The initial public offering (IPO) of the National Stock Exchange of India (NSE) has seen a robust response, achieving a 55% subscription rate by the second day of bidding. The issue, which opened yesterday, will remain open for subscription until Monday, September 21, 2026.
As of 11:32 AM on Day 2 (Friday), the IPO received 4,90,60,368 bids against 8,86,42,911 shares on offer. Notably, the employee reserved portion was oversubscribed by 1.26 times, and the non-institutional investors (NIIs) category saw a 1.20x subscription. Retail investors subscribed to 56% of their allotted portion, while qualified institutional buyers (QIBs) garnered 19% bids.
Anchor Investor Participation and IPO Details
Ahead of its public offering, NSE successfully allocated shares worth Rs 6,746 crore to anchor investors. Among the prominent participants were the sovereign wealth funds of Norway and Abu Dhabi. Life Insurance Corporation of India (LIC) emerged as the largest anchor investor, acquiring shares worth Rs 400 crore, which accounts for 5.93% of the anchor book. Other significant investors included the Abu Dhabi Investment Authority, Norway's Government Pension Fund, and asset manager Fidelity.
The IPO has a price band set between Rs 1,700 and Rs 1,785 per share and constitutes an offer for sale (OFS) valued at Rs 22,562 crore. At the upper end of the price band, NSE's market capitalization is estimated to be around Rs 4.42 lakh crore. Eligible employees are offered a discount of Rs 170 per share. The tentative listing date for NSE shares is September 24, 2026.
Financial Performance and Analyst Views
NSE's revenue from operations stood at Rs 16,601.31 crore in FY26, a slight dip from Rs 17,140.68 crore in FY25, but up from Rs 14,780.01 crore in FY24. Profit after tax (PAT) for FY26 was Rs 10,302.06 crore, down from Rs 12,187.69 crore in FY25. Operating EBITDA also saw a decrease to Rs 11,097.90 crore in FY26 from Rs 12,646.88 crore in the preceding fiscal year.
The operating EBITDA margin moderated to 66.85% in FY26 from 73.78% in FY25, and the PAT margin declined to 50.98% from 55.30%. Religare Broking has assigned a 'Neutral' rating to the IPO, citing NSE's strong market position and long-term growth opportunities, balanced against valuation and regulatory concerns.
Ravi Singh, Chief Research Officer at Master Capital Services, noted, "Subscribing to this IPO depends on an investor's objective. NSE's IPO is entirely an OFS, meaning the company will not receive fresh capital from the issue. The latest GMP is at around 8 percent. NSE trades at 42.9x P/E, lower than BSE's 53.3x, while offering higher revenue and PAT with similar EBITDA margins. Investors looking for listing gains may consider applying at the IPO price. However, for long-term investors, NSE's strong financials and growth potential may support participation, with scope to add on dips after listing."