NSE IPO opens today: 10 things investors must know before applying

The much-awaited National Stock Exchange (NSE) IPO opens for subscription today and will close on September 21. The ₹22,561.57 crore issue is entirely an Offer for Sale (OFS), meaning NSE will not receive any proceeds from the IPO.

Ahead of the IPO, the country’s largest exchange on Wednesday garnered ₹6,746.18 crore from anchor investors, with demand for the shares touching nearly ₹1.2 lakh crore, or around 20 times the size of the anchor book. NSE allotted 3.78 crore equity shares to anchor investors at ₹1,785 apiece, the upper end of its IPO price band. More than 150 investors participated in the anchor book, with strong interest from both foreign and domestic institutional investors, according to market sources.

Here are 10 key things investors should know before applying.

1. ₹22,561.57 crore IPO is entirely an OFS

The NSE IPO comprises an OFS of 12.64 crore shares worth ₹22,561.57 crore at the upper end of the price band. Since the issue is entirely an OFS, the proceeds will go to the existing shareholders selling their stakes, and NSE itself will not receive any funds.

2. Price band fixed at ₹1,700–1,785

The price band for the IPO has been fixed at ₹1,700–1,785 per share. At the upper end of the price band, NSE is valued at around ₹4.42 lakh crore.

3. NSE dominates India's equity market

NSE continues to maintain a dominant position across India's equity markets. According to Angel One, it accounted for 92.99% of cash-market turnover, 99.79% of equity futures and 74.71% of equity options by premium turnover in FY26.

4. One of the world's largest exchanges by trading activity

NSE was the world's largest multi-asset-class exchange by number of trades in cash equities and equity derivatives in FY26, highlighting its scale and market position.

5. Massive investor base

As of June 30, 2026, NSE had 261.36 million registered investor accounts and 132.37 million unique registered investors. The expansion of India's retail investor base has been an important structural driver for the country's capital markets.

6. Transaction charges drive most of its revenue

Transaction charges accounted for 78.65% of NSE's FY26 revenue from operations, underscoring the exchange's dependence on trading activity. Options alone contributed 60.22% of revenue from operations during the year.

7. FY26 earnings came under pressure

NSE reported revenue of ₹16,601 crore and profit after tax (PAT) of ₹10,302 crore in FY26. Earnings were impacted by regulatory measures and higher securities transaction tax (STT), which weighed on derivatives activity.

8. Earnings show signs of recovery

NSE's financial performance improved in the first quarter of FY27. Revenue rose 13.1% year-on-year to ₹4,560 crore, while PAT increased 6.7% YoY to ₹3,120 crore, according to Angel One.

9. Long-term growth drivers remain intact

The exchange stands to benefit from the increasing financialisation of household savings, rising retail participation, digital infrastructure and deeper penetration of India's capital markets. Continued growth in market participation and trading activity could support NSE's earnings over the longer term.

10. Regulatory and trading-volume risks remain

NSE's earnings remain closely linked to trading volumes and the regulatory environment. Changes in taxation or STT, regulatory measures affecting derivatives, and potential operational or technology disruptions are among the key risks investors need to monitor.

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