NSE IPO subscribed 3.8x on Day 3 amid strong QIB demand; key details

The initial public offering (IPO) of National Stock Exchange of India managed to draw a strong interest from the investors on the third and final days of bidding, thanks to all round participation, led by institional investors. The issue was overall booked more than 43 per cent on the first day and ended day two with 1.22 times subscription.

NSE has offered shares in a price band of Rs 1,700-1,785 apiece, with investors able to apply for a minimum of eight shares and in multiples thereafter. It is looking to raise Rs 22,562 crore through the IPO, which is entirely an offer-for-sale of up to 12.64 crore equity shares by existing shareholders.

According to the data, investors had made bids for 33,65,36,232 equity shares, or 3.80 times, against the 8,86,42,911 equity shares on offer as of 2.10 pm on Monday, September 21, 2026. The issue attracted nearly 31 lakh applications as of writing this report. The issue, which opened on Thursday, September 17, is scheduled to close for subscription on Monday, September 21.

The allocation for qualified institutional bidders (QIBs) was subscribed 7.8 times, while the non-institutional investors' (NIIs) portion was subscribed 4.81 times. The employee quota was booked 2.12 times. The portion reserved for retail investors was booked 1.09 times at the same time.

Incorporated in 1992, NSE is India's largest stock exchange and one of the world's leading multi-asset exchange platforms. It operates a vertically integrated ecosystem that includes trading, clearing, settlement, listing, market data, index services and regulatory oversight across asset classes such as equities, derivatives, currency derivatives, commodities, debt securities and mutual funds.

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

NSE is a market leader in India and it is well positioned to benefit from India's structural growth tailwinds which drive strong network effects for NSE. strong brand synonymous with trust, efficiency and transparency, across its trading platform as well as company’s clearing, settlement and market supervisory role, said Hem Securities with a 'subscribe for long-term' rating on the issue.

Ahead of the IPO, NSE raised more than Rs 6,746 crore from 189 anchor investors after allocating 3,77,93,739 equity shares at Rs 1,785 apiece. The company reported a net profit of Rs 3,210.08 crore on revenue of Rs 5,252.17 crore for the three months ended June 30, 2026. For 2025-26, it posted a net profit of Rs 10,302.06 crore on revenue of Rs 18,713.37 crore.

NSE is valued at a post-issue P/E of 35.4 times, compared with BSE’s P/E of 54.2 times, making the issue attractive relative to its key listed peer. NSE’s dominant market position, significantly higher revenue and profitability, strong market share in equity derivatives, and long-term structural growth in Indian capital markets provide further comfort, said Angel One.

"Despite near-term regulatory headwinds to derivatives volumes, we believe the valuation offers a favourable entry point given the company’s strong competitive position and earnings potential. We recommend 'subscribe' for the IPO," it added.

NSE was commanding a grey market premium of around Rs 60-70, indicating listing gains of nearly 3-4 per cent for investors, according to multiple sources. Shares of Mumbai-based National Stock Exchange of India are set to list only on BSE Ltd on Thursday, September 24.