The offer‑for‑sale IPO, priced between ₹1,700 and ₹1,785, closed at 1.16× subscription, pushing the exchange’s valuation to a peak of ₹4.42 lakh crore. Total bids reached 10,284,365 shares against 8,864,291 shares offered, achieving the 1.16× figure and triggering the listing window that ends on September 21.
Non‑institutional investors bid 1.68× the shares available, QIBs 1.53×, while retail investors captured 72% of their allotment. The anchor book raised ₹6,746 crore, led by LIC, Goldman Sachs, Fidelity, GIC Singapore, ADIA, Norges Bank, Eastspring and HSBC Global Asset Management.
As an OFS, NSE does not receive proceeds; the ₹6,746‑crore anchor book and any further offers will go to existing shareholders. The issue size was trimmed from 14.9 crore shares to 12.64 crore, reflecting regulatory adjustments after the co‑location controversy.
This makes it the second‑largest public issue in India, eclipsed only by Hyundai Motor India's ₹27.87 billion IPO in 2024 and surpassing LIC's ₹21 billion 2022 offering. Market watchers note that the robust demand underlines confidence in the exchange’s liquidity platform.
Shares will begin trading on September 24, with the first day likely priced near the upper band. Analysts expect the debut to set the tone for NSE’s equity segment, with potential upside if the market consolidates the ₹1,785 valuation.