The initial public offering (IPO) of the National Stock Exchange of India (NSE) commenced on Thursday, September 17, garnering a decent 31% subscription by 1:40 PM IST on its opening day. The issue, which is structured as an offer-for-sale (OFS) of up to 12.64 crore equity shares, seeks to raise Rs 22,568 crore. Investors can bid for shares within the price band of Rs 1,700-1,785 apiece, with a minimum application of 8 shares.
Investor Categories Show Strong Interest
Data from the first day's bidding indicated significant interest from specific investor segments. The portion reserved for non-institutional investors (NIIs) was subscribed 44%, demonstrating strong demand from high-net-worth individuals and corporate entities. Employees also showed robust participation, with their quota booked 71%. Retail investors subscribed to 33% of their allocated shares, while qualified institutional bidders (QIBs) saw 18% subscription by the same time.
Ahead of the IPO launch, the NSE successfully raised over Rs 6,746 crore from 189 anchor investors. These anchor investors were allocated 3,77,93,739 equity shares at Rs 1,785 per share.
India's Largest Exchange Poised for Growth
Incorporated in 1992 and headquartered in Mumbai, the NSE stands as India's largest stock exchange and a prominent global multi-asset exchange platform. It offers a comprehensive, vertically integrated ecosystem encompassing trading, clearing, settlement, listing, market data, and regulatory oversight across diverse asset classes, including equities, derivatives, commodities, and debt securities.
Brokerage firms have largely adopted a positive stance on the NSE IPO, viewing it as a strategic proxy for India's broader economic growth narrative. Analysts highlight the exchange's dominant market position, robust competitive advantages, strong cash flows, debt-free status, diversified product portfolio, and attractive dividend yield as key reasons for optimism. Aditya Birla Money, for instance, recommended a 'subscribe' rating, citing NSE's leading liquidity franchise and exposure to India’s structural financialization opportunities. The exchange holds a significant market share, capturing 93% in cash equities and 99.8% in equity futures during FY26, according to their report.
NSE reported a net profit of Rs 3,210.08 crore on a revenue of Rs 5,252.17 crore for the three months ending June 30, 2026. For the full financial year 2025-26, the company posted a net profit of Rs 10,302.06 crore with revenue reaching Rs 18,713.37 crore.
The IPO will close for bidding on Monday, September 21. Market observers noted a grey market premium (GMP) of approximately Rs 150 for NSE shares, suggesting potential listing gains of 8-9% for investors. Shares of the National Stock Exchange are slated to be listed exclusively on BSE Ltd on Thursday, September 24.