The 8.86 crore shares offered by the NSE, priced between ₹1,700 and ₹1,785, drew bids for 3.83 crore shares on the first day – a 43% subscription rate.
The IPO, the second‑largest in India so far, represented more than 90% of the ₹24,500 crore total of all mainboard and SME issues that opened between September 14 and 18, a record‑high for the week.
The price band set by NSE translates to a valuation of about $46 billion, roughly 15–20% lower than the pre‑deal roadshow target and 40% below the value implied by private‑market transactions in 2024. Options trading, which accounts for 60% of NSE’s revenue, saw a 27% drop from its 2024 peak, dampening investor appetite.
The offering is an offer‑for‑sale; existing shareholders are liquidating a portion of their holdings rather than NSE raising fresh capital. Anchor investors – LIC, Goldman Sachs, Fidelity, GIC Singapore, ADIA, Norges Bank, Eastspring, and HSBC Global Asset – had already injected ₹6,746 crore before the first day. The issue size was trimmed from an initial ₹30 trillion estimate to ₹22.569 trillion, a move that kept the offer size in line with shareholder participation.
NSE’s IPO will close on September 21, with the stock slated to list the following month. Market watchers will track whether the subscription rate rises in the remaining days and how the valuation holds up against the backdrop of a softening options market.