NSE Sets Price Band for Upcoming IPO: What Investors Need to Know

The National Stock Exchange (NSE) has set a price range of Rs 1,700-1,785 for its upcoming IPO, which opens for subscription on September 17. Valued at Rs 22,569 crore, this offering is poised to be the second-largest in India, following Hyundai Motor India's record IPO. With a decade-long wait due to regulatory hurdles, the NSE is finally ready to debut on the market. The IPO will consist entirely of an offer for sale from existing shareholders, and bidding for anchor investors is scheduled for September 16. This article explores the key details of the IPO, including share allocations and competition from Jio Platforms.

By Narendra Chaudhary Sep 11, 2026, 16:04 IST

NSE IPO Announcement

New Delhi: The National Stock Exchange (NSE) has announced a price range of Rs 1,700 to Rs 1,785 per share for its highly anticipated initial public offering (IPO), which is set to open for subscriptions on September 17.

This IPO, valued at Rs 22,569 crore, will conclude on September 21, making it the second-largest public offering in India, following Hyundai Motor India's Rs 27,870 crore IPO in 2024.

The NSE's journey to going public has been lengthy, with plans stalled for nearly ten years due to regulatory challenges. With the recent approval from Sebi, the exchange is poised to debut on the market on September 24.

Bidding for anchor investors is scheduled for September 16, as per the official announcement.

The IPO will consist entirely of an offer for sale (OFS) of up to 12.64 crore equity shares from existing shareholders, a reduction from the previously planned 14.9 crore shares.

This adjustment has decreased the overall issue size from an initial estimate of Rs 30,000 crore. At the lower end of the price band, the issue is projected at Rs 21,494 crore, while at the upper end, it will reach approximately Rs 22,569 crore, falling short of being the largest public offering in India.

Hyundai Motor India's IPO remains the largest on record, but the NSE's offering will exceed the Rs 21,000 crore IPO of Life Insurance Corporation of India (LIC) launched in 2022.

As part of this offering, the company has allocated equity shares worth Rs 70 crore for eligible employees, who will also receive a discount of Rs 170 per share.

The issue will allocate 50% of shares for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.

According to the Red Herring Prospectus (RHP), existing shareholders have also scaled back their stake sales. State Bank of India (SBI) has reduced its proposed OFS to about 1.60 crore shares from 2.47 crore shares, while MS Strategic (Mauritius) Ltd has lowered its offer to 1.1 crore shares from 1.6 crore shares.

Other entities like Bank of Baroda, Stock Holding Corporation of India Ltd, and General Insurance Corporation of India have also adjusted their proposed share sales, with SBI Capital Markets Ltd joining as a new selling shareholder in the RHP.

Since this issue is entirely an OFS, the proceeds will go to the selling shareholders rather than the NSE itself.

This public offering represents a significant milestone for the NSE, especially after the markets regulator Sebi granted clearance last week, allowing the exchange to move forward with its plans that had been delayed for nearly a decade due to regulatory issues, including the co-location controversy.

The NSE's IPO will face competition from Jio Platforms, the digital services division of billionaire Mukesh Ambani's Reliance Industries, which is expected to launch an offering estimated at Rs 37,700 crore, although the timing remains unannounced.