The much-awaited National Stock Exchange (NSE) IPO is set to open for subscription on September 17, marking one of the biggest public offerings in India’s capital-market history. The IPO will remain open until September 21, with the price band fixed at ₹1,700 to ₹1,785 per equity share.
At the upper end of the price band, the issue is valued at approximately ₹22,569 crore, making it India’s second-largest public issue, behind Hyundai Motor India’s ₹27,870-crore IPO launched in 2024.
NSE shares are scheduled to be listed on September 24, while bidding by anchor investors will take place on September 16.
NSE IPO 2026: Key Highlights
The NSE IPO will be an Offer for Sale (OFS), meaning existing shareholders will sell their shares. The exchange itself will not receive proceeds from the share sale.
Existing shareholders will offer up to 12.64 crore equity shares under the IPO. The OFS size was reduced from the earlier proposal of 14.9 crore shares, bringing down the expected issue size from around ₹30,000 crore.
At the lower price band of ₹1,700, the issue is valued at approximately ₹21,494 crore, while at ₹1,785 per share, the valuation rises to around ₹22,569 crore.
NSE IPO Price Band and Important Dates
IPO opens: September 17, 2026
IPO closes: September 21, 2026
Anchor bidding: September 16, 2026
Price band: ₹1,700–₹1,785 per share
Issue type: Offer for Sale (OFS)
Issue size: Up to 12.64 crore shares
Maximum issue value: Approximately ₹22,569 crore
NSE listing date: September 24, 2026
NSE IPO to Be India’s Second-Largest Public Issue
The NSE IPO will become the country's second-largest public offering if fully subscribed at the upper price band. Hyundai Motor India's ₹27,870 crore IPO, launched in 2024, currently holds the record for India's largest public issue.
The NSE offering will move ahead of the ₹21,000-crore LIC IPO launched in 2022.
The company has also reserved shares worth up to ₹70 crore for eligible employees. NSE employees will receive a discount of ₹170 per equity share.
NSE IPO Investor Reservation
The IPO has a 50% reservation for Qualified Institutional Buyers (QIBs). Non-institutional investors (NIIs) have been allocated 15%, while retail investors have a 35% reservation.
According to the Red Herring Prospectus, several existing shareholders have reduced the number of shares they plan to sell through the OFS.
State Bank of India (SBI) has reduced its proposed sale from 2.47 crore shares to approximately 1.60 crore shares. MS Strategic (Mauritius) Limited has reduced its offering from 1.60 crore shares to 1.10 crore shares.
Bank of Baroda, Stock Holding Corporation of India and General Insurance Corporation of India have also reduced their proposed share sales. SBI Capital Markets Limited has been added as a selling shareholder in the RHP.
Where Will NSE IPO Money Go?
Since the NSE IPO is entirely an Offer for Sale, the proceeds will go to the existing shareholders selling their shares. NSE will not receive the IPO proceeds.
The IPO marks a major milestone for the exchange after a prolonged wait caused by regulatory hurdles. The market regulator SEBI approved the IPO process last week, paving the way for the much-anticipated public listing.
NSE IPO vs Jio Platforms IPO
The NSE IPO is also expected to draw significant investor attention amid the proposed public offering of Jio Platforms, the digital services arm of Reliance Industries.
Jio Platforms' proposed offering has been estimated at around ₹37,700 crore, although its IPO timeline has not yet been announced.
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