In the latest update on the much-awaited initial public offering (IPO) of the National Stock Exchange (NSE), State Bank of India (SBI) and its subsidiary SBI Capital Markets Ltd plan to dilute up to 1% stake in the exchange through its proposed ₹30,000 crore public offer.
SBI will dilute a 0.65% stake in NSE, while SBI Capital Markets will sell a 0.35% stake, SBI Chairman C S Setty told PTI in an interview. “We are participating in that divestment. We propose to divest 0.65% and 0.35% by SBI Capital Markets because both of us hold the stake. So together, about 1% as an SBI group,” Setty said.
Setty added that the actual stake sale could be lower depending on whether other shareholders also participate in the offer.
SBI currently holds a 3.23% stake in NSE, while SBI Capital Markets owns a 4.33% stake in the country’s largest stock exchange.
Setty also clarified that SBI does not have any immediate plans to monetise stakes in its other subsidiaries.
NSE Q1 FY27 earnings
NSE reported a 7% rise in its consolidated profit after tax (PAT) to ₹3,120 crore for the June quarter (Q1 FY27), driven by higher operating income.
The IPO-bound exchange earned a PAT of 42,924 crore in the corresponding quarter of the previous fiscal.
Its total income increased 9% year-on-year to ₹5,252 crore in the April-June quarter of FY27 from ₹4,798 crore a year ago, the bourse said in a statement.
Its revenue from transaction charges, the exchange’s largest income source, rose to ₹3,623 crore during the quarter from ₹3,154 crore in the year-ago period.
Further, revenue from data connectivity charges stood at ₹258 crore, while operating investment income came in at ₹234 crore. Revenue from data feed and terminal services was ₹150 crore.
On the expenditure front, total expenses increased to ₹1,129 crore in the first quarter of FY27 from ₹1,053 crore in the corresponding period of the previous fiscal.
Other key highlights
During the quarter, NSE contributed 420,579 crore to the exchequer, including collections and payments. This comprised Securities Transaction Tax/Commodities Transaction Tax (STT/CTT) of ₹18,313 crore, stamp duty of ₹980 crore, GST of ₹657 crore, income tax of ₹373 crore and SEBI fees of ₹256 crore.
Of the total STT/CTT collections, the equity derivatives segment accounted for 57%, followed by the cash market delivery-based segment at 37% and the cash market intraday segment at 6%.
In June, NSE filed its preliminary IPO papers with the market regulator SEBI. The issue, which is entirely an offer for sale (OFS), comprises 14.89 crore equity shares to be sold by existing shareholders, amounting to nearly 6% of the exchange’s equity.
With no fresh issue component, the proposed ₹30,000 crore IPO is expected to be one of the largest ever in the Indian capital markets.
NSE IPO launch date
While the NSE has not officially announced the IPO launch date, news reports suggest that the public offer is likely to hit the market in September 2026.
A recent report by business daily Mint said the country’s largest stock exchange is targeting an IPO launch by mid-September and is eyeing a possible listing by September 25.
“The bourse is targeting the IPO launch around the beginning of Ganesh Chaturthi, in the middle of next month,” the report said, citing sources.