India's National Stock Exchange (NSE) has established its initial public offering price band at 1,700 to 1,785 rupees per share, with the upper end valuing the offer at approximately 225.6 billion rupees, or about $2.36 billion, and the company's total valuation reaching roughly 4.42 trillion rupees, equivalent to $46 billion. This offering consists entirely of existing shareholders selling their stakes, meaning NSE will not receive any proceeds from the sale.
The issue size has been trimmed by roughly 15% compared to the original plan. According to the offering documents, NSE intends to sell up to 126.4 million shares with a face value of 1 rupee each. The previously filed draft prospectus proposed selling about 148.9 million shares, so the current offering volume represents a reduction of about 15%. At the upper end of the price band, the offer size drops from the prior figure of approximately 265.8 billion rupees to around 225.7 billion rupees, a decrease of roughly 40.1 billion rupees.
Several existing shareholders have lowered their sale quantities. The State Bank of India has reduced its offering from 24.75 million shares to 15.97 million shares, while MS Strategic, Bank of Baroda, Stock Holding Corporation of India, and General Insurance Corporation of India have also scaled back their sell-downs. Meanwhile, Canada Pension Plan Investment Board and Aranda Investments, a Temasek affiliate, have maintained their original sale plans. SBI Capital Markets has been added as a new selling shareholder, planning to offer about 8.78 million shares.
NSE will not gain any proceeds from the offering. Since this IPO is purely an offer-for-sale with no new shares issued, all funds raised after deducting issue expenses will go to the participating shareholders. The primary objective is to achieve a public listing for NSE's shares.
The IPO subscription window is set for September 17 to 21, with the anchor investor allocation opening on September 16. Shares are expected to be allocated on September 22, credited to investor accounts on September 23, and commence trading on the Bombay Stock Exchange on September 24. Retail investors must bid in multiples of 8 shares, requiring a minimum investment of 14,280 rupees at the upper price of 1,785 rupees per share. Eligible employees will receive a discount of 170 rupees per share off the final issue price.
The listing process has spanned nearly a decade. NSE initially filed for its IPO in December 2016, but the process faced prolonged delays due to regulatory cases involving co-location and "dark fiber" issues. The Securities and Exchange Board of India issued a no-objection certificate in January 2026, followed by final observations on September 4 after NSE resubmitted its prospectus.
NSE is India's largest stock exchange by trading volume. In the three months ending June 2026, it held a market share of approximately 93.05% in the cash equity segment, while its share in stock index futures and stock index options reached 99.72% and 68.48%, respectively. For the quarter ending June 2026, NSE's revenue grew 13.1% year-over-year to 45.604 billion rupees, with net profit climbing 6.7% to 31.201 billion rupees. Based on the current issue size, this transaction will rank as India's second-largest IPO in history.