National Stock Exchange of India IPO Fully Subscribed

The National Stock Exchange of India Limited launched its initial public offering on September 17, 2026, seeking to raise approximately ₹22,569 crore ($2.3 billion to $2.4 billion). The offering is structured entirely as an offer-for-sale, meaning proceeds go to existing shareholders, including the State Bank of India, rather than the exchange itself. The IPO opened with a price band of ₹1,700 to ₹1,785 per share and was 42% subscribed on its first day.

By the second day of bidding, the offering was fully subscribed. Data from BSE Ltd indicated that institutional and wealthy investor portions were covered 1.3 times, while retail investors bid for nearly 65% of their allocation. Prior to the public launch, the exchange raised approximately ₹6,746 crore from 189 anchor investors, including the sovereign wealth funds of Norway and Abu Dhabi.

The listing follows a decade of delays and a recent 15% reduction in the number of shares on offer due to market volatility and a decline in options trading activity. The exchange is seeking a valuation of up to $46 billion, a decrease from previous estimates. SEBI Chairman Tuhin Kanta Pandey clarified that the exchange has not sought approval to trade on its own platform following its expected listing on September 24.