NSE's ₹22,562 crore IPO opened for subscription on Thursday and received 0.42 times subscription as of the first day. According to Goodreturns, the issue received bids for 3.70 crore shares against 8.86 crore shares offered as of 7 pm on Thursday. The retail portion was subscribed 0.43 times, while the non-institutional investor (NII) category saw 0.69 times subscription and qualified institutional buyers (QIBs), excluding anchor investors, subscribed 0.19 times. The exchange has set a price band of ₹1,700-1,785 per share and the IPO will remain open until September 21, with shares scheduled to debut on BSE on September 24. As per The Times of India, the IPO opened for public subscription on Thursday and received 13% subscription as of 10:45 am, with demand led by non-institutional investors at 22% subscription and retail investors at 17% subscription.
The lukewarm response to NSE's IPO was significantly impacted by the crowded primary market schedule. As reported by The Times of India, the primary market has seen a packed week with five mainboard and six SME IPOs worth around ₹24,500 crore lined up for subscription. The ₹22,561.5-crore NSE IPO accounted for more than 90% of the total issue value, making it the largest offering in a week that also includes Hero Motors, SS Retail and Jindal Supreme India opening on September 16. The combined value of IPOs opening between September 14-18 represents the highest since the week of October 6-10, 2025, when offerings worth around ₹29,000 crore came to market. This overcrowding may have contributed to the muted subscription response despite NSE's position as India's second-largest public offering.
NSE shares are trading at a grey market premium (GMP) of ₹148 per share as of 4:37 PM on September 17th, according to Goodreturns, representing a grey market premium of 8.29% above the upper price band of ₹1,785. The estimated listing price based on the reported GMP comes to ₹1,933 per share. As reported by Moneycontrol, IFCI, New India Assurance Company (NIACL) and several other stocks rallied up to 9% on Thursday as the National Stock Exchange's much-awaited initial public offering opened for public bidding. The ₹22,562 crore IPO comprises 12.64 crore shares and is open for bidding until September 21. As per Business Standard, NSE's IPO is the country's second-largest public issue after Hyundai Motor India's ₹27,870-crore offering in 2024.
Out of 25 brokerages that have reviewed the IPO, 65% are positive about it and have given an APPLY rating to the issue. Nirmal Bang Securities has assigned a 'Subscribe' rating, citing NSE's established market position and the long-term growth potential of India's capital markets. The brokerage noted that NSE is offered at 35.4x Q1FY27 annualised P/E, factoring in both its market leadership and the near-term pressure from increasing competition in options. Nirmal Bang emphasized that NSE's strong franchise, significantly larger scale and established market ecosystem provide a solid base to navigate the evolving derivatives landscape. The NSE derives 80% of its revenue from trading, with options accounting for 60% of that trading revenue, but options volumes have fallen 27% from their peak in 2024.
As reported by The Economic Times, the government-owned insurer NIACL will offload 1.05 crore NSE shares through the offer-for-sale component. The company held a 1.42% stake in NSE ahead of its maiden public issue. General Insurance Corporation of India (GIC) is selling around 61.88 lakh shares as part of the OFS, holding a nearly 2% stake in NSE before the IPO. GIC shares jumped nearly 3% to trade at around ₹347 apiece on Thursday. Among the institutional shareholders, New India Assurance Company is offering 10.5 million shares acquired at 32 paise apiece, at the upper price band generating about ₹1,874 crore against an acquisition cost of ₹33.6 lakh. The NSE IPO secured ₹6,746 crore from 150+ anchor investors, with overseas funds accounting for 43% of the anchor book at ₹2,883 crore. Notable participants included LIC, Morgan Stanley, Goldman Sachs, Fidelity, and several other global asset managers from the US, Europe and Asia.
The NSE IPO is a book build issue of ₹22,561.57 crore and is entirely an offer for sale (OFS) of 12.64 crore shares. According to The Economic Times, the issue size was cut 15% from the 14.89 crore shares proposed in the draft red herring prospectus (DRHP) filed in June 2026. The minimum lot size for retail investors is 8 shares, requiring a minimum amount of ₹14,280 at the upper price band. The allotment will likely be finalised on September 22, with the allotment status to be released on the websites of the registrar (MUFG Intime India Pvt Ltd) and the BSE. NSE shares will be credited on September 23, with listing scheduled for September 24. The book-running lead managers include Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 ONE WAM.
