Thanks for that scintillating analysis. As Ruskin has noted, they are a flurry of new listings, Rights issues, REITS and fixed income securities occurring this year and in 2015. So the earnings of the NSE may assume a new higher normal. If the derivatives, options and futures also come on board that can sustain a growth momentum over the years. I like your conservative estimates, better than to over estimate.

I believe at the minimum, your estimate will be achieved.

The offer is seeking to raise only 627M shillings, if even a few institutional jump onto this counter, the will be a massive over subscription. the only threat to this i feel is that, lay investors and even other investors may not fully understand or appreciate NSE as business hence it may be hard to whip up the excitement like other IPO's have done.

120mn [not 115mn] written back as 'recovered' from 2 collapsed brokers. Read 17(b). Non-recurring.
40mn for "Market Access" from CBA. Likely to be non-recurring.
There is another 41mn bad debt "write back" but I cannot determine what it is for. Non-recurring"

So add these up and one gets 200mn in "non-recurring" income that goes straight to the bottom-line.

NSE IPO is on-going and they can't even update the daily price list on their website.
Site still showing prices of last week Friday

On radios its being advertised,on tv i have not yet seen.

May be they are targeting radio listeners, not TV viewers.