SBI's 80 paise masterstroke: How NSE IPO could deliver Rs 2,850 crore jackpot and 2,23,025% return

State Bank of India (SBI) could turn a modest investment in the National Stock Exchange (NSE) into one of the most lucrative profit booking in India’s IPO market, with the lender offering shares acquired at a weighted-average cost of just 80 paise apiece at a price of as much as ₹1,785. SBI is offering up to 15,969,410 NSE shares in the IPO. At the upper end of the price band, the sale could fetch the lender approximately ₹2,850 crore, leading to an eye-popping return of 223,025%.

The IPO has a price band of ₹1,700 to ₹1,785 per share and an offer size of ₹22,562 crore. The issue is entirely an offer for sale, meaning the proceeds will accrue to the selling shareholders, rather than to NSE.

SBI held 79,847,050 NSE shares before the IPO, representing a 3.23% stake. If it sells the maximum number proposed, it would part with roughly one-fifth of its holding and retain approximately 63.88 million shares which would still be worth ₹11,400 crore at the upper end of the IPO price band.


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However, some other shareholders have an even lower cost base and could generate significantly higher percentage returns. The New India Assurance Company is offering up to 10.5 million shares at a weighted-average acquisition cost of ₹0.32 per share. At ₹1,785, the sale could fetch approximately ₹1,874 crore, representing a gross return of 5,57,713%.

SBI Capital Markets is offering up to 8,780,590 shares. Its weighted-average acquisition cost is ₹0.38 per share. The proposed sale could generate approximately ₹1,567 crore at the upper end of the price band. That translates into a gross return of 4,69,637%.

Stock Holding Corporation of India is offering up to 6,187,500 shares, acquired at a weighted-average cost of ₹0.46 per share. The sale could generate approximately ₹1,104 crore at ₹1,785, representing a gross return of 3,87,943%.

Similarly, United India Insurance Company could fetch approximately ₹1,071 crore, translating into a return of 3,56,900%. Bank of Baroda could make approximately ₹1,373 crore, representing a gross return of 3,30,456%.

The potential proceeds for General Insurance Corporation of India would be approximately ₹1,104 crore, implying a return of 33,835%.

NSE’s post-issue market capitalisation would be around Rs 4.4 lakh crore. For its existing shareholders, the IPO represents a major opportunity to unlock value from long-held investments.

The proceeds and returns are gross estimates based on the maximum number of shares offered and the upper IPO price of ₹1,785. Actual realisations will depend on the number of shares sold, applicable taxes and offer-related expenses.

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What investors are paying for

Beyond the windfall for existing shareholders, the NSE IPO is offering investors exposure to a dominant market infrastructure platform. According to DAM Capital, NSE has remained India’s largest stock exchange by cash market turnover and equity derivatives turnover from FY21 through FY26 and the three months ended June 30, 2026.

Its market share stood at 92.99% in the cash market, 99.79% in equity futures and 74.71% in equity options in FY26. The exchange also had 132.37 million unique registered investors, 261.36 million registered investor accounts and 3,005 listed entities as of June 30, 2026.

Brokerages highlighted NSE’s vertically integrated model, which brings trading, clearing, listing, market data and other services onto a single platform. Its technology infrastructure processed an average of 12.46 billion messages a day between April 2024 and June 2026. On March 24, 2026, the platform handled 21.89 billion peak order messages and 201 million trades in a single day.

The exchange’s total income rose to ₹18,713 crore in FY26 from ₹16,352 crore in FY24, while profit for the year stood at ₹10,302 crore. NSE had one of the highest adjusted operating EBITDA margins and one of the highest profit after tax margins compared with leading listed stock exchange groups globally in FY26.