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NSE Rs 22,569-Crore IPO Fully Subscribed on Day Two

Full subscription driven by QIB and NII demand signals modest listing gains with proceeds going to selling shareholders

is offering its shares in the price band of Rs 1,700-1,785 with a lot size of 8 equity shares. It is raising nearly Rs 22,568 crore
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Incorporated in 1992, Mumbai-based NSE is India's largest stock exchange and one of the world's leading multi-asset exchange platforms.
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Overview

  • The public offer reached full subscription on Day Two, September 18, with bids reported between 1.10 and 1.16 times the shares on offer and strong interest in the QIB and NII tranches.
  • The sale is an offer-for-sale of up to 12.64 crore shares, so the roughly Rs 22,568–22,569 crore raised will go to existing selling shareholders rather than to the National Stock Exchange.
  • NSE secured a large anchor book before the public offer, raising about Rs 6,746 crore from 189 investors including LIC, Goldman Sachs, Fidelity and several sovereign wealth funds.
  • Grey market indicators put a premium of about Rs 142–150 over the price band of Rs 1,700–1,785, implying expected listing gains near 8–9 percent and a planned BSE listing on September 24, 2026.
  • The deal is India’s second-largest IPO to date, and subscription patterns show institutional strength but weaker retail demand, leaving valuation and near-term selling from pre-IPO holders as key factors to watch.