Mumbai, India – The initial public offering (IPO) of the National Stock Exchange of India (NSE) concluded its bidding period on September 21, 2026, achieving an overall subscription of 3.80 times. Investor interest surged on the final day, primarily propelled by strong participation from qualified institutional bidders (QIBs).
Robust Demand Across Investor Categories
According to the latest figures, investors placed bids for 33,65,36,232 equity shares against the 8,86,42,911 shares available. The QIB portion was notably oversubscribed by 7.8 times, indicating significant institutional confidence. Non-institutional investors (NIIs) also showed strong interest, with their segment subscribed 4.81 times. Retail investors booked their allocated portion 1.09 times, while the employee quota saw a subscription of 2.12 times.
The IPO, which commenced on September 17, offered shares in a price band of Rs 1,700-1,785 apiece. Investors could apply for a minimum of eight shares. The offering aimed to raise Rs 22,562 crore through an entirely offer-for-sale (OFS) structure, involving up to 12.64 crore equity shares sold by existing shareholders.
Analyst Optimism and Market Position
Brokerage firms largely maintained a positive outlook on the NSE IPO, viewing it as a strategic proxy for India's economic growth story. Analysts highlighted NSE's dominant market position as India's largest stock exchange and a leading global multi-asset exchange platform. Its robust competitive advantages, healthy cash flows, debt-free status, and diversified product portfolio were key factors cited for favorable recommendations.
Hem Securities noted, "NSE is a market leader in India and it is well positioned to benefit from India's structural growth tailwinds which drive strong network effects for NSE. strong brand synonymous with trust, efficiency and transparency, across its trading platform as well as company’s clearing, settlement and market supervisory role."
Prior to the public offering, NSE successfully raised over Rs 6,746 crore from 189 anchor investors, allocating 3,77,93,739 equity shares at the upper price band of Rs 1,785 per share.
Financial Performance and Valuation
For the three months ended June 30, 2026, NSE reported a net profit of Rs 3,210.08 crore on revenues of Rs 5,252.17 crore. The fiscal year 2025-26 saw the exchange post a net profit of Rs 10,302.06 crore from revenues of Rs 18,713.37 crore.
Angel One commented on the valuation, stating, "NSE is valued at a post-issue P/E of 35.4 times, compared with BSE’s P/E of 54.2 times, making the issue attractive relative to its key listed peer." The firm added that despite potential near-term regulatory headwinds to derivatives volumes, the valuation offers a favorable entry point given NSE's strong competitive position and earnings potential.
The grey market premium (GMP) for NSE shares was reportedly in the range of Rs 60-70, suggesting potential listing gains of 3-4 percent. Shares of the National Stock Exchange of India are scheduled to list exclusively on BSE Ltd on Thursday, September 24.