NSE IPO Price Band Set at ₹1,700-1,785: ₹22,561.5 Crore Issue Opens September 17

Mumbai, 11 September 

NSE, India’s largest stock exchange, will open its long-awaited IPO for public subscription on 17 September and close it on 21 September. The offer comprises up to 12.64 crore equity shares through an offer for sale by 10 shareholders, with no fresh issue component. The Securities and Exchange Board of India (SEBI) approved the issue on 4 September, after NSE cut the offer size by 15% from the 14.89 crore shares proposed in its draft red herring prospectus filed in June 2026. 

Key Dates, Lot Size and Minimum Investment 

The anchor investor book opens for a single day on 16 September, ahead of the public issue. Allotment is expected to be finalised on 22 September, with shares expected to list on the BSE Limited (BSE) on 24 September. Investors can bid for a minimum of eight equity shares and in multiples of eight thereafter. At the upper end of the price band, the minimum investment for retail investors works out to ₹14,280, with a maximum of ₹1,99,920. MUFG Intime India is the registrar to the issue.  

Offer for Sale Structure 

State Bank of India (SBI) is the largest seller, offering up to 1.59 crore shares, followed by Canada Pension Plan Investment Board with 1.18 crore shares and Aranda Investments (Mauritius) with 1.12 crore shares. MS Strategic (Mauritius) and New India Assurance Company are offering 1.1 crore and 1.05 crore shares respectively. SBI, MS Strategic (Mauritius), Bank of Baroda, Stock Holding Corporation of India and General Insurance Corporation of India have all reduced the number of shares they are offering compared with the earlier filing, while the quantities from Canada Pension Plan Investment Board, Aranda Investments (Mauritius), New India Assurance Company and United India Insurance Company remain unchanged. National Insurance Company has exited the offer entirely, while SBI Capital Markets has been added as a new selling shareholder, offering 87.8 lakh shares. NSE has also reserved shares worth up to ₹70 crore for its employees, who can subscribe at a discount of ₹170 a share to the final issue price. 

NSE’s Financial Performance 

NSE reported a profit of ₹10,302.1 crore for the financial year ended March 2026, down 15.5% from ₹12,187.7 crore a year earlier, as revenue fell 3.1% to ₹16,601.3 crore from ₹17,140.7 crore. In the quarter ended June 2026, profit grew 6.7% to ₹3,120.1 crore from ₹2,923.8 crore, while revenue rose 13.1% to ₹4,560.4 crore from ₹4,032.2 crore. 

Shareholding Pattern and Market Position 

The Life Insurance Corporation of India (LIC) holds the largest stake in NSE at 10.72%, followed by Aranda Investments (Mauritius), owned by Singapore’s Temasek Holdings, at 4.54%, Stock Holding Corporation of India at 4.44%, SBI Capital Markets at 4.33%, Mahagony at 3.73%, SBI at 3.23%, the Azim Premji-backed PI Opportunities Fund at 2.35%, and Crown Capital at 2.07%. According to a Redseer report, NSE held a 93.05% share of India’s cash equity market, 99.72% of equity futures turnover and 68.48% of equity options turnover, along with a full 100% share of exchange-traded currency futures and currency options, based on premium turnover for the quarter ended June 2026. The World Federation of Exchanges ranked NSE the world’s largest multi-asset-class exchange in financial year 2026, with an 11.38% global share in the number of cash equity trades and a 51.18% share in equity derivatives contracts traded. 

Outlook 

As the issue is entirely an offer for sale, the ₹22,561.5 crore in proceeds will accrue to the 10 selling shareholders rather than to NSE, leaving the exchange’s own capital structure unchanged by the listing. 

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