NSE IPO subscribed 5.71 times

The initial public offering (IPO) of the National Stock Exchange (NSE) concluded with an overall subscription of 5.71 times, as investors placed bids for 50.58 crore shares against the 8.86 crore shares offered in the issue.

The IPO, which was open between September 17 and September 21, was priced in the range of Rs 1,700-1,785 per share. At the upper end of the price band, the issue size stood at about Rs 22,562 crore.

The offering was entirely an offer for sale (OFS), allowing existing shareholders to offload their holdings, with no fresh capital being raised by NSE. Retail investors were required to apply for a minimum lot of eight shares, translating into an investment of Rs 14,280 at the highest price.

Demand was largely driven by institutional investors. The qualified institutional buyers (QIB) segment was subscribed 12.68 times, while the non-institutional investor (NII) category was subscribed 6.55 times. In comparison, the retail investor portion received bids for 1.39 times the shares reserved for the category.

The IPO marks the end of NSE’s nearly decade-long wait to go public, after its first IPO attempt in 2016 was stalled by regulatory proceedings.

Founded in 1992, NSE is the country’s largest stock exchange. As of March 2026, it had 129.09 million unique registered investors, up from 112.81 million a year earlier.

NSE's FY26 revenue from operations declined 3% year-on-year to Rs 16,601 crore, while total income slipped 2% to Rs 18,713 crore. Consolidated profit after tax dropped 15% to Rs 10,302 crore from Rs 12,188 crore in FY25.