Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise upto US$2.5bn in its India IPO. </li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>In this note, we look at the company’s past performance and other deal dynamics.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. 
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
In this note, we look at the company’s past performance and other deal dynamics.


Aequitas: NSE Pre-IPO - Dominance Has Only Grown

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

National Stock Exchange of India / Equity Bottom-Up

<ul>
<li>NSE filed DRHP with SEBI (June 17, 2026) revealing that options trading now generates 60% of operating revenue, making the exchange world's most active derivatives market for seventh consecutive year</li>
<li>
22.45 crore Demat accounts and investor penetration still 13.45% of India's population, NSE sits at centre of long structural financialization story but regulatory curbs (F&amp;O trading) dented FY26 revenue.</li>
<li>NSE's moat is real and enormous, but the business is far more concentrated than it looks: strip out options revenue and what remains is a smaller and slow growing franchise. </li>
</ul>


NSE filed DRHP with SEBI (June 17, 2026) revealing that options trading now generates 60% of operating revenue, making the exchange world's most active derivatives market for seventh consecutive year

22.45 crore Demat accounts and investor penetration still 13.45% of India's population, NSE sits at centre of long structural financialization story but regulatory curbs (F&amp;O trading) dented FY26 revenue.
NSE's moat is real and enormous, but the business is far more concentrated than it looks: strip out options revenue and what remains is a smaller and slow growing franchise. 


NSE Business Model: The Toll Booth Running India’s Markets!

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSE IN)</a> is looking to raise upto US$2.5bn in its India IPO. The deal will be run by Axis, MS, JPM, HSBC, JM Fin among other banks.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>According to Redseer, it has been the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives from FY01-26.</li>
</ul>



National Stock Exchange (NSE IN) is looking to raise upto US$2.5bn in its India IPO. The deal will be run by Axis, MS, JPM, HSBC, JM Fin among other banks.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
According to Redseer, it has been the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives from FY01-26.


Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

National Stock Exchange's (NSE) IPO is expected to raise over US$1bn through a sale of secondary shares slated to take place later this year.Bombay Stock Exchange (BSE) listing earlier this year has set the stage for NSE's debut (we looked at BSE IPO here: <a href="https://www.smartkarma.com/insights/bombay-stock-exchange-ipo-second-by-a-wide-margin-in-a-two-man-race" target="_blank" data-smartkarma-citation="insights:8279">Bombay Stock Exchange IPO - Second by a Wide Margin, in a Two-Man Race</a>).  Our conclusions looking at the two remain broadly the same: NSE is bigger and better of the two. It will trade at a generous premium to BSE when it lists. In this insight, we look at the company's financial performance and some issues relating to preferential access that might be an overhang for the listing. Once the deal is launched we will run it through our framework.

National Stock Exchange's (NSE) IPO is expected to raise over US$1bn through a sale of secondary shares slated to take place later this year.Bombay Stock Exchange (BSE) listing earlier this year has set the stage for NSE's debut (we looked at BSE IPO here: Bombay Stock Exchange IPO - Second by a Wide Margin, in a Two-Man Race).  Our conclusions looking at the two remain broadly the same: NSE is bigger and better of the two. It will trade at a generous premium to BSE when it lists. In this insight, we look at the company's financial performance and some issues relating to preferential access that might be an overhang for the listing. Once the deal is launched we will run it through our framework.

National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


India

National Stock Exchange of India Ltd. provides securities exchange and market infrastructure services. The Company offers trading, clearing-related services, market data, indexes, listings, and investor education. The company serves investors, brokers, listed companies, financial institutions, and market participants in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

National Stock Exchange of India (NSE IN)

Aequitas: NSE Pre-IPO - Dominance Has Only Grown

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we look at the company's past performance.

Sumeet Singh

NSE Business Model: The Toll Booth Running India’s Markets!

NSE's options trading dominates revenue, making it the world's top derivatives market, but regulatory curbs impact FY26 earnings and reveal a more...

Nimish Maheshwari

Aequitas: NSE Ltd Pre-IPO Tearsheet

NSE Ltd is looking to raise about US$2.5bn in its upcoming India IPO. The deal will be run by Axis, MS, JPM, HSBC, JM Fin, Motilal Oswal, IIFL and...

Akshat Shah

National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some

The IPO is now live, finally! with the company looking to raise around US$2.5bn via an all secondary deal. We had looked at its past performance...

Sumeet Singh

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: NSE Pre-IPO - Dominance Has Only Grown

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we look at the company's past performance.

Sumeet Singh

NSE Business Model: The Toll Booth Running India’s Markets!

​NSE's options trading dominates revenue, making it the world's top derivatives market, but regulatory curbs impact FY26 earnings and reveal a more...

Nimish Maheshwari

Aequitas: NSE Ltd Pre-IPO Tearsheet

NSE Ltd is looking to raise about US$2.5bn in its upcoming India IPO. The deal will be run by Axis, MS, JPM, HSBC, JM Fin, Motilal Oswal, IIFL and...

Akshat Shah

National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some

The IPO is now live, finally! with the company looking to raise around US$2.5bn via an all secondary deal. We had looked at its past performance...

Sumeet Singh

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

NSE's options trading dominates revenue, making it the world's top derivatives market, but regulatory curbs impact FY26 earnings and reveal a more...