NSE IPO Opens September 17, Should Investors Subscribe At Rs 1,785?

Mumbai: The National Stock Exchange (NSE) is set to launch its highly-anticipated IPO on September 17, with shares priced between Rs 1,700 and Rs 1,785 each. Investors are left wondering if NSE is a worthwhile investment at the current price point of Rs 1,785 per share. SAMCO Securities has given the IPO a "Subscribe" rating, citing NSE's immense market dominance, impressive profitability, and promising long-term growth.

The IPO duration spans from September 17 to September 21, with a minimum bid requirement of eight shares, equating to Rs 14,280 for one lot at the upper price band. The IPO market size is a massive Rs 22,561 crore, making it one of the largest public offerings in India's history. Of note, this issue is purely an Offer for Sale (OFS), meaning NSE will not be raising new capital from the IPO.

NSE's market position is unparalleled, accounting for approximately 93% of cash-market turnover in FY2026. It also holds a strong position within derivatives trading. As of June 30, 2026, NSE had an impressive 13.24 crore unique registered investors. The exchange offers a wide range of financial products, including equities, derivatives, bonds, ETFs, mutual funds and more.

NSE's financial health is robust, with total income increasing from Rs 16,352 crore in FY2024 to Rs 18,713 crore in FY2026. Its profit after tax reached Rs 3,120 crore in Q1FY27, while its EBITDA margin hit a remarkable 79%. Moreover, NSE boasts no fund-based debt. However, the exchange's future success hinges on the trading volumes, particularly in derivatives, which could be impacted by regulatory changes.

Despite these potential risks, SAMCO's "Subscribe" call highlights the strong fundamentals of NSE. Investors must weigh the company's valuation and regulatory risks before making a decision on whether to subscribe or not.