NSE IPO fully subscribed on Day 2; QIB, NII quotas booked 1.3 times each

The initial public offering of National Stock Exchange of India was fully subscribed on the second day of bidding, helped by active participation across investor categories. The issue, which opened on Thursday, September 17, had been booked more than 43 per cent on the first day.

NSE has offered shares in a price band of Rs 1,700-1,785 apiece, with investors able to apply for a minimum of eight shares and in multiples thereafter. The company is looking to raise Rs 22,568 crore through the IPO, which is entirely an offer-for-sale of up to 12.64 crore equity shares by existing shareholders.

According to the data, investors had made bids for 8,88,23,000 equity shares, or 100 per cent, against the 8,86,42,911 equity shares on offer as of 2.55 pm on Friday, September 18, 2026. The issue is scheduled to close for subscription on Monday, September 21.

The allocation for non-institutional investors was subscribed 1.35 times, while the qualified institutional bidders (QIBs) portion was subscribed 1.32 times. The employee quota was booked 1.36 per cent. The portion reserved for retail investors was booked 65 per cent at the same time.

Incorporated in 1992, Mumbai-based NSE is India's largest stock exchange and one of the world's leading multi-asset exchange platforms. It operates a vertically integrated ecosystem that includes trading, clearing, settlement, listing, market data, index services and regulatory oversight across asset classes such as equities, derivatives, currency derivatives, commodities, debt securities and mutual funds.

Brokerage firms have been positive on the issue, seeing it as a proxy play on India's growth story. They have cited its dominant market position, robust competitive moats, solid cash flows, debt-free status, reasonable valuations against BSE, diversified product portfolio and decent dividend yield.

GEPL Capital said NSE is well positioned to benefit from the structural financialisation of Indian savings. It added that the business offers significant operating leverage, as incremental trading volumes can be handled on an established technology and infrastructure base with relatively low marginal costs, supporting potential margin and earnings expansion.

“Its dominant clearing and post-trade infrastructure, expanding index and data businesses and increasing penetration of Indian capital markets provide multiple avenues for long-term growth. The combination of market leadership, network effects, high entry barriers, scalable infrastructure, diversified monetisation and structural capital-market growth positions NSE for sustained long-term earnings growth,” GEPL Capital said.

Ahead of the IPO, NSE raised more than Rs 6,746 crore from 189 anchor investors after allocating 3,77,93,739 equity shares at Rs 1,785 apiece. The company reported a net profit of Rs 3,210.08 crore on revenue of Rs 5,252.17 crore for the three months ended June 30, 2026. For 2025-26, it posted a net profit of Rs 10,302.06 crore on revenue of Rs 18,713.37 crore.

Way2Wealth Research has assigned a subscribe-for-long-term rating to the IPO, citing what it described as an exceptional business and one of the finest large-cap opportunities to emerge from India in years. It said the quality of the franchise, with its dominant market share, margin profile and debt-free balance sheet, justified a long-term subscribe view for patient investors.

Thomas J Priju, Portfolio Manager at Karma Capital, said NSE is a structural growth story underpinned by the continued evolution of India's capital markets. He said the exchange has the potential to emerge as a steady compounder over the long term and can be a meaningful long-term holding in a portfolio, adding that NSE's role in India's financial markets continues to deepen.

According to multiple sources, NSE was commanding a grey market premium of around Rs 145-150, indicating listing gains of nearly 8-9 per cent for investors. The company's shares are set to list only on BSE Ltd on Thursday, September 24.