The National Stock Exchange of India (NSE) is preparing for a landmark initial public offering (IPO) that is set to become the nation's second-largest ever. Scheduled to open on September 17, the offer for sale (OFS) aims to raise approximately Rs 22,568.92 crore, based on the upper end of its price band of Rs 1,700-1,785 per share.
Surpassing Previous Records
This significant offering will position NSE's IPO as the second-biggest in Indian primary market history, a rank currently held by Life Insurance Corporation of India Ltd (LIC). LIC's IPO, which launched in May 2022, raised Rs 20,557.23 crore. The only IPO to have raised a higher amount than NSE's is Hyundai Motor India Ltd, which garnered Rs 27,858.75 crore when it debuted in October 2024.
Other notable large IPOs include One 97 Communications Ltd (Paytm), which raised Rs 18,300 crore in November 2021, making it the third-largest prior to NSE. Following these are Tata Capital's Rs 15,511.87 crore issue in October 2025 and Coal India's Rs 15,199.44 crore IPO from October 2010.
Global Market Presence and Profitability
NSE holds a dominant position globally, recognized by the World Federation of Exchanges as the largest multi-asset class exchange in terms of the number of trades in cash equities and contracts traded in equity derivatives. In fiscal year 2026, NSE commanded a global market share of 11.38% in cash equity trades and 51.18% in equity derivative contracts. This robust performance continued into the three months ended June 30, 2026, with shares of 10.68% and 50.22% respectively.
DAM Capital highlights NSE's strong financial health, noting that its profitability is driven by consistent cash generation. This allows the exchange to self-fund investments, maintain a substantial capital buffer, and support ongoing ecosystem development.
Offer Details and Shareholders
The NSE IPO is structured entirely as an offer-for-sale, involving 12,64,36,550 equity shares from existing shareholders. This represents approximately 5.11% of the company's total stake. Key selling shareholders include prominent financial institutions such as State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company Ltd, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India Ltd, and United India Insurance Company.