Whalesbook
Ab NSE Bhedegi Stock Market Mein Stock!
Yeh IPO koi aam IPO nahi hai, lagbhag 10 saal se iska intezaar chal raha tha aur beech mein SEBI ke saath kuch regulatory issues bhi the. Par ab sab clear ho gaya hai! SEBI ne ₹1,400 crore ke settlement par haan kar di thi aur ab NSE ke board ne bhi official approval de diya hai.
Sab Paisa Kahan Jaayega? (OFS Ka Funda)
Par yahan ek twist hai. Yeh IPO pure Offer for Sale (OFS) model par hoga. Iska matlab yeh hai ki jo current shareholders hain, woh apne shares bechenge. Company mein koi naya paisa nahi aayega growth ke liye. Toh investors ke liye yeh liquidity provide karne wala deal hai, company ke growth plans ke liye direct fund raise nahi.
Valuation Toh Ekdum Out of World!
NSE ke unlisted shares abhi se ₹5.13 lakh crore ke valuation par pahunch gaye hain. Apne rival Bombay Stock Exchange (BSE) jiska market cap February 2026 tak sirf ₹1.29 lakh crore tha, usse toh yeh bohot hi zyada hai. Market ko lagta hai ki NSE apni position maintain karega.
BSE Bhi Peeche Nahi Hai!
Yeh toh hai ki NSE derivatives mein 73% equity options aur cash market mein 93% tak share rakhta hai. Lekin BSE bhi kam nahi hai, H1 FY26 mein F&O mein 38% aur equity options mein 22% market share pakad liya hai. Profitability mein NSE abhi bhi aage hai, jiske operating margins H1 FY26 mein 77% the, BSE ke 65% ke muqable.
Kuch Cautions Bhi Hain
Q3 FY26 mein NSE ka net profit ₹2,408 crore aur revenue ₹3,925 crore raha, jo last year se kam hai. OFS model hone ki wajah se company ko growth ke liye paisa nahi milega. Aur toh aur, NSE ke paas 200,000 ke aas paas investors hain, toh IPO execute karna bhi ek bada kaam hoga. P/E ratio ke hisab se NSE (around 40-45x FY26E) BSE (60x FY26E) se kam lag raha hai, par phir bhi valuation kaafi high hai.
Aage Kya Ho Sakta Hai?
Overall, Indian capital markets ke liye outlook positive hai. NSE India ke financial system ka ek main part hai aur trading volumes mein toh woh number 1 hai. Analysts ko lagta hai ki NSE ka CAGR 15-23% tak ho sakta hai. Jab yeh IPO aayega, toh market kaise OFS structure ko dekhta hai aur competition ke beech NSE apni position kaise maintain karta hai, yeh dekhna mazedaar hoga.