NSE IPO: Issue size cut 15% to ₹22,562 crore; price band fixed at ₹1,700-1,785

The National Stock Exchange of India (NSE) will launch its much-awaited IPO on September 17, giving investors an opportunity to participate in the public listing of the country’s largest stock exchange. The bidding window will remain open until September 21, while NSE shares are expected to make its stock-market debut on the BSE on September 24.

The exchange has fixed price band at ₹1,700-1,785 apiece, looking to raise ₹22,561.5 crore at the upper end of the price range, putting NSE’s implied valuation at about ₹4.42 lakh crore.

The offering will consist entirely of shares being sold by existing investors, with no fresh equity being issued by NSE. As many as 12.64 crore shares will be offered through the offer-for-sale (OFS) route by 10 shareholders. The selling investors include State Bank of India (SBI), Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board and Aranda Investments (Mauritius).

The number of shares on offer is about 15% lower than the 14.89 crore shares proposed in the DRHP submitted by NSE in June 2026. The IPO received Sebi’s approval on September 4, 2026.

NSE has also earmarked shares worth up to ₹70 crore for its employees. Eligible employees will receive a ₹170-per-share concession on the final IPO price.

Retail investors will be able to place bids for at least eight shares, with additional bids allowed only in multiples of eight. At the upper price of ₹1,785, the minimum retail application will amount to ₹14,280, while the maximum investment will be capped at ₹1,99,920.

For qualified institutional buyers and other institutional investors, the anchor allocation will take place on September 16, a day before the IPO opens for other investors. The share allotment is likely to be completed on September 22.

SBI, other shareholders trim OFS size

State Bank of India has reduced the number of shares proposed to be sold to 15.97 million from 24.75 million in the DRHP. MS Strategic (Mauritius) has cut its proposed sale to 11 million shares from 16 million.

Bank of Baroda will now sell 7.69 million shares, compared with 10.99 million proposed earlier, while Stock Holding Corporation of India has reduced its OFS to 6.19 million shares from 10.89 million.

General Insurance Corporation of India has also cut its proposed sale to 6.19 million shares from 10.66 million. National Insurance Company will sell 4 million shares, down from 6 million, while Mahagony Limited has reduced its proposed OFS to 3 million shares from 5 million.

Indian Bank has also lowered its proposed sale to 1.50 million shares from 2.48 million.

Meanwhile, SBI Capital Markets Limited (SS) has been added as a selling shareholder in the RHP and will offer 8.78 million shares through the OFS.

Amit Kumar Lohia, who had proposed to sell up to 25,000 shares in the DRHP, does not appear as a selling shareholder in the RHP.