NSE IPO to open on September 17 at Rs 1,700-1,785 per share

The National Stock Exchange (NSE) has fixed the price band for its mega initial public offering (IPO) at Rs 1,700-1,785 per equity share, valuing the country’s largest stock exchange at up to Rs 4.42 lakh crore ($46 billion) at the upper end of the band.

The IPO will open for public subscription on September 17 and close on September 21. The IPO is entirely an offer for sale (OFS) of up to 12.64 crore equity shares, with a face value of Rs each, by 10 existing shareholders.

At the upper price band, the issue is expected to raise Rs 22,562 crore. Since the offering is an OFS, the proceeds will accrue to the selling shareholders and not NSE. NSE managing director and CEO Ashishkumar Chauhan said the stock exchange has not applied to SEBI for permission to trade on its own platform.

BSE, which came out with an IPO earlier, is listed on NSE. The stated objective of the IPO is to facilitate the OFS and enable the listing of NSE’s equity shares on BSE. NSE currently has 247.5 crore outstanding equity shares with a face value of Rs 1 each.

Investors can bid for a minimum of eight equity shares and in multiples of eight thereafter. Under the book-building process, not more than 50% of the issue will be reserved for Qualified Institutional Buyers, while not less than 15% will be available to Non-Institutional Investors and not less than 35% to Retail Individual Investors.

NSE, which began operations in 1994, was the first exchange in India to introduce electronic or screen-based trading. Its dominance in the Indian markets remains a key feature of its business profile. According to the Redseer Report cited in NSE’s IPO documents, the exchange has remained India’s largest stock exchange by cash-market turnover and equity-derivatives turnover from FY2011 through FY2026 and the three months ended June 30, 2026.

As of FY2026, NSE had a 92.99% share of India’s cash market based on total turnover. Its share stood at 99.79% in equity futures and 74.71% in equity options based on premium turnover. Its market share in exchange-traded currency futures was 99.48% and 100% in currency options, NSE said.

NSE’s unique registered investor base rose from 30.87 million as of March 31, 2020, to 132.37 million as of June 30, 2026, a compound annual growth rate of 26.23%. The market capitalisation of listed entities on its platform increased at a CAGR of 25.89% over the same period, NSE said.

“As of June 30, NSE supported 261.36 million registered investor accounts, 1,328 trading members and 3,005 listed entities, whose combined market capitalisation stood at Rs 474.08 lakh crore. Investors on the exchange spanned more than 99 per cent of Indian postal codes,” NSE said.

NSE’s financial performance has also strengthened. Revenue from operations rose to Rs 4,560 crore in the June 2026 quarter from Rs 4,032 crore a year earlier, while net profit increased to Rs 3,121 crore from Rs 2,811 crore.

The IPO will give investors an opportunity to own a stake in an institution that occupies a central position in India’s capital-market infrastructure, while providing existing shareholders an avenue to monetise their holdings through the country’s long-awaited stock-market listing, NSE said.

George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector.

Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation.

Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions.

Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises.

His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW).

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