NSE IPO
National Stock Exchange of India (NSE) IPO is a mainboard book-building public issue with a total size of up to ₹22,561.57 crore. The issue comprises an Offer for Sale (OFS) of 12,64,36,650 equity shares.
The NSE IPO will open for subscription on 17 September 2026 and close on 21 September 2026. The basis of allotment is expected to be finalized on 22 September 2026.
NSE has fixed the IPO price band at ₹1,700 to ₹1,785 per share. The minimum application size is 8 shares, requiring a minimum retail investment of ₹14,280 at the upper price band.
The NSE shares are proposed to be listed on the BSE, with the tentative listing date set for 24 September 2026.
NSE IPO Details
The NSE IPO is a book-building mainboard issue with an aggregate size of approximately ₹22,561.57 crore at the upper end of the price band.
Unlike a fresh issue, the NSE IPO consists entirely of an Offer for Sale. A total of 12,64,36,650 equity shares are being offered by existing shareholders.
Since the issue is completely an OFS, National Stock Exchange of India Limited will not receive the IPO proceeds. The proceeds from the share sale will accrue to the selling shareholders.
The price band has been set at ₹1,700 to ₹1,785 per share, while the minimum bid size is 8 shares.
At the upper price band of ₹1,785, a retail investor needs ₹14,280 to apply for one lot.
NSE IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 17 September 2026 |
| IPO Close Date | 21 September 2026 |
| IPO Size | Up to ₹22,561.57 Crore |
| Price Band | ₹1,700 to ₹1,785 per share |
| Face Value | ₹1 per share |
| Lot Size | 8 Shares |
| Issue Type | Book Building |
| Issue Structure | 100% Offer for Sale |
| Total Issue Shares | 12,64,36,650 Shares |
| Listing Exchange | BSE |
| Market Cap at Upper Band | ₹4,41,787.50 Crore |
| Expected Allotment | 22 September 2026 |
| Tentative Listing Date | 24 September 2026 |
| Employee Discount | ₹170 per share |
NSE IPO Issue Structure
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 12,64,36,650 | Up to ₹22,561.57 Crore |
| Fresh Issue | Nil | Nil |
| Offer for Sale | 12,64,36,650 | Up to ₹22,561.57 Crore |
NSE IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Thursday, 17 September 2026 |
| IPO Closes | Monday, 21 September 2026 |
| Allotment | Tuesday, 22 September 2026 |
| Refund Initiation | Wednesday, 23 September 2026 |
| Shares Credited to Demat | Wednesday, 23 September 2026 |
| Listing | Thursday, 24 September 2026 |
NSE IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Net Offer |
| Retail Individual Investors (RII) | Not less than 35% of the Net Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Issue |
NSE IPO Lot Size
Investors can bid for a minimum of 8 NSE shares. Additional bids must be placed in multiples of 8 shares.
| Investor | Lots | Shares | Investment at ₹1,785 |
|---|---|---|---|
| Retail Minimum | 1 | 8 | ₹14,280 |
| Retail Maximum | 14 | 112 | ₹1,99,920 |
| S-HNI Minimum | 15 | 120 | ₹2,14,200 |
| S-HNI Maximum | 70 | 560 | ₹9,99,600 |
| B-HNI Minimum | 71 | 568 | ₹10,13,880 |
NSE IPO Investor Categories
| Category | Investment Range | Cut-off Facility |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Employee + applicable RII/NII limits | Yes |
About National Stock Exchange of India Ltd.
National Stock Exchange of India Limited (NSE) was incorporated in 1992 and has grown into India’s largest stock exchange and one of the major multi-asset exchange platforms globally.
NSE operates an integrated capital-market ecosystem covering trading, clearing, settlement, listing, market data, indices and related services across equities, derivatives, currencies, commodities, debt securities and mutual funds.
As of 30 June 2026, NSE had more than 261.36 million registered investor accounts and approximately 129 million unique investors. The exchange had 1,328 trading members and 3,005 listed companies.
The total market capitalization of companies listed on NSE was approximately ₹474.08 trillion as of 30 June 2026.
NSE’s technology infrastructure is designed to support large trading volumes, real-time market data, risk management, surveillance and regulatory requirements.
The exchange also operates through subsidiaries and related businesses covering clearing services, index management, data analytics, international exchange services and other market infrastructure activities.
NSE Business Strengths
- Strong leadership position in India’s capital markets.
- Large and growing investor and trading-member ecosystem.
- Recognized brand associated with transparency and market efficiency.
- Vertically integrated trading, clearing and settlement ecosystem.
- Technology infrastructure designed for scale and resilience.
- Diverse product portfolio across multiple asset classes.
- Strong profitability and cash-generating capabilities.
- Multiple non-trading revenue streams through subsidiary businesses.
- Experienced management and strong regulatory expertise.
NSE Financial Performance
NSE reported total income of ₹18,713.37 crore and profit after tax of ₹10,302.06 crore for FY2026. For FY2025, total income stood at ₹19,176.83 crore and PAT was ₹12,187.69 crore.
| Particulars (₹ Crore) | 30 Jun 2026 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Total Assets | 91,334.07 | 87,937.44 | 69,466.64 | 65,463.98 |
| Total Income | 5,252.17 | 18,713.37 | 19,176.83 | 16,352.06 |
| Profit After Tax | 3,120.08 | 10,302.06 | 12,187.69 | 8,305.74 |
| EBITDA | 4,332.04 | 14,519.09 | 16,021.36 | 11,623.83 |
| Net Worth | 34,983.74 | 31,869.72 | 30,165.05 | 23,833.10 |
| Reserves & Surplus | 34,996.73 | 31,866.04 | 30,105.83 | 23,924.91 |
NSE Market Position
NSE maintains a dominant position across several segments of India’s capital markets. Based on the information provided, its market share as of 31 March 2026 was particularly strong across cash equities, equity derivatives and currency options.
| Segment | NSE Market Share |
|---|---|
| Cash Market Turnover | 99.79% |
| Equity Futures | 74.71% |
| Equity Options | 99.48% |
| Exchange-Traded Currency Options | 100% |
NSE Business & Subsidiaries
| Business | Key Activity |
|---|---|
| NSE Clearing Ltd. | Clearing services for cash and derivatives markets. |
| NSE Indices Ltd. | Development and management of market indices. |
| NSE Data & Analytics Ltd. | Market data, analytics, benchmark data and valuation services. |
| NSE International Exchange | Foreign-currency denominated trading services. |
| Other Services | Mutual fund registry, exchange support and corporate governance-related services. |
NSE IPO Objects of the Issue
The NSE IPO is entirely an Offer for Sale. Therefore, the company will not receive any portion of the funds raised through the public issue.
The complete IPO proceeds, after applicable issue-related expenses, will be received by the existing selling shareholders in proportion to the shares offered by them.
Important: Since this is a 100% OFS issue, there will be no direct infusion of IPO proceeds into NSE’s business, operations or balance sheet.
NSE IPO Key Performance Indicators
| KPI | 30 Jun 2026 | 31 Mar 2026 |
|---|---|---|
| ROE | 9.26% | 32.98% |
| ROCE | 11.55% | 42.80% |
| RoNW | 33.21% | 33.21% |
| PAT Margin | 58.78% | 50.98% |
| NAV | ₹142.40 | ₹129.75 |
| Price to Book Value | 12.54x | 13.76x |
NSE IPO Valuation
At the upper IPO price of ₹1,785 per share, the implied market capitalization of NSE is approximately ₹4,41,787.50 crore.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹41.62 | ₹50.43 |
| P/E | 42.89x | 35.40x |
| Market Capitalisation | ₹4,41,787.50 Cr | ₹4,41,787.50 Cr |
NSE Shareholding Structure
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | NA | NA |
| Public | 100.00% | 100.00% |
| Total | 100% | 100% |
Company Promoter: No identifiable promoter.
The pre-issue and post-issue share capital is stated at 2,47,50,00,000 shares.
NSE IPO Offer for Sale
The entire NSE public issue consists of shares sold by existing shareholders. There is no fresh issue of equity shares.
| Issue Type | Shares Offered | Approx. Amount |
|---|---|---|
| Fresh Issue | Nil | Nil |
| Offer for Sale | 12,64,36,650 Shares | Up to ₹22,561.57 Cr |
NSE IPO Selling Shareholders
| Selling Shareholder | Category | Shares Offered | Approx. Amount |
|---|---|---|---|
| State Bank of India | Corporate | 1,59,69,410 | ₹2,850.54 Cr |
| MS Strategic (Mauritius) Ltd. | Corporate | 1,10,00,000 | ₹1,963.50 Cr |
| Canada Pension Plan Investment Board | Corporate | 1,18,74,060 | ₹2,119.52 Cr |
| Aranda Investments (Mauritius) Pte. Ltd. | Corporate | 1,12,46,336 | ₹2,007.47 Cr |
| Bank of Baroda | Corporate | 76,90,375 | ₹1,372.73 Cr |
NSE IPO Registrar & Lead Managers
IPO Registrar:
MUFG Intime India Pvt. Ltd.
Book Running Lead Managers:
- Kotak Mahindra Capital Co. Ltd.
- Morgan Stanley India Co. Pvt. Ltd.
- HSBC Securities & Capital Markets (India) Pvt. Ltd.
- Avendus Capital Pvt. Ltd.
- DAM Capital Advisors Ltd.
- HDFC Bank Ltd.
- IDBI Capital Markets & Securities Ltd.
- Motilal Oswal Investment Advisors Ltd.
- Pantomath Capital Advisors Pvt. Ltd.
- JM Financial Ltd.
- Citigroup Global Markets India Pvt. Ltd.
- JP Morgan India Pvt. Ltd.
- Anand Rathi Advisors Ltd.
- Axis Capital Ltd.
- Equirus Capital Ltd.
- ICICI Securities Ltd.
- IIFL Capital Services Ltd.
- Nuvama Wealth Management Ltd.
- 360 One WAM Ltd.
National Stock Exchange of India Ltd. Contact Details
Registered Office:
Exchange Plaza,
C-1, Block G,
Bandra Kurla Complex,
Bandra (East),
Mumbai, Maharashtra – 400051
Phone: +91 22 2659 8100
Email: nse_ipo@nse.co.in
NSE IPO Quick Summary
NSE IPO is a mainboard book-building issue of up to ₹22,561.57 crore. The IPO will remain open from 17 September to 21 September 2026.
The IPO price band is fixed at ₹1,700 to ₹1,785 per share, with a lot size of 8 shares. Retail investors need ₹14,280 for one lot at the upper price band.
The issue is entirely an Offer for Sale involving 12,64,36,650 shares. NSE itself will not receive funds from the IPO.
The expected allotment date is 22 September 2026, while the tentative listing date on BSE is 24 September 2026.
NSE IPO FAQs
Disclaimer
This article is intended for educational and informational purposes only and should not be considered investment advice. IPO investments are subject to market risks. Investors should carefully read the NSE IPO Red Herring Prospectus (RHP), financial statements, risk factors and other official documents before making an investment decision.
