Whalesbook
Shareholders, Suno! NSE IPO ka Khel Shuru
Yaar, National Stock Exchange (NSE) ka jo IPO ka wait chal raha hai na, usme shareholders ke liye ek critical moment aa gaya hai. April 27, 2026 ki deadline hai EOI submit karne ki. Jo purane investors hain, unko is date tak apna interest dikhana padega.
IPO Ke Liye Bade Shakht Rules!
Aur rules bhi bilkul tight hain! Sirf wohi shareholders EOI de sakte hain jinke paas NSE ke fully paid-up shares continuous basis par June 15, 2025 se hain. Matlab, jo naye kharidega ya sirf IPO ke liye lega, woh nahi chalega. Ek aur rule hai, agar kisi ne Offer for Sale (OFS) mein shares beche, toh woh baad mein naya investor bankar apply nahi kar payega. Aur agar OFS ke baad shares bikne se reh gaye, toh listing ke 6 mahine tak unpar lock-in rahega. Ye sab lagta hai ki company thoda controlled tareeke se divestment karna chahti hai.
Valuation Aur Market Ka Mood
Abhi NSE ke shares unlisted market mein around ₹1,925 par trade ho rahe hain, jiski wajah se exchange ki total valuation ₹4.7 lakh crore ke aas-paas hai. IPO se lagbhag ₹20,000 crore se ₹23,000 crore tak raise karne ka plan hai, jisme equity ka 4% se 4.5% tak dilute ho sakta hai. Agar BSE se compare karein, toh uska market cap ₹1.4 lakh crore ke kareeb hai. April 2026 mein BSE ka trailing twelve-month (TTM) P/E ratio 66.85x tha, jabki NSE ka unlisted P/E 39.1x ke aas-paas tha. Matlab, NSE khud ko thoda premium dikha raha hai, aur market ab profit dekhna chahta hai, revenue growth nahi.
Indian IPO market ka trend bhi badal raha hai. 2025 mein list hui 55% startups shayad apne issue price se neeche trade kar rahi hain. Investors ab sirf revenue growth nahi, balki operational discipline aur profit banane ka clear roadmap dekh rahe hain. NSE profit mein hai aur EBITDA margins bhi acche hain, par valuation ko is naye investor preference ke saamne test hona padega.
IPO Ke Liye Kuch Challenges Bhi Hain
NSE ka IPO ka safar kaafi lamba raha hai. Pehle co-location facilities aur market access ko lekar regulatory investigations chal rahi thi. Agarche 2025 mein regulatory settlements ho gaye the, phir bhi governance aur compliance ko lekar kuch sawaal reh sakte hain.
BSE ke comparison mein, NSE ki unlisted valuation metrics kuch points par stretched lag sakte hain. Jabki NSE ka unlisted P/E 39.1x hai, BSE ka TTM P/E 66.85x hai. Lekin BSE ne 5 saal mein 37% revenue CAGR dikhaya hai (industry average 21.44%) aur net income CAGR 61.08% (industry average 27.8%). BSE ka Price-to-Book (P/B) ratio bhi kabhi kabhi NSE ke unlisted P/B (15.7 ke aas-paas) se kam raha hai.
EOI ke liye jo strict eligibility criteria rakhe gaye hain, jaise holding period aur sellers ka dobara invest na kar pana, woh offered shares ka total volume kam kar sakte hain aur demand ko bhi affect kar sakte hain. Jab market itna selective ho, toh restricted seller base se premium valuation ke liye broad-based demand generate karna mushkil ho sakta hai.
Aur haan, FPIs ne 2025 mein Indian equities se lagbhag ₹1.61 lakh crore withdrawal kiye hain, jo global cautious outlook dikhata hai. Domestic inflows support kar rahe hain, par overall sentiment un companies ke liye hai jinka profitability aur sustainable business model hai. NSE ko sirf market leadership se zyada kuch compelling dikhana padega.
NSE IPO Ka Outlook
EOI deadline nazdeek aa rahi hai aur DRHP (Draft Red Herring Prospectus) mid-2026 tak aane ki umeed hai. NSE IPO ab bhi track par hai. Bahut saare merchant bankers ka appoint hona preparation dikhata hai. Lekin IPO ka success is baat par depend karega ki valuation expectations, discerning investor base jo profitability aur sustainable growth ko prefer karta hai, aur company ke apne strict rules aur historical regulatory scrutiny ko kaise balance kiya jaata hai.