NSE's ₹22,562 Crore IPO to Open Tomorrow; Price Band Set at ₹1,700–₹1,785

Mumbai, Sept 16: The National Stock Exchange of India (NSE) IPO will open for subscription tomorrow, September 17, 2026, with an issue size of up to ₹22,561.57 crore. The IPO comprises 12,64,36,650 shares and is entirely an Offer for Sale (OFS). The issue will close on September 21, with allotment scheduled for September 22 and a tentative BSE listing on September 24, 2026. 

NSE Sets ₹1,785 Upper Price for ₹22,562 Crore IPO 

The NSE IPO has fixed a price band of ₹1,700 to ₹1,785 per share, against a face value of ₹1 per share. At the upper price, the issue gives NSE a market capitalisation of ₹4,41,787.50 crore. Since the entire issue is an OFS, NSE will not receive funds from the share sale. The proceeds will go to the existing shareholders selling their shares. 

The IPO lot size is 8 shares, making the minimum retail application ₹14,280 at the upper price band. A retail investor can apply for up to 14 lots, or 112 shares, requiring ₹1,99,920. The minimum S-HNI application is 15 lots, or 120 shares, at ₹2,14,200, while the maximum is 70 lots, or 560 shares, at ₹9,99,600. The B-HNI category starts at 71 lots, or 568 shares, requiring ₹10,13,880. 

35% Retail Allocation Sets NSE IPO Investor Categories 

The IPO reserves not less than 35% of the net offer for retail investors. Qualified Institutional Buyers (QIBs) can receive not more than 50%, while Non-Institutional Investors (NIIs) have a minimum allocation of 15% of the net issue. 

Eligible employees will receive a ₹170 per share discount. The retail category applies to applications of up to ₹2 lakh, while S-HNI applications cover ₹2 lakh to ₹10 lakh and B-HNI applications are above ₹10 lakh. Employee applications can be made up to ₹5 lakh, subject to the applicable category rules. 

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

September 21 IPO Close Leads to September 24 BSE Listing 

The NSE IPO timetable begins with bidding on September 17, 2026 and ends on September 21, 2026. The tentative allotment date is September 22, followed by refunds and credit of shares into demat accounts on 23 September. The proposed listing date is September 24 on the BSE. 

12.64 Crore NSE Shares Offered by Existing Shareholders 

The NSE IPO is an OFS in which existing shareholders are selling their holdings. The supplied seller details show 12,64,36,650 shares offered for sale, with the aggregate amount stated at ₹22,568.94 crore. State Bank of India is offering 1,59,69,410 shares worth ₹2,850.54 crore, while Canada Pension Plan Investment Board is offering 1,18,74,060 shares worth ₹2,119.52 crore. 

Aranda Investments (Mauritius) Pte. Ltd. is selling 1,12,46,336 shares valued at ₹2,007.47 crore, and MS Strategic (Mauritius) Ltd. is offering 1,10,00,000 shares worth ₹1,963.50 crore. New India Assurance Co. Ltd. is selling 1,05,00,000 shares valued at ₹1,874.25 crore. 

The other selling shareholders are Bank of Baroda, with 76,90,375 shares worth ₹1,372.73 crore; Stock Holding Corporation of India Ltd., with 61,87,500 shares worth ₹1,104.47 crore; General Insurance Corporation of India, with 61,87,500 shares worth ₹1,104.47 crore; United India Insurance Co. Ltd., with 60,00,000 shares worth ₹1,071.00 crore; and Crown Capital Ltd., with 58,71,093 shares worth ₹1,047.99 crore. 

2726247 Ontario Inc. is offering 54,01,286 shares valued at ₹964.13 crore; Oriental Insurance Co. Ltd. is offering 49,57,000 shares worth ₹884.82 crore; National Insurance Co. Ltd. is offering 40,00,000 shares worth ₹714.00 crore; and Mahagony Ltd. is selling 30,00,000 shares worth ₹535.50 crore. 

The remaining sellers include ICICI Lombard General Insurance Co. Ltd., with 23,50,000 shares worth ₹419.48 crore; TA Asia Pacific Acquisitions Ltd., with 20,00,000 shares worth ₹357.00 crore; Soach Global Strategic Holdings Ltd., with 16,50,000 shares worth ₹294.53 crore; and Indian Bank, with 15,00,000 shares worth ₹267.75 crore. Be-In Eight SRL is selling 2,62,500 shares worth ₹46.86 crore. Individual sellers Rajiv Bolla, Shaik Samdani Basha and Mahesh Gupta are offering 7,500, 1,000 and 500 shares, valued at ₹1.34 crore, ₹0.18 crore and ₹0.09 crore, respectively. SBI Capital Markets Ltd. is offering 87,80,590 shares worth ₹1,567.34 crore. 

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

1992-Founded NSE Has 261.36 Million Investor Accounts 

Incorporated in 1992, NSE operates across equities, derivatives, currency derivatives, commodities, debt securities and mutual funds, alongside clearing, indices, data and analytics and international exchange services. As of June 30, 2026, it had 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies. Its listed market capitalisation was approximately ₹474.08 trillion. 

As of March 31, 2026, NSE’s market share 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. NSE Clearing had market shares of 88.42% in the cash market, 91.04% in equity derivatives and 74.09% in exchange-traded derivatives. 

FY26 NSE Income Falls 2% as PAT Drops 15% 

NSE’s consolidated total income declined 2% year-on-year to ₹18,713.37 crore in FY26 from ₹19,176.83 crore in FY25, while PAT fell 15% to ₹10,302.06 crore from ₹12,187.69 crore. EBITDA decreased to ₹14,519.09 crore from ₹16,021.36 crore. 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. In FY24, total income was ₹16,352.06 crore and PAT was ₹8,305.74 crore. 

Also Read: 10 Biggest Milestones in NSE’s History

FY26 ROE Stands at 32.98% with 50.98% PAT Margin 

For FY26, NSE reported 32.98% ROE, 42.80% ROCE, 33.21% RoNW, 50.98% PAT margin, ₹129.75 NAV and 13.76 price-to-book value. For the quarter ended 30 June 2026, ROE was 9.26%, ROCE 11.55%, RoNW 33.21%, PAT margin 58.78%, NAV ₹142.40 and price-to-book value 12.54. Pre-IPO EPS was ₹41.62 with a P/E of 42.89, while post-IPO EPS was stated at ₹50.43 and P/E at 35.4. 

100% OFS Keeps NSE Share Count at 247.50 Crore 

Because the IPO consists entirely of an OFS, NSE is not issuing fresh shares and will not receive IPO proceeds. The company’s shareholding therefore remains at 2,47,50,00,000 shares before and after the issue. NSE has no identifiable promoter, while public shareholding is stated at 100% both before and after the IPO. 

The final issue contains 12.64 crore shares, compared with the 14.89 crore shares proposed earlier in the IPO process. The transaction therefore represents a sale of existing holdings rather than a fresh capital-raising exercise by NSE. 

The NSE IPO opens on September 17, 2026 and closes on September 21, with a price band of ₹1,700–₹1,785 and an 8-share lot. The minimum retail application at the upper band is ₹14,280. Allotment is scheduled for 22 September, refunds and demat credit for 23 September, and the tentative BSE listing for 24 September 2026. 

Source 

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