The final bid for the NSE IPO hit the top of the ₹1,700-1,785 band, signalling steady demand as the market braces for the listing.
The issue has attracted 1.16× the 8.86 crore shares on offer, a level that comfortably beats the 1.0× target set by analysts.
Retail investors secured 72% of the 4.41 crore shares reserved for them, while non‑institutional investors bid 1.68× the 1.89 crore shares on offer. Qualified institutional buyers pulled 1.53× the 2.52 crore shares earmarked for them.
A lot equals eight shares, so a retail investor buying at the upper end of the band pays a minimum of ₹14,280. The post‑issue market cap is projected at ₹4,41,788 crore.
Because the offering is a pure OFS, the NSE receives no proceeds; all money goes to the selling shareholders.
NSE dominates India’s trading landscape, commanding 93% of cash‑market turnover and 99.7% of equity‑futures volume. Still, 78.7% of its FY26 revenue came from transaction charges, with equity options alone contributing 60.2% of operating income.
This heavy reliance on derivative fees makes regulatory shifts a key risk for the exchange.
The shares are slated to debut on the BSE on September 24, with allotment expected to finish on September 22, 2026. Investors are watching the final GMP and subscription levels closely, as they hint at the price cushion the shares might enjoy on the first trading day.