors
SBI Mutual Fund
ICICI Prudential
GIC Singapore
ADIA
Blackrock
GMP Tracking
Grey Market Premium
+18%
Implied Listing Gain
15–20%
Broker Sentiment
Motilal OswalSubscribe
ICICI DirectLong Term Subscribe
KotakPositive
JefferiesOverweight
Business
Low
Industry
Medium
Regulatory
High
Governance
Medium
Valuation
Medium
Key Risks
1.Regulatory interventions could limit derivatives trading volumes and fee structures.
2.Revenue concentration — 75% from derivatives exposes NSE to single-segment risk.
3.Slower derivatives growth if SEBI tightens retail F&O participation rules.
4.Market cycle dependency — prolonged bear markets reduce transaction volumes.
NSE IPOSUBSCRIBE
Conviction
9.2 / 10
Time Horizon
5–10 Years
Category
Core Compounder
Allocation
2–3% of portfolio
Bull Case
✓Monopoly infrastructure asset with irreplaceable position
✓Strong operating leverage — every incremental rupee of revenue has high margin
✓Long growth runway from India’s under-penetrated capital markets
✓Network effects deepen with every new participant
Bear Case
✗Rich valuation relative to global exchange peers
✗Regulatory uncertainties from SEBI oversight and past controversies
✗Revenue concentration in derivatives segment
✗Increasing competition from alternative products and exchanges
✦IC Questions (Auto-generated)
1How sustainable are derivatives revenues given potential SEBI intervention in retail F&O?
2What happens if regulatory changes cap transaction fees or mandate volume limits?
3Is the valuation premium justified compared to CME Group and LSEG at 28x and 24x P/E?
4How does transaction concentration in top 100 stocks affect long-term earnings stability?