The National Stock Exchange of India (NSE) IPO, totaling up to $22,562 crore (approximately $2.7 billion at current exchange rates), closed for subscription on September 21, 2026. On its final day, the IPO saw an overall subscription of 1.73 times. The retail portion was subscribed 94%, while the non-institutional investors (NIIs) category received 2.88 times subscription and qualified institutional buyers (QIBs) saw 2.25 times bids. The employee reserved portion was subscribed 1.91 times. This IPO is noted as one of India's largest.
The price band for the IPO was set at Rs 1,700-Rs 1,785 per share, with a market lot of 8 equity shares. Eligible employees received a discount of Rs 170 per share. At the upper end of the price band, NSE's market capitalization is estimated at around Rs 4.42 lakh crore. Ahead of the IPO, NSE allocated shares worth Rs 6,746 crore to anchor investors, including sovereign wealth funds from Norway and Abu Dhabi. Life Insurance Corporation of India (LIC) was the largest anchor investor, buying shares worth Rs 400 crore, accounting for 5.93% of the anchor book.
Brokerage firms largely maintained a positive 'subscribe' rating for the NSE IPO, citing its dominant market share (93% in cash equities and 99.8% in equity futures), strong competitive moat, vertically integrated business model, and high operating margins. They also highlighted the exchange's role as a proxy for India's growth story. However, some analysts noted a dependency on transaction charges, particularly from options, which accounted for 60.2% of revenue from operations in FY26. The grey market premium (GMP) for the IPO, which was around Rs 142 at the time of opening, declined to approximately Rs 48, or about 2.7% over the upper end of the issue price, by the final day of bidding. The tentative listing date for NSE shares is September 24, 2026.
NSE's financial performance showed a revenue from operations of Rs 16,601.31 crore in FY26, a slight decrease from Rs 17,140.68 crore in FY25 but an increase from Rs 14,780.01 crore in FY24. Profit after tax (PAT) declined to Rs 10,302.06 crore in FY26 from Rs 12,187.69 crore in FY25. Operating EBITDA also saw a decrease to Rs 11,097.90 crore from Rs 12,646.88 crore in the previous fiscal year. As of June 2026, NSE had 132.4 million unique registered investors and a market capitalization of listed companies stood at about Rs 474.1 trillion.
