MUMBAI, September 17: The National Stock Exchange of India (NSE) opened its long-awaited initial public offering for subscription today, launching an issue worth around ₹22,560 crore ($2.3 billion). The offering will remain open until September 21, with shares priced in a band of ₹1,700 to ₹1,785 each.
Ahead of the public issue, Life Insurance Corporation of India (LIC) emerged as the largest anchor investor as NSE raised about ₹6,746 crore from institutional investors.
NSE IPO Opens for Subscription Today
The NSE IPO opened for public bidding on September 17 and is scheduled to close on September 21.
The exchange has fixed the price band at:
- ₹1,700 per share at the lower end
- ₹1,785 per share at the upper end
Retail investors can apply for a minimum lot of 8 shares, requiring an investment of ₹14,280 at the upper price band.
The issue comprises around 12.64 crore shares and is entirely structured as an Offer for Sale (OFS).
LIC Becomes Largest Anchor Investor
Before the public subscription opened, NSE allocated approximately 37.8 million shares to anchor investors at ₹1,785 per share, raising nearly ₹6,746 crore.
LIC was the largest participant in the anchor book, investing around ₹400 crore, equivalent to nearly 5.9% of the anchor allocation.
Other prominent institutional investors included:
- Norway’s Government Pension Fund
- Abu Dhabi Investment Authority
- Fidelity
- Morgan Stanley
- Goldman Sachs
The presence of large domestic and global institutional investors has put the anchor allocation in focus ahead of the wider public subscription.
IPO Is Entirely an Offer for Sale
Unlike a fresh issue, NSE will not receive any proceeds directly from the IPO.
The entire offering consists of existing shareholders selling part of their holdings through the OFS route.
Several major shareholders had earlier reduced the number of shares they planned to sell after the final IPO valuation came in below levels discussed during pre-IPO fundraising talks.
At the upper end of the price band, the issue values NSE at approximately ₹4.4 lakh crore, or around $46 billion.
One of India’s Largest IPOs
The NSE offering is among the biggest public issues ever launched in the Indian market.
The ₹22,500-crore-plus issue comes after several major IPOs in recent years and represents a significant milestone for India’s largest stock exchange after years of preparations for a public listing.
NSE dominates several segments of India’s capital markets, including cash equities, equity futures and derivatives trading.
Regulatory Changes Remain Key Risk
The IPO comes at a time when NSE is facing lower derivatives trading volumes following tighter regulatory measures.
Reuters reported that derivatives volumes have declined from their 2024 peaks, while regulatory changes have affected a business segment that contributes a major portion of NSE’s transaction income.
NSE’s FY2026 revenue declined 3.1%, while profit fell 15.5%, reflecting softer trading activity and changes in the regulatory environment.
The exchange has been expanding into other areas, including market data, indices, clearing services and new financial products, as it looks to diversify its revenue base.
NSE Shares Expected to List on September 24
After the IPO closes on September 21, the share allotment is expected to be finalised on September 22.
Shares are expected to be credited to successful applicants on September 23, with NSE’s stock scheduled to make its market debut on September 24.
The listing will mark the entry of India’s largest stock exchange into the public equity market after a long-awaited IPO process.
source – Reuters / Business Standard / Economic Times
Supreme News Network
