The National Stock Exchange opened its second‑largest IPO ever on Thursday, offering ₹22,569 crore to the market at a price band of ₹1,700 to ₹1,785 per share. Each lot contains eight shares, so the minimum retail investment stands at ₹14,280.
The exchange has earmarked 35% of the issue for retail, 50% for qualified institutional buyers, and the remainder for non‑institutional investors, a structure that mirrors the 2024 offering but with a higher overall size.
FY26 financials show revenue of ₹16,601 crore and adjusted EBITDA of ₹12,657 crore, translating into a 76% margin. Net profit after tax hit ₹10,302 crore, a 62% margin, underscoring the asset‑light nature of the business and its zero debt profile.
Investor sentiment is already visible in the unlisted market, where GMP rates suggest a premium of ₹160 to ₹170 per share over the IPO price band, implying a potential listing price near ₹1,860‑₹1,875. Analysts such as Religare remain neutral, while the consensus leans toward subscribing.
Subscription can be done via ASBA or net banking through brokers; the final bid must be confirmed by 7 PM IST on Monday, September 21, 2026. Post‑list, the NSE will be traded on BSE and NSE platforms, with the first trading day slated for September 22.
Looking ahead, the exchange has not yet issued guidance beyond the IPO, but market watchers anticipate a modest uptick in listed liquidity as the IPO proceeds inject fresh capital into the market structure.