NSE IPO Draws Rs 90,300 Crore Demand As Mega Issue Ends 5.71 Times Subscribed

The National Stock Exchange (NSE) has closed its much-awaited initial public offering with a strong response, attracting bids worth nearly Rs 90,300 crore and ending 5.71 times subscribed.

The Rs 22,569-crore issue received bids for 50.58 crore shares against 8.86 crore shares on offer, according to BSE data. The response was led by institutional investors, with the Qualified Institutional Buyers (QIB) category subscribed 12.68 times, compared with 6.55 times for non-institutional investors and 1.39 times for retail investors.

The institutional-heavy demand reflects NSE's dominant position in India's capital markets. In FY26, it accounted for 92.99 per cent of cash-equity turnover and 99.79 per cent of equity-futures turnover. Retail participation was more modest, partly as the IPO was large and the unofficial grey-market premium had cooled, reducing the appeal of a quick listing gain.

At Rs 1,700-Rs 1,785 per share, the IPO values NSE at up to around Rs 4.42 lakh crore. However, the issue is entirely an Offer for Sale (OFS) of 12.64 crore shares by existing shareholders. NSE itself will not receive the proceeds; the money will go to the shareholders selling their stakes.

The offering marks the end of a nearly decade-long wait for NSE's stock-market listing. Its earlier plans were held up amid regulatory proceedings, including those related to the co-location controversy. SEBI accepted NSE's settlement application in July, involving a payment of about Rs 1,491 crore.

The issue was earlier expected to be around Rs 30,000 crore but was reduced after the number of shares offered for sale was cut.

With bidding over, allotment is expected on September 22, followed by share credit and refunds. NSE is scheduled to make its market debut on September 24.