The initial public offering (IPO) of the National Stock Exchange of India (NSE) opened for subscription on Thursday, September 17, 2026, receiving a robust response on its first day. By the close of bidding on Thursday, the issue was subscribed 43%, fueled by significant interest from various investor categories.
Investor Categories Drive Demand
According to subscription data, the employee reserved portion led with 96% bids, followed closely by non-institutional investors (NIIs) at 71%. Retail investors showed strong engagement, subscribing to 44% of their allocated portion, while qualified institutional buyers (QIBs) recorded a 19% subscription rate as of 6 pm on Day 1.
The IPO, which has a price band of Rs 1,700-1,785 per share, is entirely an Offer for Sale (OFS) amounting to Rs 22,562 crore. This means the company itself will not receive fresh capital from the issue. Eligible employees are offered a discount of Rs 170 per share.
Anchor Investors and Market Valuation
Ahead of the public subscription, NSE had allocated shares worth Rs 6,746 crore to anchor investors. Key participants in this round included sovereign wealth funds from Norway and the Abu Dhabi Investment Authority. State-run Life Insurance Corporation of India (LIC) emerged as the largest anchor investor, purchasing shares worth Rs 400 crore, which constituted 5.93% of the anchor book.
At the upper end of its price band, the NSE's market capitalization is estimated to be around Rs 4.42 lakh crore. The face value of each share is Re 1, with a market lot of 8 equity shares. The issue is scheduled to close on September 21, 2026, with a tentative listing date of September 24, 2026.
Financial Performance and Analyst Outlook
NSE's financial performance in recent fiscal years shows a moderation in growth. Revenue from operations for FY26 stood at Rs 16,601.31 crore, a decrease from Rs 17,140.68 crore in FY25. Profit after tax (PAT) also declined to Rs 10,302.06 crore in FY26 from Rs 12,187.69 crore in FY25. Similarly, operating EBITDA and margins also saw a decline.
Religare Broking has assigned a 'Neutral' rating to the IPO, acknowledging NSE's strong market position and long-term growth prospects while also noting concerns regarding valuation and regulatory aspects. Ravi Singh, Chief Research Officer at Master Capital Services, highlighted that the decision to subscribe depends on an investor's objectives. He noted that NSE trades at a P/E of 42.9x, which is lower than BSE's 53.3x, despite offering higher revenue and PAT. Singh suggested that investors seeking listing gains might consider applying, while long-term investors could find NSE's financials and growth potential appealing, with scope to accumulate shares post-listing.