NSE IPO: India's largest exchange gets 43% subscription on Day 1; NIIs, retail see strong demand

The initial public offering (IPO) of the National Stock Exchange of India (NSE) opened for subscription on Thursday and received a decent response on the first day of bidding. The issue will close on September 21, 2026 (Monday). It has a price band of Rs 1,700-1,785 per share and comprises an offer for sale (OFS) of Rs 22,562 crore.

On Day 1, the issue received 3,78,21,368 bids against 8,86,42,911 shares on offer, translating into a 43 per cent subscription. The employee reserved portion received 96 per cent bids, while the non-institutional investors (NIIs) category saw 71 per cent subscription.

The retail portion was subscribed 44 per cent, while the qualified institutional buyers (QIBs) segment received 19 per cent bids as of 6 pm.

At the upper end of the price band, NSE's market capitalisation (m-cap) is estimated at around Rs 4.42 lakh crore. The face value of each share is Re 1, while the market lot is 8 equity shares. Eligible employees will receive a discount of Rs 170 per share.

NSE allocated shares worth Rs 6,746 crore to anchor investors, including the sovereign wealth funds of Norway and Abu Dhabi, ahead of its IPO.

State-run Life Insurance Corporation of India (LIC) bought shares ​worth Rs 400 crore, or 5.93 per cent of the anchor book, ​and emerged as the largest investor in the round.

Other top investors included the Abu Dhabi Investment Authority, Norway's Government Pension Fund and asset manager Fidelity.

NSE's IPO is one of the country's largest on record, and ​comes as the primary market draws major issuers, including Mukesh ‌Ambani-backed Jio Platforms, which is expected to list by year-end. That said, the tentative listing date for NSE shares is September 24, 2026.

The exchange's revenue from operations stood at Rs 16,601.31 crore in FY26, compared with Rs 17,140.68 crore in FY25 and Rs 14,780.01 crore in FY24.

Profit after tax (PAT) declined to Rs 10,302.06 crore in FY26 from Rs 12,187.69 crore in FY25. Operating EBITDA stood at Rs 11,097.90 crore, against Rs 12,646.88 crore in the previous fiscal.

The operating EBITDA margin moderated to 66.85 per cent in FY26 from 73.78 per cent in FY25, while the PAT margin declined to 50.98 per cent from 55.30 per cent.

Religare Broking has assigned a 'Neutral' rating to the IPO, citing the exchange's strong market position and long-term growth opportunities alongside valuation and regulatory concerns.

Separately, Ravi Singh, Chief Research Officer at Master Capital Services, said, "Subscribing to this IPO depends on an investor's objective. NSE's IPO is entirely an OFS, meaning the company will not receive fresh capital from the issue. The latest GMP is at around 8 per cent. NSE trades at 42.9x P/E, lower than BSE's 53.3x, while offering higher revenue and PAT with similar EBITDA margins. Investors looking for listing gains may consider applying at the IPO price. However, for long-term investors, NSE's strong financials and growth potential may support participation, with scope to add on dips after listing."

NSE shares are scheduled to get listed on September 24, 2026.