NSE IPO Fully Subscribed On Day 2 As Institutional And Non-Institutional Investors Drive Demand

The National Stock Exchange of India (NSE) saw strong investor interest on the second day of its IPO bidding, with the ₹22,569-crore offering being fully subscribed, according to data on the exchange’s website. The bidding process received 8.82 crore shares, though 8.86 crore shares were offered in total. Non-institutional investors led the demand, subscribing to their reserved portion 1.35 times over, while qualified institutional buyers subscribed 1.32 times.

Retail investors accounted for 65% of the shares allocated to them. The grey market premium for NSE shares has declined, with the latest premium suggesting a potential listing gain of near 6%, though GMP isn’t an official indicator. Anchor investors raised ₹6,746.2 crore on September 16, with several domestic and global institutions participating.

LIC was the largest anchor investor. The IPO targets a valuation of ₹4.42 lakh crore, potentially pushing NSE into India’s top 15 companies by market capitalisation. The offer consists solely of a share sale by existing investors, with the IPO opening for public subscription on September 17 and closing on September 21. The issue comprises an OFS of 12.64 crore shares by existing shareholders, priced between ₹1,700-1,785 per share.

As it’s entirely an OFS, NSE won't receive any proceeds from the issue, and the funds will go to the selling shareholders. The exchange has also set aside ₹70 crore worth of shares for employees, who will receive them at a discount of ₹170 per share to the final issue price. Share allotment is expected to be completed by September 22, with NSE shares likely to start trading on the BSE from September 24.