NSE IPO: SBI, Foreign Investors to Sell 12.64 Crore Shares Worth ₹22,562 Crore

Mumbai, Sept 16: The NSE IPO will open for subscription on Thursday, September 17, 2026, with existing shareholders putting 12,64,36,650 shares of the National Stock Exchange of India on offer for up to ₹22,561.57 crore. The issue is entirely an offer for sale (OFS), meaning NSE itself will not receive the proceeds. Instead, the money will go to shareholders selling their existing stakes. 

NSE IPO: 12.64 Crore Shares Offered as Owners Sell Stakes 

The NSE IPO has been structured entirely as an OFS, with 12.64 crore shares being sold by existing shareholders. There is no fresh issue of shares, so NSE’s total share count remains unchanged at 2,47,50,00,000 shares before and after the IPO. 

The price band has been fixed at ₹1,700 to ₹1,785 per share, putting the stated market capitalisation at ₹4,41,787.50 crore at the upper price. The shares have a face value of ₹1 each. The issue will remain open from September 17 to 21, followed by the expected allotment on September 22 and listing on the BSE on September 24. 

The OFS structure is central to the NSE IPO because the transaction allows existing shareholders to sell part of their holdings while NSE remains unchanged in terms of its issued share capital. The selling shareholders include Indian banks, insurance companies, government-linked institutions and overseas investment entities. 

SBI Leads Share Sale with ₹2,850.54 Crore Offer 

State Bank of India (SBI) is the largest disclosed selling shareholder in the NSE IPO, offering 1,59,69,410 shares valued at ₹2,850.54 crore. The sale makes SBI the biggest individual seller among the shareholders listed in the OFS. 

The Canada Pension Plan Investment Board is offering 1,18,74,060 shares, valued at ₹2,119.52 crore, while Aranda Investments (Mauritius) Pte. Ltd. is selling 1,12,46,336 shares worth ₹2,007.47 crore. MS Strategic (Mauritius) Ltd. is offering another 1,10,00,000 shares, valued at ₹1,963.50 crore. 

Among Indian financial institutions, Bank of Baroda is selling 76,90,375 shares worth ₹1,372.73 crore. Stock Holding Corporation of India Ltd. and General Insurance Corporation of India are each offering 61,87,500 shares, valued at ₹1,104.47 crore apiece. 

Insurance Companies Offer Over ₹5,600 Crore Combined 

Insurance companies are also significant participants in the NSE IPO’s OFS. The New India Assurance Company Ltd. is selling 1,05,00,000 shares valued at ₹1,874.25 crore. United India Insurance Company Ltd. is offering 60,00,000 shares worth ₹1,071 crore, while Oriental Insurance Company Ltd. is selling 49,57,000 shares valued at ₹884.82 crore. 

National Insurance Company Ltd. is offering 40,00,000 shares, worth ₹714 crore. Other institutional sellers include Indian Bank, which is offering 15,00,000 shares valued at ₹267.75 crore, and ICICI Lombard General Insurance Company Ltd., which is selling 23,50,000 shares worth ₹419.48 crore. 

SBI Capital Markets Ltd. is also among the selling shareholders, offering 87,80,590 shares valued at ₹1,567.34 crore. The disclosed shareholder schedule totals 12,64,36,650 shares, with an aggregate stated value of ₹22,568.94 crore, while the IPO issue size is stated at ₹22,561.57 crore. 

Also Read:  The Story Of NSE 

Foreign Investors Add Major Blocks to NSE IPO Sale 

Several overseas shareholders are also participating in the OFS. Crown Capital Ltd. is offering 58,71,093 shares valued at ₹1,047.99 crore, while 2726247 Ontario Inc. is selling 54,01,286 shares worth ₹964.13 crore. 

Mahagony Ltd. is offering 30,00,000 shares valued at ₹535.50 crore, while TA Asia Pacific Acquisitions Ltd. is selling 20,00,000 shares worth ₹357 crore. Soach Global Strategic Holdings Ltd. is offering 16,50,000 shares, valued at ₹294.53 crore, and Be-In Eight SRL is selling 2,62,500 shares worth ₹46.86 crore. 

The shareholder list also includes smaller individual sales by Rajiv Bolla, Shaik Samdani Basha and Mahesh Gupta. Together, these transactions form the complete OFS without changing NSE’s post-issue share count. 

NSE Profile: ₹474.08 Trillion Listed Market Capitalisation 

Established in 1992, National Stock Exchange of India Ltd. is India’s largest stock exchange and a multi-asset market platform. As of 30 June 2026, it had 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies. The total market capitalisation of companies listed on the exchange was approximately ₹474.08 trillion. 

NSE provides trading, clearing, settlement, listing, market data and index services across equities, derivatives, currencies, commodities, debt securities and mutual funds. Its ecosystem includes NSE Clearing Ltd., NSE Indices Ltd., NSE Data and Analytics Ltd. and NSE International Exchange. 

99.79% Cash Market Share Drives NSE’s Scale 

NSE held a 99.79% market share in India’s cash market based on total turnover as of 31 March 2026. Its share stood at 74.71% in equity futures and 99.48% in equity options. It also accounted for 100% of exchange-traded currency options based on total premium turnover. 

NSE Clearing Ltd. recorded an 88.42% market share in cash market clearing during Fiscal 2026, alongside 91.04% in equity derivatives and 74.09% in exchange-traded derivatives. NSE’s technology infrastructure supports trading, market data, risk management, surveillance and regulatory compliance across more than 99% of Indian postal codes. 

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

FY26 Income Falls 2% While PAT Drops 15% 

NSE’s consolidated total income declined from ₹19,176.83 crore in FY25 to ₹18,713.37 crore in FY26, a decrease of about 2%. PAT fell from ₹12,187.69 crore to ₹10,302.06 crore, a decline of about 15%. EBITDA decreased from ₹16,021.36 crore to ₹14,519.09 crore during the same period. 

Assets, however, increased from ₹69,466.64 crore in FY25 to ₹87,937.44 crore in FY26, while net worth rose from ₹30,165.05 crore to ₹31,869.72 crore. For the quarter ended 30 June 2026, NSE reported total income of ₹5,252.17 crore, PAT of ₹3,120.08 crore and EBITDA of ₹4,332.04 crore. 

58.78% PAT Margin Highlights June 2026 Performance 

For the quarter ended 30 June 2026, NSE reported a 58.78% PAT margin, compared with 50.98% for FY26. ROE stood at 9.26%, against 32.98% for FY26, while ROCE was 11.55%, compared with 42.80%. RoNW remained at 33.21%. NAV increased to ₹142.40 from ₹129.75, while price-to-book value stood at 12.54, compared with 13.76. 

₹4.41 Lakh Crore Market Cap Sets IPO Valuation 

At the upper offer price, NSE’s market capitalisation is stated at ₹4,41,787.50 crore. The IPO valuation data shows EPS of ₹41.62 pre-IPO and ₹50.43 post-IPO, while the P/E is stated at 42.89 times pre-IPO and 35.4 times post-IPO. 

NSE has no identifiable promoter, with public shareholders accounting for 100% of the shareholding before and after the issue. The IPO therefore represents an ownership sale by existing shareholders rather than a capital-raising exercise for NSE. 

35% Retail Quota Sets ₹14,280 Minimum Application 

Retail investors have a minimum application size of 8 shares, requiring ₹14,280 at the upper price band. The retail category can apply for up to 112 shares, or 14 lots, amounting to ₹1,99,920. The small HNI category starts at 120 shares, while the larger HNI category begins at 568 shares. 

The issue reserves not more than 50% for qualified institutional buyers, not less than 35% for retail investors and not less than 15% for non-institutional investors. Employees are eligible for a ₹170 per share discount, subject to the specified limit. 

The NSE IPO is an entirely OFS of 12.64 crore shares, with SBI, insurance companies, banks and overseas shareholders among those selling stakes. The price band is ₹1,700-₹1,785, with an 8-share lot, while NSE’s proposed BSE listing is scheduled for September 24, 2026, after allotment and share credit on 22 and 23 September, respectively. 

Source 

• https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/NATIONAL%20STOCK%20EXCHANGE%20OF%20INDIA%20LIMITED%20-%20AP_p.pdf