Unlisted shares of the IPO-bound National Stock Exchange have climbed to about Rs 2,075, roughly 180% from earlier levels. The shares saw a significant uptick after the NSE board on Friday, February 6, cleared the decks for the long-awaited initial public offering and approved the launch of its issue.
NSE unlisted shares spike
The unlisted shares are now trading significantly higher than December 2025 levels, around Rs 2,075 per share. NSE has about 1.77 lakh shareholders. Its unlisted market capitalisation is estimated at around Rs 5.26 lakh crore, based on recent transaction prices of about Rs 2,075 per share, as shown in the uploaded document. The Unlisted shares have been trading. The shares have been trading in a wide range between Rs 1,625 – 2,400 per share.
NSE IPO to be offer for sale
The market regulator has also relaxed minimum public float requirements for very large listings, allowing companies valued above Rs 5 lakh crore to list with just 2.5% of paid-up capital, easing constraints on the size and structure of the offer.
According to the NSE statement, “Considered and approved undertaking an initial public offering (IPO) through an offer for sale by existing shareholders of the company (OFS), for the listing of the equity shares of face value of Re 1 each of the company.”
The proposed IPO is expected to be among the largest in India’s capital markets. Last month, SEBI chairman Tuhin Kanta Pandey said the regulator had granted “in-principle” approval to NSE’s settlement application in the unfair market access case, an important development seen as paving the way for the exchange’s IPO. Pandey had also indicated that the NOC could be issued within about a month.
However, there is no official announcement on the exact timeline yet. The listing plans for the country’s prominent stock exchange have remained on hold since 2016.
NSE board approves reconstitution of IPO committee
At the same meeting, the NSE board approved the reconstitution of the IPO Committee to facilitate and oversee activities delegated for the execution of the IPO process. This revamped committee will be chaired by Tablesh Pandey, a non-independent director. The public interest directors on the committee include Srinivas Injeti, Mamata Biswal, Abhilasha Kumari and G Sivakumar. The CEO and MD of NSE, Ashish Kumar Chauhan, will also be part of this committee.
NSE Q3FY26 results
NSE reported a consolidated profit after tax of Rs 2,408 crore for Q3FY26, compared to Rs 3,834 crore in the same period last year. Revenue from operations fell 9% year on year to Rs 3,925 crore from Rs 4,349 crore.
On a quarter-on-quarter basis, profit rose 15% from Rs 2,098 crore in Q2 FY26. Total income for the quarter came in at Rs 4,395 crore, down 9% from a year ago but 6% higher than the previous quarter.
NSE Q3 EBITDA rebounds sequentially
Operating EBITDA for Q3 FY26 stood at Rs 2,851 crore. That was 16% lower than the year-ago period but showed a sharp recovery from Q2, rising 92% sequentially.
The EBITDA margin expanded to 73%, compared with 40% in the September quarter and 78% in Q3 FY25, reflecting a combination of higher activity and lower costs during the quarter.
NSE Q3 costs fall quarter on quarter
On a consolidated basis, total expenditure declined 48% quarter on quarter to Rs 1,234 crore. Compared with last year, expenses were higher by 14%.
During the quarter, NSE booked one-time expenses of Rs 126 crore related to gratuity provisions following the implementation of new labour codes.
NSE Q3 trading volumes support recovery
Market activity improved during the December quarter for the country’s largest stock exchange. The cash market recorded an average daily traded value of Rs 99,023 crore, up 3% from the previous quarter.
In derivatives, average daily traded value in equity futures rose 8% quarter on quarter to Rs 1,51,744 crore. Equity options premium turnover increased 15% sequentially to Rs 53,248 crore.
All eyes on NSE IPO timeline
NSE heads into the next phase of its listing journey with softer year-on-year earnings, stronger sequential performance, regulatory clearance in place and a sharp run-up in unlisted share prices. How these strands come together will shape the final steps toward a public listing that has been years in the making. All eyes are now on the key announcement of the IPO date for now.