BSE shares declined 3% on Friday, breaking gains from the previous session following the National Stock Exchange's announcement of its upcoming IPO price band. According to reports from Moneycontrol, the stock has fallen in three of the last four sessions and is now approaching a key support zone. The NSE IPO will open for subscription on September 17 and close on September 21, with bidding by anchor investors scheduled for September 16. The price band has been set at ₹1,700-1,785 per share, with the issue valued at approximately ₹21,494-22,567 crore at the revised estimates. As per Moneycontrol, the stock has been consolidating in the 3,474-3,132 range since August 17.
State Bank of India could pocket ₹2,851 crore or a 2,231 times return from NSE IPO's listing, according to latest reports. The PSU lender is offering 15.97 million NSE shares in the IPO, with each share valued at ₹1,785 at the upper price band. This represents a substantial windfall from the bank's reported weighted average acquisition cost of 80 paise per share. The New India Assurance Company emerges as the biggest beneficiary in percentage terms, looking to pocket a 5,57,712 per cent return or ₹1,874 crore after acquiring shares at ₹0.32 per share. SBI Capital Market could earn ₹1,567 crore or 4,69,637 per cent return as it separately sells 8.78 million NSE shares at ₹1,785 per share with a reported weighted average cost of 38 paise per share. Stock Holding Corporation's gains stand at ₹1,104 crore or 3,87,943 per cent after purchasing at ₹0.38 per share. United India Insurance could see a ₹1,071 crore profit or 3,56,900 per cent upside, and Bank of Baroda stands to gain ₹1,372 crore or 3,30,456 per cent.
The ₹22,569-crore NSE IPO comprises entirely an Offer for Sale (OFS), with up to 12.64 crore equity shares being offered by existing shareholders. This represents a reduction from the earlier proposed 14.9 crore shares, resulting in a smaller overall issue size from the initial estimate of around ₹30,000 crore. Several existing shareholders have revised their offerings, including State Bank of India reducing its proposed OFS to around 1.60 crore shares from 2.47 crore shares, and MS Strategic (Mauritius) Ltd lowering its offering to around 1.10 crore shares from 1.60 crore shares. The issue has been structured with 50% reservation for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs). SBI Capital Markets has been added as a new selling shareholder in the revised offering. Canada Pension Plan Investment Board, MS Strategic and Aranda Investments together look to pocket ₹5,562 crore from their combined stake. Multiple reports suggest that the lower pricing of the IPO could be the reason for some selling shareholders to cut their offer size as they believe they could command a better valuation by offloading their stake at a later stage.
The NSE IPO opens for subscription on September 17, 2026 and closes on September 21, 2026, with bidding remaining closed on Saturday and Sunday (September 19-20) due to regular weekend holidays. As per the revised schedule, anchor investor bidding will be conducted on September 16, 2026, while the proposed allotment date is September 22, 2026 with listing planned on BSE on September 24, 2026. The lot size has been set at 8 shares, making the minimum retail application amount ₹14,280 based on the upper price band. Kotak Mahindra Capital serves as the book-running lead manager, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar. At the revised price band, the issue is estimated at ₹21,494-22,567 crore, putting it below the ₹27,870 crore Hyundai Motors IPO which currently holds the record for India's largest public offering. Despite the size reduction, the NSE IPO will still be India's third-largest IPO.
According to Moneycontrol reports, BSE currently commands a market capitalisation of more than ₹1.31 lakh crore, while NSE has a market capitalisation of around ₹4.46 lakh crore. NSE reported FY26 profit after tax of ₹10,302 crore with a price-to-earnings multiple of about 42.5 times, compared to BSE's FY26 PAT of ₹2,497 crore and P/E multiple of about 49 times. At the NSE IPO valuation, the exchange would be worth approximately 3.2 times BSE while generating more than four times the profit. The NSE IPO will become India's second-largest public issue, surpassing LIC's ₹21,000-crore IPO launched in 2022, though it remains below Hyundai Motor India's ₹27,870-crore IPO of 2024. According to Reuters, in the cash equity markets, NSE has about 95 per cent market share and in equity derivatives its share is 75 per cent. Notably, the exchange has not made an application to SEBI seeking permission to trade its own shares on its platform, even as it moves closer to its IPO.
