NSE IPO day 1 update : Issue subscribed 31% so far; NIIs, employees lead bidding | Key details

The initial public offering (IPO) of National Stock Exchange of India (NSE) saw decent from the investors on the first day of the bidding process with positive interest from all categories. The issue, which kicked off on Thursday, September 17, will close for bidding on Monday, September 21.

NSE is selling its shares in the price band of Rs 1,700-1,785 apiece. Investors can apply for a minimum of 8 shares and its multiples thereafter. It is looking to raise Rs 22,568 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 12.64 crore equity share from its existing shareholders.

According to the data, the investors made bids for 2,75,39,112 equity shares, or 31 per cent, compared to the 8,86,42,911 equity shares offered for the subscription by 1.40 pm on Thursday, September 17, 2026.

The allocation for non-institutional investors (NIIs) was subscribed 44 per cent, while the portion reserved for retail investors saw a subscription of 33 per cent. Employees quota was booked 71 per cent. The portion reserved for qualified institutional bidders (QIBs) was booked 18 per cent as of 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 provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight across multiple asset classes, including equities, derivatives, currency derivatives, commodities, debt securities, and mutual funds.

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

"We recommend 'subscribe to the NSE IPO, given its dominant liquidity franchise, self-reinforcing network effects, and exposure to India’s structural financialization opportunity. NSE captured 93 per cent/99.8 per cent market share in cash equities/equity futures in FY26, while its scalable, transaction-led platform delivered a 66.9 per cent operating EBITDA margin and Rs 10,300 crore PAT," said Aditya Birla Money.

India’s low stock-market penetration of 13.5 per cent provides substantial participation headroom, supporting NSE’s long-term growth prospects. NSE is valued at 43 times FY26 P/E, implying a market capitalisation of Rs 4.42 lakh crore; while its franchise quality supports the valuation, much of its strengths appear priced in, it added.

Ahead of its IPO, NSE raised over Rs 6,746 crore from 189 anchor investors as it allocated 3,77,93,739 equity shares at Rs 1,785 apeice. It reported a net profit at Rs 3,210.08 crore with a revenue of Rs 5,252.17 crore for the three months ended on June 30, 2026. It clocked a net profit of Rs 10,302.06 crore with a revenue of Rs 18,713.37 crore for the financial year 2025-26.

"We assign a 'subscribe' rating as NSE is the largest stock exchange in India in terms of cash market and equity derivatives turnover," said Marwadi Financial Services. "Its strong market position, scalable technology platform and track record of profitability and cash generation position it well to benefit from India’s structural growth. Also, it is available at a reasonable valuation to its peer."

Last heard, NSE was commanding a grey market premium (GMP) of around Rs 150, suggesting a listing gains of nearly 8-9 per cent for the investors. Shares of the company shall be listed on only BSE Ltd on Thursday, September 24.