NSE IPO Opens Today: What Investors Should Look For

Mumbai, Sept 17: The National Stock Exchange of India (NSE)’s ₹22,561.57 crore IPO opens for subscription today. The IPO will remain open until September 21, 2026. Investors can bid for shares at a price range of ₹1,700 to ₹1,785 per share. The IPO is entirely an Offer for Sale (OFS), which means, the IPO proceeds will entirely go to existing shareholders who are selling their stakes in the exchange. 

With the IPO now open, the offer structure, application size, selling shareholders, NSE’s financial performance and the valuation implied by the upper price band are among the key details to track. 

₹1,785 Upper Band Sets NSE IPO’s Valuation 

At the upper end of the price band, NSE is valued at a market capitalisation of ₹4,41,787.50 crore. The IPO comprises 12,64,36,650 shares, each with a face value of ₹1. The minimum lot contains 8 shares, requiring ₹14,280 at the upper price of ₹1,785. Retail investors can apply for up to 14 lots, or 112 shares, for a maximum application value of ₹1,99,920. 

For non-institutional investors, the Small HNI (S-HNI) category starts at 15 lots, or 120 shares, requiring ₹2,14,200. The maximum S-HNI application is 70 lots, or 560 shares, at ₹9,99,600. The Big HNI (B-HNI) category starts at 71 lots, or 568 shares, requiring ₹10,13,880. 

100% OFS Means NSE Gets No IPO Proceeds 

Unlike a fresh issue, the NSE IPO does not bring new capital into the exchange. The entire 12.64 crore-share offer is an OFS, so the money raised will go to the shareholders selling their existing holdings. 

The selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte. Ltd., MS Strategic (Mauritius) Ltd., New India Assurance Co. Ltd. and Bank of Baroda, among others. 

SBI is offering 1,59,69,410 shares worth ₹2,850.54 crore, while Canada Pension Plan Investment Board is selling 1,18,74,060 shares worth ₹2,119.52 crore. Aranda Investments is offering 1,12,46,336 shares valued at ₹2,007.47 crore, and MS Strategic is selling 1,10,00,000 shares worth ₹1,963.50 crore. 

New India Assurance is offering 1,05,00,000 shares worth ₹1,874.25 crore, while Bank of Baroda is selling 76,90,375 shares valued at ₹1,372.73 crore. Other sellers include Stock Holding Corporation of India, General Insurance Corporation of India, United India Insurance Company, Crown Capital, 2726247 Ontario Inc., Oriental Insurance, National Insurance Company, Mahagony, Indian Bank, ICICI Lombard General Insurance, TA Asia Pacific Acquisitions, Soach Global Strategic Holdings, Be-In Eight SRL and SBI Capital Markets. 

Individual sellers Rajiv Bolla, Shaik Samdani Basha and Mahesh Gupta are also part of the OFS. The aggregate seller schedule states 12,64,36,650 shares worth ₹22,568.94 crore. 

35% Retail Quota Defines the Application Split 

The IPO has reserved at least 35% of the net offer for retail investors, while Qualified Institutional Buyers (QIBs) can receive up to 50% and Non-Institutional Investors (NIIs) have a minimum allocation of 15%. 

The retail category covers applications up to ₹2 lakh. S-HNI applications range from ₹2 lakh to ₹10 lakh, while B-HNI applications are above ₹10 lakh. Eligible employees receive a discount of ₹170 per share, subject to the applicable category conditions. 

The lot size and category thresholds therefore determine how the IPO can be accessed across retail, employee and HNI categories during the subscription period. 

Also Read: All You Need to Know About NSE IPO 

261.36 Million Accounts Highlight NSE’s Market Reach 

NSE was incorporated in 1992 and operates across equities, equity derivatives, currency derivatives, commodities, debt securities and mutual funds. Its wider operations also include clearing, settlement, indices, market data and analytics and international exchange services. 

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 listed market capitalisation on its platform was approximately ₹474.08 trillion. 

For FY26, NSE reported market shares of 99.79% in cash, 74.71% in equity futures, 99.48% in equity options and 100% in currency options. NSE Clearing recorded shares of 88.42% in cash, 91.04% in equity derivatives and 74.09% in exchange-traded derivatives. 

FY26 Income Falls 2% While PAT Drops 15% 

NSE’s consolidated financial performance shows a decline in income and profit in FY26 compared with FY25. Total income fell 2% year-on-year to ₹18,713.37 crore from ₹19,176.83 crore, while profit after tax (PAT) declined 15% to ₹10,302.06 crore from ₹12,187.69 crore. 

EBITDA stood at ₹14,519.09 crore in FY26 against ₹16,021.36 crore in FY25. Assets increased to ₹87,937.44 crore from ₹69,466.64 crore, while net worth rose to ₹31,869.72 crore from ₹30,165.05 crore. For comparison, NSE reported total income of ₹16,352.06 crore and PAT of ₹8,305.74 crore in FY24. 

32.98% FY26 ROE Sits Alongside 50.98% PAT Margin 

NSE reported 32.98% Return on Equity (ROE) and 42.80% Return on Capital Employed (ROCE) for FY26, alongside 33.21% Return on Net Worth (RoNW) and a 50.98% PAT margin. Its Net Asset Value (NAV) stood at ₹129.75, while the price-to-book value was 13.76. For the quarter ended 30 June 2026, ROE was 9.26%, ROCE 11.55%, PAT margin 58.78%, NAV ₹142.40 and price-to-book value 12.54. 

The supplied valuation figures show pre-IPO EPS of ₹41.62 and P/E of 42.89, while post-IPO EPS is stated at ₹50.43 and P/E at 35.4. The stated market capitalisation at the upper price band is ₹4,41,787.50 crore. 

Also Read: NSE IPO: Who Is Eligible to Apply? 

September 24 Listing Follows September 22 Allotment 

The subscription window opens today and closes on September 21, 2026. The IPO allotment is scheduled for September 22, followed by the initiation of refunds and credit of shares into demat accounts on September 23. 

The shares are scheduled to list on the BSE on September 24, 2026. Since the offer is entirely an OFS, NSE’s issued share capital remains unchanged at 2,47,50,00,000 shares before and after the IPO. The company has no identifiable promoter, while public shareholding is stated at 100% before and after the issue. 

12.64 Crore Shares Make Today’s IPO Opening Significant 

The NSE IPO brings 12.64 crore existing shares into the public market at a price band of ₹1,700–₹1,785. The final offer is smaller than the 14.89 crore shares proposed earlier in the IPO process. 

As bidding begins today, the key disclosed parameters are the offer’s 100% OFS structure, category-wise allocation, application limits, NSE’s FY26 financial numbers and the ₹4,41,787.50 crore market capitalisation implied at the upper price band. Subscription closes on 21 September, followed by allotment, demat credit and the proposed BSE listing. 

The NSE IPO opens today with a ₹22,561.57 crore OFS, an ₹1,700–₹1,785 price band and an 8-share lot. The disclosed information places the focus on its OFS structure, investor allocation, financial performance, market position and ₹4,41,787.50 crore upper-band valuation as the subscription window begins. 

Source 

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