NSE IPO to top LIC, rank as India’s second-biggest issue after Hyundai; top 5 list
NSE IPO: Only Hyundai Motor India Ltd raised a higher amount, at Rs 27,858.75 crore, in Indian market history. That IPO hit the market in October 2024.
- Sep 11, 2026,
- Updated Sep 11, 2026 10:21 AM IST
It is official. National Stock Exchange of India (NSE) is set to become the second-biggest initial public offer (IPO) to hit Dalal Street next week. At the upper end of the price band of Rs 1,700-1,785 apiece, NSE shareholders would eye Rs 22,568.92 crore through the offer for sale (OFS) as the issue kicks off on September 17.
Only Hyundai Motor India Ltd raised a higher amount, at Rs 27,858.75 crore, in Indian primary market history. That IPO hit the market in October 2024.
NSE's issue would surpass Life Insurance Corporation of India Ltd (LIC), which currently holds the record for the second-biggest IPO at Rs 20,557.23 crore. LIC was India's largest IPO when it hit the Street in May 2022.
"There is a lot of excitement over the NSE IPO scheduled to open for the public on 17th of this month," said V K Vijayakumar, Chief Investment Strategist, Geojit Investments.
The Rs 18,300 crore One 97 Communications Ltd (Paytm) IPO, which hit the market in November 2021, is currently the third-largest. Tata Capital's Rs 15,511.87 crore issue in October 2025 is the fourth-largest, while Coal India's Rs 15,199.44 crore IPO in October 2010 is the fifth-largest IPO ever.
According to World Federation of Exchanges, compared to the leading listed stock exchange groups globally, NSE was the largest multi-asset class exchange in terms of number of trades in cash equities and contracts traded in equity derivatives in 2026 and the three months period ended June 30, with a global market share of 11.38 per cent in number of trades in cash equities and 51.18 per cent in contracts traded in equity derivatives in fiscal 2026. NSE enjoys a global market share of 10.68 per cent in number of trades in cash equities and 50.22 per cent in contracts traded in equity derivatives in the three months period ended June 30, 2026.
"NSE's profitability is underpinned by consistent and sustained cash generation, which allows it to self-fund investments, maintain a high-quality capital buffer, and support ecosystem development, DAM Capital said in a note on Friday.
NSE's issue is entirely an offer-for-sale (OFS) for sale of 12,64,36,550 equity shares by its existing selling shareholders, representing nearly 5.11 per cent stake of the company. Selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company Ltd, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India Ltd and United India Insurance Company.
It is official. National Stock Exchange of India (NSE) is set to become the second-biggest initial public offer (IPO) to hit Dalal Street next week. At the upper end of the price band of Rs 1,700-1,785 apiece, NSE shareholders would eye Rs 22,568.92 crore through the offer for sale (OFS) as the issue kicks off on September 17.
Only Hyundai Motor India Ltd raised a higher amount, at Rs 27,858.75 crore, in Indian primary market history. That IPO hit the market in October 2024.
NSE's issue would surpass Life Insurance Corporation of India Ltd (LIC), which currently holds the record for the second-biggest IPO at Rs 20,557.23 crore. LIC was India's largest IPO when it hit the Street in May 2022.
"There is a lot of excitement over the NSE IPO scheduled to open for the public on 17th of this month," said V K Vijayakumar, Chief Investment Strategist, Geojit Investments.
The Rs 18,300 crore One 97 Communications Ltd (Paytm) IPO, which hit the market in November 2021, is currently the third-largest. Tata Capital's Rs 15,511.87 crore issue in October 2025 is the fourth-largest, while Coal India's Rs 15,199.44 crore IPO in October 2010 is the fifth-largest IPO ever.
According to World Federation of Exchanges, compared to the leading listed stock exchange groups globally, NSE was the largest multi-asset class exchange in terms of number of trades in cash equities and contracts traded in equity derivatives in 2026 and the three months period ended June 30, with a global market share of 11.38 per cent in number of trades in cash equities and 51.18 per cent in contracts traded in equity derivatives in fiscal 2026. NSE enjoys a global market share of 10.68 per cent in number of trades in cash equities and 50.22 per cent in contracts traded in equity derivatives in the three months period ended June 30, 2026.
"NSE's profitability is underpinned by consistent and sustained cash generation, which allows it to self-fund investments, maintain a high-quality capital buffer, and support ecosystem development, DAM Capital said in a note on Friday.
NSE's issue is entirely an offer-for-sale (OFS) for sale of 12,64,36,550 equity shares by its existing selling shareholders, representing nearly 5.11 per cent stake of the company. Selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company Ltd, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India Ltd and United India Insurance Company.