NSE IPO Opens: Rs 22,569-Crore Issue Attracts Investors, Listing Set For September 24

The much-awaited National Stock Exchange of India (NSE) IPO opened for subscription on Thursday, marking a major milestone in the exchange’s nearly decade-long journey towards a stock-market listing. The Rs 22,569-crore public issue saw demand build through the day after starting with 9 per cent subscription in the morning.

By 12:50 pm, the issue was subscribed 0.26 times, with bids received for around 2.34 crore shares against 8.86 crore shares on offer. The non-institutional investor portion was subscribed 0.38 times, while the retail category was subscribed 0.30 times.

NSE has fixed a price band of Rs 1,700 to Rs 1,785 per share, with a minimum lot size of eight shares. The issue will remain open until September 21. Retail investors can apply for up to Rs 2 lakh, while the UPI mandate confirmation deadline on the final day is 7 pm.

The offering is entirely an offer for sale (OFS) involving up to 12.64 crore shares held by existing shareholders. This means the money raised will go to the selling shareholders rather than NSE itself.

At the upper price band, the IPO gives NSE an implied valuation of around Rs 4.42 lakh crore. The issue is India's second-largest IPO, behind Hyundai Motor India's Rs 27,870-crore offering in 2024, while surpassing LIC's Rs 21,000-crore issue of 2022.

Investor interest was already visible before the public issue opened. NSE raised Rs 6,746.18 crore from anchor investors on September 16 by allotting around 3.78 crore shares at Rs 1,785 apiece. The anchor book included major domestic and international institutions as well as sovereign wealth funds.

The grey-market premium (GMP) has also remained positive, with market reports indicating a premium of around 8-9 per cent over the upper issue price. However, GMP is an unofficial indicator and does not guarantee the actual listing price.

For investors, the key considerations include NSE's valuation, changes in trading volumes, regulatory developments and competition in India's capital-market infrastructure. The exchange's long-delayed listing also comes against the backdrop of regulatory scrutiny and legacy issues, including the co-location controversy.

NSE is expected to list on September 24, subject to completion of the IPO process. The listing will mark a significant moment for India's capital markets, bringing one of the country's most important market institutions directly into the listed-company universe.