NSE IPO

The NSE mainboard IPO opens for subscription on 17 Sept 2026 and closes on 21 Sept 2026, offered at a price band of ₹1700–1785 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹22,562.71 crore. Retail investors bid in lots of 8 shares, a minimum application of ₹14,280.

Issue structure

The IPO is structured entirely as an offer for sale of ₹22,562.71 crore. The company receives no fresh capital — the proceeds go to the selling shareholders who are paring their stake.

Financials

In FY2026, NSE reported revenue of ₹5,252.17 crore and a net profit of ₹3,120.08 crore. Revenue declined from ₹16,352.06 crore in FY2024 to ₹5,252.17 crore in FY2026 (-68.0%). Net worth stood at ₹34,983.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 42.9× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 35.4× post-issue earnings and 12.54× book value, against a return on net worth of 33.21%. These ratios come from the offer document and are for comparison, not a recommendation.

Grey market premium (GMP)

In the unofficial grey market, NSE shares are quoted at a premium of ₹40 implying an expected listing around ₹1,825, about +2.2% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The NSE IPO was subscribed 5.71 times overall.

Listing performance

NSE listed on 24 Sept 2026 at ₹1,800, a premium of +0.8% over the issue price of ₹1,785.

What to weigh

When evaluating the NSE IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About NSE

Incorporated in November 1992, National Stock Exchange of India Limited (NSE) is India's largest stock exchange and one of the world's leading multi-asset exchange platforms. NSE provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight across multiple asset classes, including equities, derivatives, currency derivatives, commodities, debt securities, and mutual funds. NSE has consistently maintained its leadership position in India in cash market turnover, equity derivatives trading, and currency derivatives trading. As of March 31, 2026, the exchange served over 253 million registered investor accounts, 129 million unique investors, 1,325 trading members, and 2,978 listed companies, with a total listed market capitalization of approximately ₹411 trillion. During Fiscal 2026, over ₹20.3 trillion was mobilized through its platform. The exchange operates on a highly scalable and resilient technology infrastructure that supports high-frequency trading, real-time market data dissemination, risk management, surveillance, and regulatory compliance. NSE plays a critical role in India's capital market ecosystem by promoting transparency, investor protection, efficient price discovery, and broad-based financial inclusion across more than 99% of Indian postal codes. As of March 31, 2026, NSE had 1,974 full-time employees, while its subsidiaries employed an additional 907 employees across technology, operations, risk management, compliance, and business functions. Key Strengths Largest stock exchange in India across key trading segments. Leading global multi-asset exchange by equity derivatives trading volumes. Strong brand built on trust, transparency, and market integrity. Vertically integrated business model covering trading, clearing, settlement, and market data services. Advanced technology platform designed for scale, resilience, and security. Well-positioned to benefit from India's growing capital markets and investor participation. Strong network effects driven by investors, listed companies, and intermediaries. Comprehensive product offerings across multiple asset classes. Consistent profitability, cash generation, and financial performance. Experienced management team with strong governance and regulatory expertise.