Mumbai, Sep 17: The National Stock Exchange of India (NSE) opened its initial public offering (IPO) for public subscription on Thursday, September 17, 2026, with the bidding window set to close on September 21.
Valued at ₹22,569 crore at the upper price limit, the offer represents the second-largest initial public offering in Indian financial history, behind Hyundai Motor India’s 2024 debut.
The public issue carries a fixed price band of ₹1,700 to ₹1,785 per equity share, with a minimum lot size of 8 shares requiring an initial retail investment of ₹14,280.
As a 100% Offer for Sale comprising 12.64 crore shares offloaded by existing institutional shareholders, the exchange itself will receive no cash proceeds from the offer.
At the top price band, the IPO implies a total market valuation of between Rs 4.20 lakh crore and Rs 4.42 lakh crore for the bourse. Shares worth Rs 70 crore are reserved for eligible employees at a Rs 170 per share discount, while final share allotment is scheduled for September 22 ahead of a planned stock listing on the BSE on September 24.
A day prior to public opening, NSE secured Rs 6,746.2 crore from 189 anchor investors, led by Life Insurance Corporation of India alongside domestic mutual funds and global sovereign entities like the Government Pension Fund Global and Abu Dhabi Investment Authority.
On the first day of bidding, overall public subscription reached between 15% and 22%, supported by 24% to 29% booking across retail and non-institutional categories and 38% participation from employees.
NSE holds a commanding operational presence across Indian financial markets, maintaining approximately 93% market share in cash equities, 99.7% in equity futures, and over 68% in equity options.
Its unique registered investor base reached 132.37 million as of June 2026. For the 2026 fiscal year, the exchange reported operational revenue of Rs 16,601.31 crore and a profit after tax of Rs 10,302.06 crore, while maintaining an operating EBITDA margin of 66.85%.
Brokerages including LKP Securities, YES Securities, and Swastika Investmart issued “Subscribe” recommendations, citing NSE’s market dominance and a 21% valuation discount compared to rival exchange BSE.
