NSE IPO Sees Final-Day Rush, ₹22,569-Crore Issue Subscribed Nearly Four Times

Mumbai witnessed a strong investor rush for the National Stock Exchange of India's (NSE) initial public offering (IPO) as the ₹22,569-crore issue was subscribed nearly four times on the final day of bidding. Investors placed bids for 34.78 crore equity shares, with 8.86 crore shares available for subscription, according to BSE data up to 2.35 pm.

Qualified Institutional Buyers (QIB) led the subscriptions, with their portion being subscribed 7.99 times, while non-institutional investors saw a 5.07 times bidding rate. The retail segment, however, was comparatively conservative, subscribing only 1.13 times. This marks the NSE's second-largest public offering, following Hyundai Motor India's ₹27,870-crore IPO in 2024 and surpassing the ₹21,000-crore IPO of the Life Insurance Corporation of India from 2022.

The NSE had set the IPO price band between ₹1,700–₹1,785 per equity share, potentially valuing the exchange at around ₹4.42 lakh crore at the upper end. Prior to the public issue, the anchor book raised ₹6,746 crore from investors such as LIC, Goldman Sachs, Fidelity, GIC Singapore, Abu Dhabi Investment Authority, and Norges Bank.

The entire IPO is an offer for sale, with no money expected from the NSE, as proceeds will be transferred to shareholders selling their stakes. The OFS was reduced from a proposed 14.9 crore shares to 12.64 crore, lowering the issue size from an estimated ₹30,000 crore. NSE shares are set to be listed on September 24, nearly a decade after the exchange's initial plans were delayed due to regulatory issues, including the co-location controversy.