NSE IPO Price Band Set at ₹1,700-₹1,785; Issue to Open on September 17

11 Sep 2026 , 11:54 AM

The much-awaited National Stock Exchange (NSE) IPO has finally taken a major step towards the market after the exchange fixed its price band at ₹1,700 to ₹1,785 per equity share. The ₹22,569-crore public issue will open for subscription on September 17 and remain open until September 21, 2026.

The NSE IPO has been closely watched by investors and the broader financial markets, given the exchange’s importance to India’s capital market ecosystem and the nearly decade-long wait for its public listing.

At the upper end of the price band, the issue will be valued at around ₹22,569 crore, making it India’s second-largest IPO. It will surpass the ₹21,000-crore Life Insurance Corporation of India (LIC) IPO launched in 2022, but remain below Hyundai Motor India’s ₹27,870-crore public issue of 2024.

NSE IPO Dates and Price Band

The NSE IPO will open for subscription on September 17 and close on September 21. Anchor investors will get an opportunity to participate a day earlier, with bidding scheduled for September 16.

The exchange is expected to list its shares on September 24, marking a significant milestone for one of India’s most important financial market institutions.

The IPO price band has been fixed at ₹1,700-₹1,785 per share. Based on the number of shares being offered, the issue size will be approximately ₹21,494 crore at the lower end and ₹22,569 crore at the upper end.

NSE IPO Is Entirely an Offer for Sale

Unlike a conventional IPO involving both fresh shares and an offer for sale, the NSE public issue will comprise entirely an Offer for Sale (OFS).

Up to 12.64 crore equity shares will be offered by existing shareholders. The number is lower than the 14.9 crore shares that had been proposed earlier, resulting in a reduction in the overall issue size from the earlier estimate of around ₹30,000 crore.

Since there is no fresh issue of shares, NSE itself will not receive funds from the IPO. The proceeds generated through the share sale will accrue to the existing shareholders selling their stakes.

SBI, MS Strategic Among Key Selling Shareholders

Several existing shareholders have revised the number of shares they plan to sell through the NSE IPO.

State Bank of India (SBI), for instance, has reduced its proposed OFS to around 1.60 crore shares from the earlier 2.47 crore shares. MS Strategic (Mauritius) Ltd has also lowered its proposed offering to around 1.10 crore shares from 1.60 crore shares.

Bank of Baroda, Stock Holding Corporation of India Ltd and General Insurance Corporation of India have also reduced their proposed share sales.

Meanwhile, SBI Capital Markets Ltd has emerged as a new selling shareholder in the Red Herring Prospectus (RHP).

The changes in the shareholder offering have contributed to the reduction in the overall size of the NSE IPO.

NSE IPO Investor Reservation

The NSE IPO has divided the issue among different investor categories.

Qualified Institutional Buyers (QIBs) will have a 50% reservation, while Non-Institutional Investors (NIIs) will be allocated 15% of the issue. Retail investors will have a 35% reservation.

The company has also kept aside equity shares worth up to ₹70 crore for eligible employees.

NSE employees participating in the IPO will additionally receive a discount of ₹170 per equity share. This employee reservation and discount add another element to the highly anticipated public issue.

Nearly a Decade After Its Listing Plans Were Stalled

The NSE IPO carries significance beyond its size. The exchange’s plans to list on the stock market have remained stalled for nearly a decade amid regulatory hurdles.

Issues surrounding the exchange, including the co-location controversy, had delayed its listing plans. The situation changed after market regulator SEBI gave clearance for NSE to proceed with its IPO.

The proposed listing now brings one of India’s largest financial market institutions closer to becoming a publicly traded company.

For investors, the NSE IPO also provides an opportunity to participate in the ownership of an exchange that plays a central role in India’s equity and derivatives markets.

NSE IPO to Become India’s Second-Largest Public Issue

At ₹22,569 crore at the upper end of the price band, the NSE IPO will become India’s second-largest public issue.

Hyundai Motor India’s ₹27,870-crore IPO currently holds the record for the country’s largest public offering. The NSE issue will move ahead of LIC’s ₹21,000-crore IPO, which was launched in 2022.

The size of the offering could have been higher. The initial plans had indicated an issue size of around ₹30,000 crore, but the reduction in the number of shares being offered by existing shareholders has brought the final issue size lower.

NSE IPO and the Upcoming Jio Platforms Offering

The NSE IPO is also arriving at a time when investors are watching another potential mega issue — the proposed IPO of Jio Platforms, the digital services arm of Reliance Industries.

Jio Platforms’ offering has been estimated at around ₹37,700 crore, which would potentially make it larger than the NSE IPO. However, the timing of the Jio Platforms IPO has not yet been announced.

The two potential offerings could therefore become major events for India’s primary market, particularly given their scale and the prominence of the companies involved.

What NSE IPO Means for Investors

The NSE IPO is significant for several reasons. It brings the country’s largest stock exchange closer to becoming a listed entity, follows years of regulatory uncertainty and is set to rank among India’s biggest-ever public issues.

The entirely OFS structure also means investors should understand that the proceeds will go to existing shareholders rather than being used by NSE to fund new projects or expansion.

With the price band now announced, investors have greater clarity on the valuation and structure of the issue ahead of the September 17 opening.

The NSE IPO will therefore be closely watched by institutional investors, high-net-worth investors and retail participants as the exchange prepares for what could be one of the most significant market debuts in India’s recent financial history.

Source – NSE RHP