Synopsis

Investor enthusiasm surged on the final day of the National Stock Exchange's landmark IPO, with qualified institutional buyers oversubscribing their segment by more than twelve times. Retail interest was also robust, nearly doubling their intended allocation. The shares are set to debut on the BSE on September twenty-fourth, marking the end of a lengthy journey that included prior regulatory hurdles.

Mumbai: The National Stock Exchange's ₹22,561-crore IPO, the largest so far in 2026, was subscribed 5.71 times on Monday, the final day of bidding, riding a bullish primary market wave over the past three months, exchange data as of 7 pm showed. The issue received bids for 505.81 million shares against 88.6 million shares on offer, led by demand from institutional and high net-worth investors.

At the upper end of price band, the bids received were worth over ₹90,000 crore.

The qualified institutional buyers (QIBs) portion was subscribed 12.68 times, while the non-institutional investor (NII) category was subscribed 6.55 times. The retail investor portion was subscribed 1.39 times.

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The shares will list on the BSE on September 24. They were offered to investors at a price band of ₹1,700-1,785 per share. At the upper end of the price band, NSE commands a valuation of ₹4.42 lakh crore.

The close of the National Stock Exchange's IPO brings an end to a wait of nearly a decade, marked by controversies surrounding the co-location and dark fibre cases, which have often been cited as reasons for the delay. The world's largest equity exchange by trading volumes had first approached Sebi for IPO approval nearly a decade ago. In July, Sebi accepted NSE's application to settle the regulatory lapses for an amount of ₹1,491 crore. NSE had cut the IPO size to around ₹22,500-23,500 crore from an earlier plan of around ₹30,000 crore.

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At ₹30,000 crore, it was set to become India's largest ever, surpassing Hyundai Motor India's ₹27,870-crore issue in October 2024. With the reduction in issue size, Hyundai Motor India is likely to retain the record until Jio Platforms launches its proposed ₹37,000-crore IPO, expected around the Navratri-Diwali period.

NSE's book-built issue was entirely an offer for sale (OFS) of up to 126.4 million equity shares by 10 existing shareholders, including state-owned insurers and banks. There was no fresh issue, which means NSE will not receive any proceeds from the IPO. After issue-related expenses, the proceeds will go to the selling shareholders.

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