NSE IPO takes a ₹300/share haircut before takeoff

The National Stock Exchange of India (NSE) has reduced the price range for its forthcoming initial public offering (IPO) and may scale back the number of shares being sold, according to sources familiar with the situation. This move puts the listing—expected to be India's largest ever—out of reach for many investors.

The exchange is likely to price the shares at ₹1,700 to ₹1,785 each, lower than the initially advertised range of ₹2,000 to ₹2,100 per share. Furthermore, the NSE may offer a reduced stake of around 5.5% of the total equity capital, versus the originally planned 6%, as some shareholders have opted out of selling their shares at the reduced price.

If the lower price range is adopted, the sale of a 5.5% stake would raise approximately ₹243 billion ($2.6 billion), which is less than the ₹279 billion raised by Hyundai Motor India Ltd. in its record-breaking 2024 IPO. This would value NSE at up to ₹4.42 trillion ($46.6 billion), down from the previously targeted valuation of up to ₹5.26 trillion.

The decrease in the deal size reflects worries about India's primary market's capacity to handle multiple major listings simultaneously. The Jio Platforms Ltd. is also set to proceed with one of the country's largest IPOs. First-time share sales in India have raised nearly $10 billion so far in 2026, compared to over $20 billion each year in the previous two years, according to Bloomberg data.

NSE, the operator of the world's largest derivatives exchange by trading volume, is expected to announce the price range this week and open the IPO for subscription beginning September 14. However, deliberations are still ongoing, and the details, including the price range and timing, could still change. A spokesperson for NSE did not respond to a request for comment. The exchange filed its draft prospectus in June, and India's market regulator approved it on September 4.