The National Stock Exchange (NSE) opened its IPO on 17 September at a price band of ₹1,700–₹1,785 per share, with an issue size of ₹22.56 Cr. The entire offering is an Offer‑for‑Sale, meaning NSE will not receive any proceeds. A pre‑launch anchor round raised ₹6,746.18 Cr from 189 investors, who bid ₹1.2 Lac crore for 3,77,93,739 shares at the top price.
Pricing at ₹1,785 places NSE at a FY26 adjusted earnings‑per‑share valuation of roughly 42×, well below BSE’s 54.2×. Angel One and Geojit both recommend subscribing, citing NSE’s market‑share dominance and high margins, while Religare remains neutral due to regulatory headwinds.
The grey‑market premium sits between ₹160 and ₹170 per share, indicating a likely listing price around ₹1,755 and a 9% lift over the upper band. The anchor book’s 20‑times multiple underscores the appetite for NSE shares, despite the exchange’s asset‑light business model that ties 79% of revenue to trading volumes.
Looking ahead, NSE expects the listing to close near ₹1,750, with the next milestone being the first post‑listing trading day on 21 September. Analysts note that future earnings will hinge on trading activity, regulatory developments in derivatives, and the broader capital‑market participation trend.
Retail investors can bid in eight‑share lots, with a minimum investment of ₹14,280 at the upper band, and a 35% allocation reserved for them. Employees receive a ₹170‑per‑share discount, translating to a ₹13,640 concession per eight‑share lot.