NSE IPO Fully Subscribed at 1.15 Times on Day Two Driven by Institutional and HNI Demand

The mega initial public offering (IPO) of the National Stock Exchange of India (NSE) sailed through on its second day of bidding, achieving full subscription as demand from institutional and non-institutional investors surged. By the end of Friday's session, the issue was subscribed 1.15 times, receiving bids for over 10.18 crore equity shares against the 8.86 crore equity shares on offer.

The public offering will remain open for bidding until Monday, September 21, 2026, with shares scheduled to make their market debut on September 24, 2026.

Category-Wise Subscription Breakdown

The subscription momentum picked up notably across institutional and high-net-worth segments:

• Qualified Institutional Buyers (QIBs): The institutional category was subscribed 1.53 times.
• Non-Institutional Investors (NIIs): High-net-worth individual demand led the bidding, booking the segment 1.65 times.
• Employees: The employee quota saw solid participation, being subscribed 1.50 to 1.53 times with an eligible discount of Rs 170 per share.
• Retail Individual Investors (RIIs): Retail participation reached 0.72 times (72 percent) of the 4.41 crore shares reserved for the category.

Issue Structure and Key Selling Shareholders

At an issue size of Rs 22,561.57 crore to Rs 22,569 crore, the NSE IPO is India's second-largest public issue on record, surpassing the Rs 21,000 crore offering of Life Insurance Corporation of India (LIC) and trailing only Hyundai Motor India's Rs 27,870 crore issue.

The issue is entirely an Offer for Sale (OFS) of 12.64 crore equity shares, meaning all proceeds will flow directly to selling shareholders rather than the exchange. The exchange has set a price band of Rs 1,700 to Rs 1,785 per share with a face value of Re 1. Bidders can apply in lots of 8 equity shares, requiring a minimum investment of Rs 14,280 at the upper price band.

Among key selling institutions, State Bank of India is offloading 1.60 crore equity shares, followed by Canada Pension Plan Investment Board (CPPIB) with 1.19 crore shares, Aranda Investments (Mauritius) Pte with 1.12 crore shares, and MS Strategic (Mauritius) with 1.10 crore shares. Domestic insurers including The New India Assurance Company, General Insurance Corporation of India, and Bank of Baroda are also divesting portions of their holdings.

Strong Anchor Backing and Valuations

Ahead of the issue opening, NSE mobilised Rs 6,746 crore from a record roster of 189 anchor investors. State-run Life Insurance Corporation of India emerged as the largest single participant, acquiring shares worth Rs 400 crore (5.93 percent of the anchor allocation). Major global institutions—including the sovereign wealth funds of Abu Dhabi and Norway, GIC Singapore, Goldman Sachs, and Fidelity—also secured significant allocations in the pre-issue anchor placement.

At the upper price band of Rs 1,785 per share, NSE commands an overall market valuation of up to Rs 4.42 lakh crore. Market analysts noted that at this price band, NSE trades at approximately 35 to 43 times its FY26 price-to-earnings (P/E) multiple, presenting an attractive relative valuation against its key listed peer, BSE, which trades above 53 times P/E. For FY26, NSE reported a consolidated revenue from operations of Rs 16,601 crore and a net profit after tax of Rs 10,302 crore.

Tags: National Stock Exchange of India BSE SEBI State Bank of India Initial Public Offering