NSE’s 42% subscription on the first day of bidding—37 million shares out of 88.6 million—came by 5:03 p.m. IST, according to exchange data. The offer, valued at $2.3 billion, sits among the largest in India and will remain open until September 21, with the listing slated for September 24.
The offer is an offer‑for‑sale by existing shareholders, a structure that has drawn attention from both institutional and retail investors. The anchor book, which saw allocations worth $703.04 million to major global players—including Norway’s sovereign wealth fund and Abu Dhabi’s—helped set the stage for a mixed investor response: retail investors subscribed to 42% of their allotted portion, non‑institutional investors 70%, and qualified institutional buyers 19% of their available shares.
Valuation expectations have been tempered; NSE targets a market cap of up to $46 billion—a 15% to 20% cut from roadshow figures—amid a slowdown in options trading activity. Analysts point to the exchange’s loss of index‑options market share to BSE and an impending higher transaction tax from April 2026 as potential drag factors.
Looking ahead, the exchange will resume full trading on September 24, and market watchers will be keen to see whether the IPO’s pricing and post‑listing performance align with the $46 billion target. Analysts expect the first‑day subscription rate to rise as institutional buyers ramp up, potentially setting the stage for a robust opening price once the shares hit the market.