NSE IPO Anchor Book Opens Tomorrow with ₹6,250 Crore Pool as Demand Surges

Mumbai, Sept 15: The NSE IPO anchor book will open tomorrow, 16 September, a day before the ₹22,561.57 crore public issue opens for subscription. NSE Managing Director and Chief Executive Officer Ashishkumar Chauhan said institutional demand has been higher than expected, with a large number of investors seeking sizeable allocations from an anchor pool estimated at around ₹6,250 crore. 

₹6,250 Crore Anchor Book Opens Ahead of IPO 

The anchor bidding for the NSE IPO is scheduled to open on 16 September, ahead of the public subscription period beginning on 17 September. The IPO will remain open until 21 September, with the shares expected to list on the BSE on 24 September. 

The price band has been fixed at ₹1,700 to ₹1,785 per share, with a lot size of 8 shares. At the upper end of the price band, NSE will have an implied market capitalisation of approximately ₹4.42 lakh crore. 

The anchor book is estimated at around ₹6,250 crore. This is lower than an earlier estimate of approximately ₹9,000 crore. The final size and allocation will depend on the anchor bidding process. 

NSE CEO Says Institutional Demand Exceeds Expectations 

Chauhan said the demand for the anchor portion was “much more than we thought it would be”, with a large number of investors seeking a large number of shares. 

The comments come a day before the anchor book is scheduled to open. The final anchor investor list and individual allocations are yet to be determined through the institutional allocation process. 

The allocation framework has separate buckets for domestic mutual funds, non-mutual fund institutional investors and foreign portfolio investors. The names being discussed ahead of the anchor process therefore should not be treated as confirmed allotments. 

The anchor process will take place before the issue becomes available to other categories of investors from 17 September. 

LIC, Norges Bank Among Institutions in Discussions 

Several domestic and international institutions have been mentioned in connection with the NSE IPO anchor book. 

The institutions named in the references include LIC, Norges Bank Investment Management, Abu Dhabi Investment Authority and GIC. Other global institutions mentioned include Goldman Sachs Asset Management, Franklin Templeton and Fidelity International. 

Additional names linked to the anchor process include Millennium Management, Marshall Wace and Citadel Capital. 

Domestic institutions mentioned in connection with the process include SBI Pension, SBI Life and HDFC Life, along with leading domestic mutual funds. 

The final list of anchor investors will depend on the bidding and allocation process on 16 September. Therefore, institutions mentioned before the allocation should not be considered confirmed participants or allotted investors. 

₹22,561.57 Crore IPO is Entirely an OFS 

The NSE IPO comprises an offer for sale (OFS) of up to 12.64 crore shares. There is no fresh issue of shares. As a result, NSE itself will not receive proceeds from the IPO. The funds raised through the public issue will go to the existing shareholders selling their shares. 

The selling shareholders include State Bank of India, Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board and Aranda Investments (Mauritius), among others. 

State Bank of India is offering 1,59,69,410 shares, worth approximately ₹2,850.54 crore at the upper end of the price band. MS Strategic (Mauritius) is offering 1,10,00,000 shares, worth approximately ₹1,963.50 crore. 

Canada Pension Plan Investment Board is offering 1,18,74,060 shares, while Aranda Investments (Mauritius) is offering 1,12,46,336 shares. Bank of Baroda is offering 76,90,375 shares. 

The issue is therefore a secondary sale of existing shares rather than a fund-raising exercise for NSE’s business operations. 

NSE IPO Public Issue Opens on 17 September 

After the anchor process on 16 September, the NSE IPO will open for public subscription on 17 September. 

The issue will close on 21 September, followed by the expected allotment on 22 September. Refunds and demat credit are expected on 23 September, with listing scheduled for 24 September. 

The minimum retail application at the upper price of ₹1,785 will be ₹14,280, based on the lot size of eight shares. The maximum retail application is ₹1,99,920. 

The issue has a reservation of not more than 50% for qualified institutional buyers, not less than 35% for retail investors and not less than 15% for non-institutional investors. An employee reservation of approximately 4.33 lakh shares is also included, with an employee discount of ₹170 per share. 

NSE to Have 100% Free Float After Listing 

Chauhan said NSE would have 100% free float after listing because of its broad shareholder base, which he put at around 2 lakh shareholders. 

The exchange will list its shares on the BSE and will not list its own shares on its own trading platform. Chauhan also said NSE had not applied for a permitted-to-trade category for its shares and would consult the Securities and Exchange Board of India if it decides to pursue such an option. 

The exchange has 100% public shareholding in the pre-IPO structure, with no identifiable promoter. The total number of shares before and after the offer remains 2,47,50,00,000, as the transaction involves an OFS. 

NSE Commands 99.79% Cash Market Share 

NSE remains the dominant exchange across several segments of India’s securities market. 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 and 99.48% in equity options. It had 100% market share in exchange-traded currency options, based on total premium turnover. 

As of 30 June 2026, NSE had 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies. 

The exchange’s ecosystem covers trading, clearing, settlement, listing, market data, index services and related market infrastructure. NSE Clearing, NSE Indices, NSE Data and Analytics and NSE International Exchange are part of this wider ecosystem. 

FY26 Profit Falls 15% as Income Declines 2% 

NSE reported total income of ₹18,713.37 crore in FY26, compared with ₹19,176.83 crore in FY25, marking a decline of around 2% year on year. Profit after tax fell to ₹10,302.06 crore from ₹12,187.69 crore, a decline of approximately 15%. EBITDA stood at ₹14,519.09 crore in FY26, compared with ₹16,021.36 crore in FY25. 

For the quarter ended 30 June 2026, total income stood at ₹5,252.17 crore, while profit after tax was ₹3,120.08 crore. 

The NSE IPO therefore moves into its anchor stage on 16 September, with institutional allocations to be determined before the public subscription begins on 17 September. 

The NSE IPO anchor book opens on 16 September, with the institutional pool estimated at around ₹6,250 crore. The public issue opens on 17 September and closes on 21 September, with a price band of ₹1,700–₹1,785. Final anchor investors and allocations will depend on the bidding process. 

Source 

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