NSE IPO sets retail allocation record at Rs 7,872 crore; key details
NSE IPO: The second-largest IPO attracted retail bids for 6,13,05,464 shares, valued at Rs 10,943 crore at the upper end of the price band of Rs 1,785. This is against the retail quota of 4,41,01,125 shares.
- Sep 22, 2026,
- Updated Sep 22, 2026 9:36 AM IST
NSE's initial public offer (IPO) allocation on Tuesday would mark a new record for the highest-ever retail category allocation at Rs 7,872 crore. The second-largest IPO attracted retail bids for 6,13,05,464 shares, valued at Rs 10,943 crore at the upper end of the Rs 1,785 price band, against a retail quota of 4,41,01,125 shares.
India's largest IPO ever, Hyundai Motor India Ltd, had reserved 35 per cent of its Rs 27,859-crore issue for retail individual investors. The issue received bids for 2,49,64,289 shares, or 0.50 times the quota of 4,94,95,705 shares. The retail quota was valued at Rs 9,701.16 crore, while the allocation stood at Rs 4,893 crore at the issue price.
Life Insurance Corporation of India Ltd's IPO in 2022 saw its retail quota subscribed 1.99 times. Shares offered to retail investors stood at 6,91,79,663, valued at Rs 6,254 crore after accounting for the Rs 45 per share discount offered to retail investors.
Reliance Power's IPO, which was open from January 15 to January 18, 2008, was subscribed about 70 times. The issue was subscribed within the first few minutes of its book-building process. Its retail quota was fixed at 30 per cent, translating into a retail allocation of Rs 3,078 crore.
The Rs 22,569-crore NSE IPO ended with a strong 5.71 times subscription, making it the most subscribed among India's five largest IPOs by issue size. The issue received bids for 50,58,11,384 shares against 8,86,42,911 shares on offer.
The subscription level for the second-largest issue was significantly higher than those seen in the country's other mega IPOs.
Hyundai Motor India's Rs 27,858.75-crore issue received 1.93 times subscription in 2024, while Life Insurance Corporation of India Ltd's Rs 20,557.23-crore offer in May 2022 attracted 2.05 times subscription. One 97 Communications Ltd, or Paytm's, Rs 18,300-crore IPO in November 2021 garnered 1.48 times subscription, while Tata Capital's Rs 15,511.87-crore IPO in October 2025 was subscribed 1.65 times.
In terms of issue size, NSE now ranks second after Hyundai Motor India, pushing LIC to third, Paytm to fourth and Tata Capital to fifth. The Rs 15,199.44-crore Coal India IPO, which came in October 2010, is the only IPO among the country's large issues to have attracted a higher subscription, at 15.20 times. Coal India now ranks sixth by issue size.
The NSE IPO ran from September 17 to September 21 and is expected to be listed on BSE on September 24. The issue was sold in the Rs 1,700-1,785 price band.
What also set the NSE IPO apart was the absence of large institutional shareholders from the offer. NSE's biggest shareholder, Life Insurance Corporation of India Ltd (LIC), stayed out of the IPO, as did other large institutional investors.
This made the offer less about existing shareholders cashing out and more about a limited or 'token' sale, underscoring their continued confidence in India's largest stock exchange and its untapped growth potential.
NSE's initial public offer (IPO) allocation on Tuesday would mark a new record for the highest-ever retail category allocation at Rs 7,872 crore. The second-largest IPO attracted retail bids for 6,13,05,464 shares, valued at Rs 10,943 crore at the upper end of the Rs 1,785 price band, against a retail quota of 4,41,01,125 shares.
India's largest IPO ever, Hyundai Motor India Ltd, had reserved 35 per cent of its Rs 27,859-crore issue for retail individual investors. The issue received bids for 2,49,64,289 shares, or 0.50 times the quota of 4,94,95,705 shares. The retail quota was valued at Rs 9,701.16 crore, while the allocation stood at Rs 4,893 crore at the issue price.
Life Insurance Corporation of India Ltd's IPO in 2022 saw its retail quota subscribed 1.99 times. Shares offered to retail investors stood at 6,91,79,663, valued at Rs 6,254 crore after accounting for the Rs 45 per share discount offered to retail investors.
Reliance Power's IPO, which was open from January 15 to January 18, 2008, was subscribed about 70 times. The issue was subscribed within the first few minutes of its book-building process. Its retail quota was fixed at 30 per cent, translating into a retail allocation of Rs 3,078 crore.
The Rs 22,569-crore NSE IPO ended with a strong 5.71 times subscription, making it the most subscribed among India's five largest IPOs by issue size. The issue received bids for 50,58,11,384 shares against 8,86,42,911 shares on offer.
The subscription level for the second-largest issue was significantly higher than those seen in the country's other mega IPOs.
Hyundai Motor India's Rs 27,858.75-crore issue received 1.93 times subscription in 2024, while Life Insurance Corporation of India Ltd's Rs 20,557.23-crore offer in May 2022 attracted 2.05 times subscription. One 97 Communications Ltd, or Paytm's, Rs 18,300-crore IPO in November 2021 garnered 1.48 times subscription, while Tata Capital's Rs 15,511.87-crore IPO in October 2025 was subscribed 1.65 times.
In terms of issue size, NSE now ranks second after Hyundai Motor India, pushing LIC to third, Paytm to fourth and Tata Capital to fifth. The Rs 15,199.44-crore Coal India IPO, which came in October 2010, is the only IPO among the country's large issues to have attracted a higher subscription, at 15.20 times. Coal India now ranks sixth by issue size.
The NSE IPO ran from September 17 to September 21 and is expected to be listed on BSE on September 24. The issue was sold in the Rs 1,700-1,785 price band.
What also set the NSE IPO apart was the absence of large institutional shareholders from the offer. NSE's biggest shareholder, Life Insurance Corporation of India Ltd (LIC), stayed out of the IPO, as did other large institutional investors.
This made the offer less about existing shareholders cashing out and more about a limited or 'token' sale, underscoring their continued confidence in India's largest stock exchange and its untapped growth potential.