NSE IPO price band at Rs 1,700-1,785; issue size Rs 22,562 crore, market cap Rs 4.42 lakh crore

Fresh updates from the financial markets indicate that The much-awaited IPO of the National Stock Exchange of India (NSE), the country's largest stock exchange, is set to open for public subscription on September 17 with a price range at Rs 1,700-1,785 per share. The offer will close on September 21.

NSE aims to mobilize Rs 22,561.5 crore and is seeking a valuation of Rs 4.42 lakh crore at the upper end of the price range.

The book-built offering comprises only an offer for sale (OFS) of up to 12.64 crore equity shares by 10 existing shareholders, including State Bank of India (SBI), Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board, and Aranda Investments (Mauritius). There is no fresh offering component.

This means the net proceeds from the offering, after deducting offer-related expenses, will accrue to the selling shareholders. The objective of the IPO is limited to facilitating the OFS and enabling the stock-exchange debut of NSE's equity shares on the BSE.

The offering size has been reduced by 15 percent from 14.89 crore equity shares scheduled as per the draft red herring prospectus (DRHP) filed in June 2026, which was subsequently approved by the market watchdog SEBI on September 4, 2026. Selling shareholders in OFS

The SBI is the largest selling shareholder, offering up to 1.59 crore equity shares through the OFS. Canada Pension Plan Investment Board will sell 1.18 crore shares, Aranda Investments (Mauritius) 1.12 crore shares, MS Strategic (Mauritius) 1.1 crore shares, and New India Assurance Firm 1.05 crore shares.

The State Bank of India, MS Strategic (Mauritius), Bank of Baroda, Stock Holding Corporation of India, and General Insurance Corporation of India have reduced the number of shares they are offering through the OFS. In the meantime, the number of shares proposed to be sold by Canada Pension Plan Investment Board, Aranda Investments (Mauritius), New India Assurance Firm, and United India Insurance Firm stays unchanged, according to the RHP filed on September 10.

National Insurance Firm is no longer selling shares through the OFS. That stated, SBI Capital Markets has been further noted to the list of selling shareholders and will offload 87.8 lakh shares through the OFS.

The exchange has reserved shares worth up to Rs 70 crore for its employees. These shares will be offered to eligible employees at a discount of Rs 170 per share to the final offering price.

Market participants can bid for a minimum of 8 equity shares and thereafter in multiples of 8 shares. The minimum investment by retail market participants in the offer will be Rs 14,280, while the maximum investment will be Rs 1,99,920.

The anchor book for institutional market participants will open for a day on September 16, while the IPO share allotment is anticipated to be finalised on September 22.

Shares of NSE are anticipated to begin trading on the BSE on September 24.

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Professionally managed, NSE is India’s largest stock exchange in terms of total turnover across key asset classes. According to the Redseer Report, it had a 93.05 per cent market share in the cash market, 99.72 per cent in equity futures, 68.48 per cent in equity options, 100 per cent in exchange-traded currency futures and 100 per cent in exchange-traded currency options, based on total premium turnover, as of three months period ended June 2026.

According to the World Federation of Exchanges, NSE was the world’s largest multi-asset-class exchange when compared with leading listed stock exchange groups globally in fiscal 2026, with a global market share of 11.38 per cent in terms of the number of trades in cash equities and 51.18 per cent in contracts traded in equity derivatives.

Life Insurance Corporation of India (LIC) is the largest shareholder in NSE, with a 10.72 per cent stake, followed by Singaporean sovereign wealth fund Temasek Holdings-owned Aranda Investments (Mauritius) with a 4.54 per cent stake; Stock Holding Corporation of India with 4.44 per cent; SBI Capital Markets with 4.33 per cent; Mahagony with 3.73 per cent; State Bank of India with 3.23 per cent; Azim Premji-backed PI Opportunities Fund with 2.35 per cent; and Crown Capital with 2.07 per cent.

On the financial front, NSE noted a earnings of Rs 10,302.1 crore for the fiscal year ended March 2026, down 15.5 per cent from Rs 12,187.7 crore in the previous year. Topline during the same period declined 3.1 per cent to Rs 16,601.3 crore from Rs 17,140.7 crore.

In the latest quarter ended June 2026, earnings grew 6.7 percent to Rs 3,120.1 crore from Rs 2,923.8 crore in the corresponding quarter of the previous fiscal year. Topline during the same period increased 13.1 percent to Rs 4,560.4 crore from Rs 4,032.2 crore.

A total of 20 merchant bankers have been appointed to manage the NSE IPO. They are Kotak Mahindra Capital Firm, JM Financial, Morgan Stanley India Firm, 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.

MUFG Intime India is acting as the registrar to the offer.