NSE IPO set to open for public on September 17; price band at 1,700-1,785

Mumbai: The much-awaited initial public offering (IPO) of the National Stock Exchange of India (NSE), the world's biggest for equity derivative volumes, will open for public subscription on September 17 and close on September 21. The price band has been fixed at ₹1,700-1,785 per share.

At the upper end of the price band, NSE will raise ₹22,561.5 crore and command a valuation of ₹4.42 lakh crore.

The book-built issue is entirely an offer for sale (OFS) of up to 126.4 million equity shares by 10 existing shareholders. There is no fresh issue, which means NSE will not receive any proceeds from the IPO. After issue-related expenses, the proceeds will go to the selling shareholders.

ET Bureau

The issue size has been cut by 15% from the 148.9 million shares proposed in the draft red herring prospectus (DRHP) filed in June 2026. The Securities and Exchange Board of India (Sebi) approved the DRHP on September 4.

State Bank of India (SBI) is the largest seller, offering up to 15.9 million shares. Canada Pension Plan Investment Board (CPPIB) will sell 11.8 million shares, Aranda Investments (Mauritius) 11.2 million, MS Strategic (Mauritius) 11 million, and New India Assurance Company 10.5 million shares.

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SBI, MS Strategic, Bank of Baroda, Stock Holding Corporation of India and General Insurance Corporation of India have reduced their proposed share sales. The share sales of Canada Pension Plan Investment Board, Aranda Investments, New India Assurance Company and United India Insurance Company remain unchanged, according to the red herring prospectus (RHP) filed on Thursday.

National Insurance Company has dropped out of the OFS. SBI Capital Markets has been added as a selling shareholder and will sell 8.78 million shares.

The anchor book for institutional investors will open on September 16. Share allotment is expected to be finalised on September 22, while NSE shares are expected to list on the BSE on September 24.

LIC is NSE's largest shareholder with a 10.72% stake. It is followed by Aranda Investments (4.54%), Stock Holding Corporation of India (4.44%), SBI Capital Markets (4.33%), Mahogany (3.73%), SBI (3.23%), PI Opportunities Fund (2.35%) and Crown Capital (2.07%).

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The exchange had posted a consolidated profit after tax of ₹3,120 crore for the June quarter, up 8.7% from ₹2,871 crore in January-March. Consolidated revenue from operations declined 8.2% to ₹4,560 crore from the previous quarter. Consolidated profit after tax rose 7%, and consolidated revenue from operations increased 13% from the same period a year ago.

A consortium of 20 investment bankers will manage the issue. They are Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), JP Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM.

At ₹30,000 crore, NSE's IPO was set to become India's largest ever, surpassing Hyundai Motor India's ₹27,870-crore issue in October 2024. With the proposed reduction in issue size, Hyundai Motor India is likely to retain the record until Jio Platforms launches its proposed ₹37,000-crore IPO, expected around the Navratri-Diwali period.