The ₹22,569-crore initial public offering (IPO) of the National Stock Exchange of India (NSE) was fully subscribed on the second day of bidding, with strong demand from non-institutional investors and qualified institutional buyers.
The NSE IPO received bids for about 10.28 crore shares against 8.86 crore shares on offer, taking overall subscription to 1.16 times by the end of Friday’s session. The issue opened on September 17 and will remain open until September 21.
Non-institutional investors, which include high-net-worth individuals and other large investors, led the demand. Their portion was subscribed 1.68 times. The qualified institutional buyer (QIB) category was subscribed 1.53 times.
Retail participation was comparatively lower. The portion reserved for retail investors was subscribed 72% by the end of the second day. The employee quota was also fully covered.
The NSE IPO has attracted considerable attention because of its size and the company’s position in India’s financial markets. At ₹22,569 crore, it is currently India’s second-largest IPO, behind Hyundai Motor India’s ₹27,870-crore issue launched in 2024. It has also moved ahead of Life Insurance Corporation of India’s ₹21,000-crore IPO from 2022.
NSE has fixed the IPO price band at ₹1,700 to ₹1,785 per share. At the upper end, the issue values the stock exchange at around ₹4.42 lakh crore.
The IPO is entirely an offer for sale (OFS). This means NSE itself will not receive money from the issue. Existing shareholders are selling up to 12.64 crore shares, and the proceeds will go to those shareholders.
The structure is different from a fresh issue, where a company raises new capital for business expansion or other corporate needs. In the NSE IPO, the public offering mainly gives investors an opportunity to buy shares from existing shareholders while providing NSE with a public-market listing.
Before the IPO opened, NSE raised ₹6,746.18 crore from anchor investors. The exchange allotted 3.78 crore shares at ₹1,785 each to 189 institutional investors. The anchor book included major global and domestic investors, including Life Insurance Corporation of India, Goldman Sachs, Fidelity, Abu Dhabi Investment Authority, Norges Bank and other large financial institutions.
The strong anchor demand had set the tone for the public issue. Market sources indicated that the anchor book received bids several times higher than the shares available.
NSE’s long-awaited stock market debut is also significant because the exchange itself operates one of India’s largest capital-market platforms. Established in 1992, NSE provides trading and related services across equities, equity derivatives, currency derivatives, debt and other financial products.
Its business extends beyond trading. The exchange has operations in clearing and settlement, market data, indices and other financial-market services. Its large market share and established technology infrastructure have made the IPO a closely watched event in India’s primary market.
The issue also comes after a long wait for NSE to become a listed company. Its public-market debut has been delayed for years amid regulatory and legal issues. The listing is now scheduled for September 24.
NSE’s grey market premium has also attracted attention ahead of the listing. However, the premium has declined from earlier levels. Recent market indications suggested a premium of around ₹100 or roughly 6% over the upper end of the IPO price, although grey market prices are unofficial and can change quickly.
Another factor investors are watching is the limited number of shares expected to be freely traded when NSE lists. Only a relatively small portion of the company’s pre-IPO capital will be available for trading initially. This could result in sharper price movements once trading begins.
NSE’s financial performance has also been a key part of the IPO story. The exchange reported a net profit of ₹10,302 crore on revenue of ₹18,713 crore in 2025-26. In the April-June quarter of 2026, it reported a net profit of ₹3,210 crore on revenue of ₹5,252 crore.
The remaining subscription period will show whether retail participation catches up with institutional demand. The IPO will close on September 21, followed by share allotment and the listing later in the week.
The immediate focus will then shift from subscription numbers to NSE’s market debut. Its September 24 listing will mark a major milestone for India’s largest stock exchange and give public-market investors direct access to one of the country’s most closely followed financial-market businesses.