Overview
- The public offer reached 1.16 times subscription on Friday, Sept 18, after two days of bidding with bids for about 10.28 crore shares against 8.86 crore on offer.
- The Rs 22,569‑crore issue is a pure Offer For Sale of up to 12.64 crore shares at a Rs 1,700–1,785 band, so sale proceeds will go to existing shareholders rather than to the NSE.
- Anchor investors committed about Rs 6,746 crore before the public window, with participants named including LIC, Goldman Sachs, Fidelity, GIC Singapore, ADIA and Norges Bank.
- Grey‑market reports show a premium near Rs 142 (roughly 8%), implying an expected listing around Rs 1,927 per share, though these informal indicators are unregulated and may change.
- Analysts note the valuation is rich at around 43x FY26 earnings and that NSE revenue depends heavily on trading volume and options activity, a sensitivity that could affect performance after the expected Sept 24 listing.