The National Stock Exchange of India (NSE) announced that its equity shares will be admitted for trading on the Metropolitan Stock Exchange of India (MSEI) starting Thursday, September 24, 2026. This move comes a day before NSE's anticipated stock market debut on the BSE. The admission to MSEI's capital market segment falls under the “Permitted to Trade” category, allowing investors to buy and sell NSE shares on this smaller exchange from the listing date, even though its formal listing is on BSE. This arrangement is in compliance with SEBI rules, which prevent a stock exchange from listing its own shares on its platform; hence, NSE is listing on BSE, similar to how BSE listed on NSE in 2017.
NSE's initial public offering (IPO), valued at $22.56 billion, was open for subscription from September 17 to September 21, 2026. The IPO, which was entirely an offer for sale (OFS) of 12.64 crore shares by existing shareholders, saw strong demand. It was subscribed 5.71 times overall, receiving bids for approximately 50.60 crore shares against 8.86 crore shares on offer. Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 12.68 times, while non-institutional investors (NIIs) subscribed 6.55 times, and the retail portion was subscribed 1.39 times.
Key selling shareholders in the OFS included State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), and MS Strategic (Mauritius). NSE will not receive any proceeds from the IPO as the funds will go to the selling shareholders. The allotment of NSE IPO shares was finalized on September 22, and shares were credited to successful investors' demat accounts on September 23. The issue was priced in a band of ₹1,700 to ₹1,785 per share, with a minimum lot size of 8 shares.
NSE holds a dominant position in the Indian equities market, accounting for about 93% of the country's cash equity market and a commanding share in equity derivatives in FY26. As of June 30, 2026, it had 132.37 million unique registered investors and 3,005 listed entities. While the grey market premium (GMP) for the NSE IPO was around ₹43 per share, equivalent to 2.4% over the upper end of the IPO price band of ₹1,785, this was lower than the approximately 4% premium seen earlier. Analysts expect the listing to be strategically positive for BSE through increased visibility and trading activity, though the direct revenue contribution to BSE may be modest.
NSE has shown improved financial performance in the most recent quarter, with revenue from operations rising 13.1% year-on-year to ₹4,560 crore in Q1 FY27 from ₹4,032 crore in the year-ago period. Net profit also increased to ₹3,121 crore from ₹2,811 crore in the same period. This rebound follows a weakened FY26, when regulatory changes in derivatives trading and a higher securities transaction tax (STT) impacted revenue (₹16,601 crore) and net profit (₹10,302.1 crore).
