The initial public offering (IPO) of the National Stock Exchange of India (NSE) commenced its subscription period on Thursday, September 17, 2026, quickly drawing substantial investor interest. Within the first hour of opening, the IPO, one of India's largest on record, was subscribed 15%.
Strong Early Subscription Across Categories
As of 11:02 am on its opening day, the NSE IPO received 1,34,26,568 bids against 8,86,42,911 shares offered. The employee reserved portion showed strong demand, attracting 40% bids, while the non-institutional investors (NIIs) category recorded 24% subscription. Retail investors also showed keen interest, with their category subscribed 20% in the initial hours.
The IPO, structured as an offer for sale (OFS) worth Rs 22,562 crore, has a price band set between Rs 1,700 and Rs 1,785 per share. The subscription window will remain open until Monday, September 21, 2026. Eligible employees are offered a discount of Rs 170 per share, with the market lot set at 8 equity shares, each having a face value of Re 1.
Anchor Investors Include Sovereign Wealth Funds
Prior to the public subscription, NSE successfully allocated shares worth Rs 6,746 crore to anchor investors on Wednesday. This crucial pre-IPO round saw participation from prominent global entities, including the sovereign wealth funds of Norway (Government Pension Fund) and Abu Dhabi (Abu Dhabi Investment Authority), alongside asset manager Fidelity.
State-run Life Insurance Corporation of India (LIC) emerged as the largest domestic investor in the anchor book, acquiring shares worth Rs 400 crore, which accounts for 5.93% of the total anchor allocation.
Financial Overview and Listing Details
At the upper end of its price band, NSE's market capitalization is estimated to reach approximately Rs 4.42 lakh crore. The tentative listing date for NSE shares on the exchanges is scheduled for September 24, 2026.
Financially, NSE reported revenue from operations of Rs 16,601.31 crore in FY26, a slight decrease from Rs 17,140.68 crore in FY25 but an increase from Rs 14,780.01 crore in FY24. Profit after tax (PAT) for FY26 stood at Rs 10,302.06 crore, down from Rs 12,187.69 crore in FY25. Operating EBITDA for the same period was Rs 11,097.90 crore, with a moderated operating EBITDA margin of 66.85% in FY26, compared to 73.78% in FY25.
Analyst Insights on Valuation and Prospects
Brokerage firms have offered varied perspectives on the NSE IPO. Religare Broking assigned a 'Neutral' rating, acknowledging NSE's strong market position and long-term growth opportunities while noting valuation and regulatory considerations.
Ravi Singh, Chief Research Officer at Master Capital Services, highlighted that the NSE IPO is entirely an Offer for Sale, meaning the company itself will not receive fresh capital. He pointed out that the latest Grey Market Premium (GMP) is around 8%. Singh noted that NSE trades at a P/E ratio of 42.9x, which is lower than BSE's 53.3x, despite offering higher revenue and PAT with comparable EBITDA margins. He suggested that investors seeking listing gains might consider applying, while long-term investors could find NSE's strong financials and growth potential supportive of participation, with scope to add shares on dips post-listing.