NSE IPO Anchor Book Opens as ₹6,250 Crore Institutional Pool Draws Global Interest

Mumbai, Sept 16: The NSE IPO opened its anchor book for institutional investors on Wednesday, a day before the public issue opens, as the National Stock Exchange prepares for a ₹22,561.57 crore offer. The anchor portion is expected to be around ₹6,250 crore, with several large domestic and global institutions reported to be considering participation. 

NSE IPO Anchor Book Opens September 16 Before Public Issue 

The anchor bidding process will take place today, while the NSE IPO will open for public subscription on September 17 and close on September 21. The price band has been fixed at ₹1,700 to ₹1,785 per share, with the exchange expected to list on the BSE on 24 September. 

The IPO comprises an offer for sale of up to 12.64 crore equity shares and does not contain a fresh issue component. As a result, the proceeds from the offer will go to the existing selling shareholders rather than to NSE itself. 

Also Read: Anchor Investor in IPO: Meaning, Process and Rules

At the upper end of the price band, the issue values NSE at around ₹4.42 lakh crore. The exchange is therefore entering the public market through one of the largest share sales in India, while the anchor book will provide institutional investors with an opportunity to receive allocations before the broader subscription period begins. 

₹6,250 Crore Anchor Pool Faces Heavy Institutional Demand 

NSE Managing Director and Chief Executive Officer Ashishkumar Chauhan said on 15 September that demand for the anchor book was “much more than we thought it would be”, despite the size of the institutional pool being reduced from an earlier estimate of around ₹9,000 crore to approximately ₹6,250 crore. 

Chauhan said a large number of investors were seeking sizeable allocations, while the number of shares available for distribution remained limited. The final allocation is expected to be known on 16 September after the anchor bidding process. 

The allocation will have to follow the applicable framework covering different categories of institutional investors, including domestic mutual funds, other institutions and foreign investors. This means the available shares cannot simply be allocated based on demand from a single group. 

Also Read: NSE vs BSE: What is the Difference?

LIC, Norges Bank Among Names Linked to Anchor Allocation 

Discussions around the anchor book have included several prominent domestic and overseas institutions. Life Insurance Corporation of India (LIC) is expected to receive one of the largest allocations, while Norges Bank Investment Management has also been mentioned among the key prospective participants. 

Other institutions reported to be in discussions include Abu Dhabi Investment Authority (ADIA), Carmignac, Abu Dhabi-based Lunate, GIC and Fidelity. SBI Pension, SBI Life and HDFC Life, along with leading domestic mutual funds, have also been identified as potential participants. 

Separate reports have also pointed to interest from Goldman Sachs Asset Management, Franklin Templeton and Fidelity International, while Norges Bank Investment Management, ADIA and GIC are among the global institutions expected to participate. 

The final list of anchor investors, however, had not been frozen as of 15 September. The institutions ultimately receiving allocations and the amounts allotted to each could therefore differ from the names and figures discussed ahead of the bidding. 

₹22,561.57 Crore NSE IPO Is Entirely an Offer for Sale 

The NSE IPO consists entirely of an offer for sale (OFS) of 12.64 crore shares. Existing shareholders, including State Bank of India, Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board and Aranda Investments (Mauritius), are among the selling shareholders. 

Since there is no fresh issue, NSE will not receive funds from the IPO. The transaction instead allows existing shareholders to sell part of their holdings through the public offering. 

The price band of ₹1,700-₹1,785 places the exchange’s market capitalisation at approximately ₹4.42 lakh crore at the upper end. The issue has a lot size of 8 shares, while the minimum application size for retail investors is 8 shares. 

NSE IPO: Who Is Eligible to Apply?

100% Free Float Could Follow NSE’s BSE Listing 

Chauhan said NSE would have 100% free float after listing because of its large shareholder base, which stood at around 2 lakh shareholders. The exchange has no identifiable promoter, and the post-issue public shareholding is expected to remain at 100%. 

The NSE shares are expected to list on the BSE, rather than on NSE’s own platform. This follows the regulatory framework governing recognised stock exchanges and the trading of their own securities. 

The large free float could also become relevant to the exchange’s eventual eligibility for inclusion in domestic and international indices, although any such inclusion would depend on the applicable index rules and eligibility requirements. 

NSE’s ₹4.42 Lakh Crore Valuation Comes Before Listing 

NSE has maintained a dominant position across several segments of India’s capital markets. As of 30 June 2026, the exchange had more than 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies. 

As of 31 March 2026, its market share based on total turnover stood at 99.79% in the cash market, 74.71% in equity futures, 99.48% in equity options and 100% in exchange-traded currency options, based on total premium turnover. 

The exchange also operates businesses covering clearing, indices, market data and analytics, international exchange services and other market infrastructure activities. 

Also Read: The Story of NSE: How India’s Biggest Stock Exchange Began

NSE Financials Show ₹10,302 Crore FY26 Profit 

NSE reported total income of ₹18,713.37 crore in FY26, compared with ₹19,176.83 crore in FY25, a decline of around 2%. Profit after tax fell to ₹10,302.06 crore from ₹12,187.69 crore, representing a decline of about 15%. 

For the quarter ended June 2026, NSE reported total income of ₹5,252.17 crore and profit after tax of ₹3,120.08 crore. The exchange’s EBITDA stood at ₹14,519.09 crore for FY26, while net worth increased to ₹31,869.72 crore from ₹30,165.05 crore a year earlier. 

The financial numbers form part of the background to the valuation being sought through the IPO, while the anchor process will determine how the institutional portion is allocated ahead of the public subscription. 

The NSE IPO anchor book opens on 16 September, followed by the public subscription period from 17 to 21 September. The anchor pool is expected at around ₹6,250 crore, while the final institutional allocation will depend on the bidding and applicable category-wise allocation framework. The IPO is scheduled to list on the BSE on 24 September. 

Source 

• https://www.sebi.gov.in/sebi_data/attachdocs/1483073582321.pdf