NSE IPO: Price band seen at Rs 1,700-1,785; OFS stake pegged at 5.5%: Report

IPO-bound National Stock Exchange of India (NSE) may launch its long-awaited initial public offering (IPO) in the range of Rs 1,700-1,785 per share, reported Bloomberg according to people familiar with the matter. Bloomberg reported that the exchange may also trim the stake on sale, reducing the size to 5.5 per cent from earlier announced 6 per cent.

According to the people, who asked not to be identified, NSE is likely to price its shares at Rs 1,700 to Rs 1,785 apiece, compared with the earlier range of Rs 2,000 to Rs 2,100. The exchange may also cut the stake being offered, after some shareholders backed out of selling at the lower price. Earlier, the exchange was eyeing a price band of Rs 2,000-2,100.

At the top end of the proposed range, a 5.5 per cent stake sale would raise about Rs 24,300 crore, or $2.6 billion, according to the report. That would be below the Rs 27,900 crore raised by Hyundai Motor India Ltd in 2024 in the country’s biggest-ever IPO. At that level, NSE would be valued at as much as Rs 4.42 lakh crore, or $46.6 billion, against an earlier targeted valuation of as much as Rs 5.26 lakh crore.

Bloomberg reported that the reduction in the size of the deal reflects concerns over the ability of India’s primary market to absorb several large offerings at the same time, with Jio Platforms also moving towards what could be one of the country’s biggest-ever IPOs. IPO sales in India have raised almost $10 billion so far in 2026, compared with more than $20 billion in each of the previous two years, according to data compiled by Bloomberg.

NSE, which operates the world’s largest derivatives exchange by trading volume, is expected to announce the price band this week and open the IPO for subscription in the week beginning September 14, the people said. They added that discussions are still ongoing and that details, including the price range and timing, could yet change.

An NSE representative did not immediately respond to a request for comment. The exchange filed its draft prospectus in June for an offering made up entirely of secondary shares, and India’s market regulator approved the IPO prospectus on September 4.

 According to the filing, shareholders selling stakes in the offer include Morgan Stanley, Temasek Holdings, State Bank of India, Stock Holding Corporation of India Ltd., General Insurance Corporation of India, New India Assurance Co Ltd., National Insurance Co Ltd and Oriental Insurance.