The Rs.22,561.57-crore initial public offering (IPO) of the National Stock Exchange of India (NSE) entered its second day of subscription on September 18. The issue has now received bids for 55% of the shares on offer by 11:30 AM as per latest data available on Groww. The IPO which opened on September 17, will remain open for investors until September 21.
Demand was led by non-institutional investors (NIIs) and employees during the second day of bidding. As per Upstox, the NII portion was fully subscribed at 1.00x. While the employee reservation was subscribed 1.20x. The retail individual investor (RII) portion was subscribed 0.56x and the qualified institutional buyer (QIB) category stood at 0.19x.
The NSE IPO was subscribed 0.43 times on the first day of bidding and received bids for around 3.83 crore shares against 8.86 crore shares on offer. The NII category recorded the highest demand at 0.72x and was followed by retail investors at 0.44x and QIBs at 0.19x.
NSE IPO price band and issue details
The price band for the IPO has been fixed at Rs.1,700 to Rs1,785 per equity share and with a face value of Rs 1. Investors can bid for a minimum of eight shares and in multiples of eight thereafter. At the upper price band, one lot requires an investment of Rs.14,280.
The NSE IPO is entirely an offer for sale (OFS) involving 12.64 crore equity shares held by existing shareholders. There is no fresh issue of shares, meaning NSE will not receive any proceeds from the IPO. After issue-related expenses, the proceeds will accrue to the selling shareholders.
The issue size was reduced from the earlier plan of approximately 14.9 crore shares. The revised offering represents around 5.1% of NSE's total equity capital.
Before the IPO opened, NSE raised Rs.6,746 crore from anchor investors. More than 150 anchor investors participated, with overseas funds accounting for 43% of the shares allocated to anchor investors.
NSE IPO valuation and analyst views
At the upper price band of Rs.1,785, NSE is valued at around 42.9 times FY26 earnings, according to brokerage assessments cited in the provided reports.
Analysts have highlighted NSE's market leadership, expanding investor participation, technology infrastructure and the structural growth of India's capital markets as potential growth drivers. SBI Securities pointed to newer product categories, revenue diversification and increasing participation from global investors as factors supporting the company's growth prospects.
At the same time, brokerages have flagged risks linked to NSE's dependence on transaction-based revenue, particularly from the options segment. Regulatory changes affecting derivatives trading could influence trading volumes and transaction income.
Religare Broking described the IPO's outlook as balanced, noting that the valuation reflects NSE's established market position and future growth potential but leaves limited room for earnings disappointments. It also highlighted risks related to declining transaction volumes, technology infrastructure, cybersecurity and further regulatory changes.
Other brokerages cited in the reports, including Angel One, Geojit Investments and Nirmal Bang Securities, highlighted NSE's strong market position, network effects, scalable technology platform and long-term growth potential in India's capital markets.
NSE IPO Allotment and Listing Dates
The NSE IPO is scheduled to close on September 21. The basis of allotment is expected to be finalised on September 22, followed by refund initiation and credit of shares to successful investors' demat accounts on September 23. The shares are scheduled to list on the BSE on September 24.
As the IPO moves through its second day, subscription levels across institutional, retail and non-institutional categories will remain a key focus for investors ahead of the September 21 closing date.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or subscribe to the NSE IPO.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or subscribe to the NSE IPO.
