The National Stock Exchange’s IPO, priced at ₹22,569 crore, closed Monday with a 5.71× subscription multiple, generating ₹90,300 crore of bids—an all‑time high for an Indian public offer. The deal eclipses the ₹21,000‑crore L&T issue of 2022 and sits just below Hyundai Motor’s ₹27,870‑crore debut, underscoring the market’s appetite for large‑cap equity sales.
Institutional players dominated the spread: qualified institutional buyers (QIBs) subscribed 12.68×, while the retail portion hit 1.39×. Anchor investors, including LIC‑India, Goldman Sachs, Fidelity, GIC Singapore, Abu Dhabi Investment Authority and Norges Bank, pumped ₹6,746 crore on Wednesday, cementing confidence across the spectrum.
The offer is a full‑open‑for‑sale (OFS) of up to 12.64 crore equity shares held by existing shareholders, meaning proceeds go directly to those owners rather than to the NSE’s treasury. The OFS was trimmed from an earlier 14.9‑crore plan, shrinking the issue to ₹22,569 crore from an initial ₹30,000 crore estimate.
Price banders set shares between ₹1,700 and ₹1,785, which translates to a valuation ceiling of ₹4.42 lakh crore—well above the ₹3.96 lakh crore valuation at the lower band. This places the exchange ahead of other major Indian IPOs in terms of price‑to‑market‑cap ratio, a metric closely watched by institutional clients.
Shares will trade on the NSE and BSE on Thursday, September 24, marking the culmination of a decade‑long listing pursuit. Analysts expect the debut to see a 10–15% opening rally on the day, after which the stock will likely stabilize around the $1,700 mark pending quarterly earnings guidance.