NSE Rs 22,562 Crore IPO Enters Day 2 After 43% Subscription on Opening Day

The mega ₹22,561.57 crore initial public offering (IPO) of the National Stock Exchange of India (NSE) entered its second day of bidding on Friday, September 18, 2026, after receiving steady investor interest on its inaugural day. As India's second-largest initial share sale after Hyundai Motor India's ₹27,870-crore issue, the public issue will remain open until Monday, September 21, 2026.

Subscription Details at a Glance

At the conclusion of Day 1, the public offering was subscribed 43% overall, receiving bids for 3,83,90,816 equity shares against the net offer of 8,86,42,911 shares.

• Retail Individual Investors (RIIs): The retail quota was booked 44%.
• Non-Institutional Investors (NIIs): High-net-worth and non-institutional participants subscribed 72% of their allotted portion.
• Qualified Institutional Buyers (QIBs): The institutional category saw 19% subscription.
• Employee Reservation: The portion set aside for employees witnessed high participation, standing 98% subscribed.

Issue Structure and Selling Shareholders

The entire IPO consists of an offer for sale (OFS) of 12.64 crore shares, meaning the bourse will not receive any proceeds from the public offering.

The shares are being divested by prominent financial institutions and early shareholders. Key selling entities include:

• State Bank of India (SBI)
• SBI Capital Markets
• Canada Pension Plan Investment Board (CPPIB)
• Aranda Investments (Mauritius)
• The New India Assurance Company
• Bank of Baroda
• General Insurance Corporation of India (GIC)
• Stock Holding Corporation of India
• United India Insurance Company

Prior to opening for the public, NSE mobilised ₹6,746 crore from a syndicate of institutional anchor investors on September 16, which included Life Insurance Corporation of India (LIC), Goldman Sachs, Fidelity, GIC Singapore, Norges Bank, and the Abu Dhabi Investment Authority (ADIA).

Price Band, Lot Size, and Key Timelines

The price band has been fixed at ₹1,700 to ₹1,785 per share. The minimum bid lot comprises 8 equity shares and multiples of 8 shares thereafter.

• Minimum Retail Investment: Retail investors require an outlay of ₹14,280 at the upper end of the price band.
• Allotment Finalisation: Expected on Tuesday, September 22, 2026.
• Refunds and Share Credit: Scheduled to initiate on Wednesday, September 23, 2026.
• Listing Venue and Date: Shares will list exclusively on the BSE on Thursday, September 24, 2026.

Valuation and Market Indicators

At the upper price band of ₹1,785 per share, NSE is valued at a price-to-earnings (P/E) multiple of roughly 43 times its trailing earnings. In unofficial parallel trading, grey market indicators showed the issue commanding a premium of around ₹142 per share, pointing to an indicative listing pop of approximately 8% at ₹1,927 apiece.

Tags: National Stock Exchange BSE SEBI State Bank of India IPO