National Stock Exchange (NSE) has successfully raised ₹6,746.18 crore from anchor investors, marking the third biggest anchor book in Indian stock market history after Hyundai Motor India and One97 Communications (Paytm). The anchor round saw participation from more than 150 anchor investors who were allotted 37.8 million shares at ₹1,785 per share - the upper end of NSE's price band. According to NSE's regulatory filing, this represents a ₹286 crore increase from the previously reported ₹6,250 crore figure, with the transaction size reaching ₹6,746.2 crore. The strong institutional response demonstrates significant investor confidence in India's leading stock exchange, with the IPO set to become India's second-largest public issue after Hyundai Motor India's ₹27,870 crore IPO in 2024. As per The Economic Times, the country's biggest bourse garnered this substantial amount through bidders including sovereign wealth funds, global asset managers and long-only funds from the US, Europe and Asia.
LIC emerged as the largest individual anchor investor, receiving more than ₹500 crore through LIC, LIC Mutual Fund and LIC Pension Fund, representing LIC's largest shareholder status with a 10.72% stake in the exchange. As per NSE's regulatory filing, LIC's participation came through three entities: LIC (₹400.3 crore), LIC Mutual Fund (₹40 crore), and LIC Pension Fund (₹10 crore). Government Pension Fund Global was allocated shares worth about ₹250 crore, while Monetary Authority of Singapore and Abu Dhabi Investment Authority received allocations of about ₹200 crore each. SBI group, which is selling a 1% stake through State Bank of India and SBI Capital Markets, also participated with over ₹400 crore investment through SBI Mutual Fund, SBI General Insurance, SBI Life Insurance and SBI Pension Fund. Life insurance companies and pension funds also participated significantly, with 27 life insurance companies and pension funds receiving 6.06 lakh equity shares representing 16.04% of the total anchor allocation.
Foreign institutional demand was particularly strong, with investors from the US, Europe and Asia participating across categories such as sovereign wealth funds, regional long-only funds and global mutual funds. Foreign portfolio investors accounted for ₹2,883 crore, or 43% of the total anchor book, with more than 20 foreign long-only funds taking part in the book. Notable foreign investors included GIC Singapore, ADIA and Norges Bank among sovereign wealth funds, along with Fidelity, Goldman Sachs Asset Management, Eastspring Investments and HSBC Global Asset Management. The exchange also noted that several existing investors added to their private investment, indicating continued confidence from existing stakeholders.
Domestic mutual funds accounted for a significant portion of the anchor book, with 29 domestic mutual funds receiving 13.98 lakh equity shares representing 36.98% of the total anchor allocation. According to NSE's filing, these funds applied through a total of 98 schemes from major players including SBI, ICICI Prudential, HDFC, Nippon India, Kotak, Axis, Aditya Birla Sun Life, UTI, Mirae Asset, Tata, Invesco, Quant, WhiteOak Capital and HSBC. Life insurance companies and pension funds also participated significantly, with 27 life insurance companies and pension funds receiving 6.06 lakh equity shares representing 16.04% of the total anchor allocation. Participating funds included SBI Life Insurance, HDFC Life Insurance, SBI Pension Funds, HDFC Pension Fund, Axis Max Life Insurance, UTI Pension Fund and Kotak Mahindra Life Insurance.
Following the anchor investment, the total IPO size is ₹22,569 crore, with the issue opening for subscription on Thursday and closing on September 21. The IPO is entirely an offer for sale by existing shareholders, with 12.64 crore shares being sold by 10 shareholders including State Bank of India, Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board and Aranda Investments (Mauritius). The price band for the issue is ₹1,700-1,785 per share with a lot size of 8 equity shares. The exchange has also reserved shares worth up to ₹70 crore for eligible employees, who will get a ₹170-per-share discount to the final IPO price. At the upper end of the price band, NSE will command a valuation of ₹4.2 lakh crore to ₹4.42 lakh crore, making it India's second-largest public issue after Hyundai Motor India's ₹27,870 crore IPO in 2024. The exchange is expected to make its market debut on September 24.
