NSE IPO Highlights: The NSE IPO has been subscribed fully on its second day of bidding. Except for the retail portion, all the segments of the issue have been subscribed. Overall, the issue has been subscribed 100%. The non-institutional investor category has been subscribed 1.36 times, while the qualified institutional buyers (QIBs) portion has been subscribed 1.32 times so far.
The retail participation has been fairly steady, with 66% subscribed, while the employees’ quota has been subscribed 1.36 times. The NSE IPO is entirely an offer for sale of Rs 22,561.57 crore, as investors will offload 12.64 crore shares with a face value of Rs 1 each.
| NSE IPO | Key details |
| IPO bidding date | September 17-21 |
| Issue price band | Rs 1,700-1,785 per share |
| Allotment date | September 22 |
| Listing date | September 24 |
The minimum lot size for the NSE IPO has been fixed at 8 shares per application. At the upper end of the price band, investors need to make a minimum investment of Rs 14,280 per lot. Kotak Mahindra Capital is the book running lead manager. MUFG Intime is the registrar of the issue.
By the end of its second day of bidding, the NSE IPO was subscribed 1.16 times. Subscription for various categories stood at:
Qualified Institutional Buyers (QIBs) : 1.53 times
Non-Institutional Investors (NII): 1.68 times
Retail Individual Investors(RIIs) : 0.72 times
Employees: 1.53 times
The NSE IPO has so far been subscribed 1.15 time. The NII segment has been subscribed 1.65 times, while the QIBs portion has been subscribed 1.53 times. The employees portion has been subscribed 1.50 times, and the retail applicant portion has been subscribed 0.71 times.
However, the retail individual investor category has not been fully booked yet. The portion has been subscribed 0.66 times, receiving bids for 2,93,28,144 shares against its offer of 4,41,01,125 shares.
The employees' quotas, which witnessed strong participation on the very first day of public bidding, have now been oversubscribed 1.37 times. It has received bids for 5,92,800 shares against its offer of 4,33,436. Eligible employees have been offered a discount of Rs 170 per share.
One of India's largest mainboard issues is seeing heavy traction in the NII segment, which has been oversubscribed 1.38 times. So far, the NII category has received bids for 2,60,43,264 shares against its demand of 1,89,00,483.
The NSE's public offering is witnessing strong investor participation on its second day of bidding. So far, the QIBs portion has been subscribed 1.32 times. It has received bids for 3,32,21,656 shares against its demand of 2,52,07,867.
Except for the retail portion, all the segments of the issue have been oversubscribed. The QIB category has been subscribed 1.32 times, while the NII portion has been subscribed 1.36 times.
The retail investor category has been subscribed 0.66 times, and the employees category has been subscribed 1.36 times.
The NSE IPO has been booked fully on its second day of bidding. So far, the issue has been subscribed 100%, receiving bids for 8,86,42,911 shares against its demand of 8,82,59,608 shares.
The NSE IPO, is gaining momentum as the issue has been book 0.94 times so far on the second day of its bidding on Friday.
Except for the retail individual investor category all the segments of the issue have been oversubscribed. So far its Qualified Individual Buyers (QIBs) category and non-institional investor portion has bee has been oversubscribed by 1.25 times.
The employees quotas has been booked 1.20 times, while the retail applicant segment has been subscribed by 1.30 times.
NSE's restated basic and diluted earnings per share for FY26 stood at Rs 41.62 after adjusting retrospectively for the 4:1 bonus issue.
The company's return on net worth was 33.21% in FY26.
As of June 30, 2026, NSE's net asset value stood at Rs 142.40 per equity share.
The NSE IPO is 0.58 times subscribed so far on Day 2. The retail portion has been subscribed 0.59 times, while the Qualified Institutional Buyers (QIB) category stands at 0.19 times and the Non-Institutional Investors (NII) portion is subscribed 1.06 times.
NSE reported consolidated total income of Rs 18,713.37 crore in fiscal 2026.
Its profit after tax stood at Rs 10,302.06 crore during the year.
For the three months ended June 30, 2026, total income stood at Rs 5,252.17 crore, while profit after tax was Rs 3,120.08 crore.
The NSE IPO is being managed by a broad group of Book Running Lead Managers.
The list includes Kotak Mahindra Capital, JM Financial, Morgan Stanley, Citi, HSBC, J.P. Morgan, Axis Capital, HDFC Bank, ICICI Securities, Motilal Oswal, Nuvama, Pantomath and 360 ONE.
SBI Capital Markets is acting as the Marketing Book Running Lead Manager, with its role restricted to marketing activities because of applicable SEBI conflict regulations.
MUFG Intime India Private Limited is the registrar to the issue.
Bidders, other than anchor investors, are required to apply through the Application Supported by Blocked Amount (ASBA) mechanism.
Under ASBA, the application amount remains blocked in the investor's bank account rather than being immediately transferred.
Individual investors applying for up to Rs 5 lakh across the retail, NIB and employee categories must use the UPI mechanism for their bids.
NSE has remained India's largest stock exchange by cash-market turnover and equity-derivatives turnover since fiscal 2001.
In FY26, its share of India's cash-market turnover stood at 92.99%.
Its dominance was even higher in equity futures, where it accounted for 99.79% of turnover. In equity options, NSE had a 74.71% share of options premium turnover.
We spoke to several market experts on the NSE IPO price valuation.
Sandip Sabharwal of Asksandipsabharwal.com believes that "valuations seem ok. Neither cheap nor expensive, given that CAGR of profits over last 5 years is just 8% and this year could see an earnings decline. It’s at a 15-20% discount to where the unlisted stock was trading a few weeks back.”
He penned his views in a public post on social media platform, X.
Also Read: NSE IPO: Great business, rich valuation. Should you subscribe or avoid?
According to most industry observers, the Indian capital markets ecosystem is supported by strong structural tailwinds, including sustained GDP growth, increasing financialisation of household savings through mutual funds and SIPs, expanding digital infrastructure and a rapidly growing retail investor base.
They believe, strong growth headroom remains across asset classes, with cash market turnover projected to grow at 14–16% annually on a compounded basis between now and FY30. However, Angle One pointed out that the "near-term derivatives volumes may remain under pressure due to revised STT rates and SEBI’s risk-mitigation measures."
The National Stock Exchange of India began operations in November 1992, and it is the largest exchange in India by cash market and equity derivatives turnover since FY01. In terms of exchange-traded currency derivatives, it has been the largest exchange in India since FY09.
Apart from equity segments, NSE held 99.48% of exchange-traded currency futures and 100% of currency options in FY26. Globally, it was the largest multi-asset class exchange by number of cash equity trades and equity derivative contracts in FY26, with 11.38% and 51.18% world share, and has been the world's largest derivatives exchange by contracts traded for seven consecutive years as of Mar 31, 2026.
NSE's position extends beyond the Indian market.
According to World Federation of Exchanges data, NSE was the world's largest multi-asset-class exchange by total cash-equity trades in FY26, with an 11.38% share of global market activity.
It also accounted for 51.18% of global equity-derivatives contracts traded during the period.
The exchange also ranked among major global exchange groups for mainboard and SME IPO listings.
NSE's operations extend beyond the core stock exchange.
Its subsidiaries include NSE Clearing Limited, which handles clearing and settlement; NSE Indices Limited, which manages indices including the Nifty 50; and NSE Data & Analytics Limited.
NSE also operates NSE International Exchange (NSEIX) in GIFT City.
NSE Clearing maintained a Core Settlement Guarantee Fund of Rs 13,392.31 crore as of June 30, 2026. NSE also incorporated the National Coal Exchange of India Limited in June 2026.
The NSE IPO saw a moderate response from investors on its first day of bidding. Its overall subscription stood at 0.43 times.
Qualified Institutional Buyers (QIBs): 0.19 times
Non-Institutional Investors (NIIs): 0.72 times
Retail Investors: 0.44 times
Employees: 0.97 times
The NSE IPO, which finally opened after years of delay, will close its bidding window on Monday, September 21. Its share allotment process is likely to be completed by September 22, and bidders are likely to receive their due shares along with the refunds by September 23.
NSE is likely to list on BSE on September 24.
The NSE IPO is witnessing a moderate investor response. As of 5:21 PM IST of its overall subscription stood at 0.42 times.
Qualified Institutional Buyers (QIBs): 0.19 times
Non-Institutional Investors (NIIs): 0.70 times
Retail Investors: 0.43 times
Employees: 0.94 times
For FY26, NSE posted its net profit at Rs 10,713 crore, down 12.2% year-on-year, while its revenue declined 3% to Rs 16,601 crore. Its EBITDA moderated 11% YoY to Rs 11,264 crore, while its EBITDA margin shrank to 67.9% from 73.9% reported in FY25.
"At Rs 1,785, the valuation is around 43 times FY26 earnings, which looks justified, though not cheap. Future growth can come from deeper capital-market participation, cash-market activity, new products, data, indices and GIFT City rather than further market-share gains alone," said Prasenjit Paul, Fund Manager at 129 Wealth & Head of Research at Paul Asset.
He added that the issue's key risk remains its dependence on derivatives, with options transaction fees contributing significantly to revenue. "Post-listing, investors should track earnings growth, cash-market volumes, options activity and recurring profitability rather than headline turnover numbers,” Paul added.
Giving the IPO a 'Subscribe' rating, Angel One in a report said, At the upper price band of Rs 1,785, NSE is valued at a post-issue P/E of 35.4x, compared with BSE’s P/E of 54.2x, making the issue attractive relative to its key listed peer. "
It added that NSE’s dominant market position, significantly higher revenue and profitability, strong market share in equity derivatives, and long-term structural growth in Indian capital markets provide the issue with comfortable fundamentals.
"Despite near-term regulatory headwinds to derivatives volumes, we believe the valuation offers a favourable entry point given the company’s strong competitive position and earnings potential," the brokerage added.
As per the latest update, the shares of NSE are trading in the unlisted markets at a grey market premium of Rs 152, suggesting a listing price of Rs 1,937 per share. This translates into gains of 8.52% per share and a profit of Rs 1,216 per lot.
However, readers must know that GMP is not an official metric to determine the listing price and does not guarantee profit.
The NSE IPO has received a subscription of 0.31 times so far on Day 1, as bidding continues. So far, the retail portion was subscribed 0.33 times, while the Qualified Institutional Buyers (QIB) category saw 0.18 times subscription. The Non-Institutional Investors (NII) portion was subscribed 0.44 times.
Bidding for the public issue is still under way, with subscription figures expected to change as the day progresses.
Technology is central to NSE's operations. The exchange introduced electronic screen-based trading in India in fiscal 1995 through its National Exchange for Automated Trading (NEAT) platform.
Between April 1, 2024, and June 30, 2026, its trading platform processed an average of 12.46 billion messages every day. The peak single-day volume during this period was 21.89 billion order messages, recorded on March 24, 2026.
NSE also operates under strict ownership and regulatory requirements. Investors holding 2% or more are required to satisfy the applicable "fit and proper" requirements. Individual ownership in a stock exchange is capped at 5%, while certain financial institutions can hold up to 15% with prior SEBI approval.
The exchange has also had regulatory proceedings relating to historical co-location and dark-fibre matters. On July 31, 2026, NSE paid Rs 7,147.37 million to SEBI towards an in-principle cumulative settlement amount of Rs 14,912.07 million.
NSE employees will have access to a dedicated Employee Reservation Portion of up to Rs 70 crore.
The employee portion is capped at 5% of the post-offer equity capital. NSE may also provide an employee discount on the offer price.
The initial application value for an employee is capped at Rs 2 lakh, after accounting for the applicable discount. In case of under-subscription, proportionate spill-over allocation can take the maximum amount to Rs 5 lakh.