The National Stock Exchange of India (NSE) launched a Rs 22,569‑crore initial public offering (IPO) on Thursday, with the issue receiving 43 per cent of the total subscription on the first day of bidding. The offering is the second‑largest public issue in India after Hyundai Motor India’s Rs 27,870‑crore IPO in 2024.
Bids were received for 3.83 crore shares out of the 8.86 crore shares offered. Non‑institutional investors subscribed 72 per cent of the shares, retail investors booked 44 per cent, and Qualified Institutional Buyers (QIBs) captured 19 per cent of the allocation.
In the anchor round held on Wednesday, the NSE raised Rs 6,746 crore from major investors including Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity. Sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management, also participated.
The IPO consists entirely of an offer‑for‑sale (OFS) of up to 12.64 crore equity shares by existing shareholders. The price band is set at Rs 1,700–1,785 per share, which could value the exchange at up to Rs 4.42 lakh crore at the upper end. The issue will close on September 21, with the reduced OFS size lowering the overall issue from an initial estimate of around Rs 30,000 crore to a final range of Rs 21,494–22,569 crore. The proceeds will benefit the selling shareholders, marking a significant milestone for the NSE after a decade of stalled listing plans due to regulatory hurdles.
