The much-awaited initial public offering (IPO) of the National Stock Exchange of India (NSE) opens for public subscription today, September 17, with an aim to raise over Rs 22,500 crore from the primary market.
NSE is India's leading stock exchange with a dominant position across key market segments with leadership in cash equities, equity futures and derivatives, supported by strong network effects from investors, brokers, institutions and listed companies.
NSE IPO is set to be the second largest public issue in the Indian stock market so far.
Here are five key things to know about NSE IPO as the issue opens today.
NSE IPO Details
The bidding for the NSE IPO commences on September 17 and will conclude on September 21. The IPO allotment date is likely September 22, and the IPO listing date is expected to be on September 24. NSE shares will be listed on BSE.
NSE IPO price band is Rs 1,700 to Rs 1,785 per share, and the lot size is 8 shares. At the upper end of the price band, the exchange aims to raise Rs 22,568.94 crore from the issue, which is entirely an offer for sale (OFS) of 12.64 crore equity shares by existing shareholders.
NSE has already raised Rs 6,746.18 crore from anchor investors on September 16, ahead of its IPO opening. The bourse allotted 3.78 crore equity shares to anchor investors at Rs 1,785 per share.
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NSE IPO anchor book saw participation from institutional investors including Life Insurance Corporation of India (LIC Singapore's GIC, Abu Dhabi Investment Authority (ADIA) and Norway's Norges Bank.
NSE IPO lot size is 8 equity shares, and the minimum investment amount required by a Retail Individual Investor is Rs 14,280.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the NSE IPO registrar.
NSE IPO Valuation
The IPO values NSE more than Rs 4.41 lakh crore, as compared to its listed peer BSE, which currently boasts a market capitalisation of over Rs 1.32 lakh crore.
NSE is India's largest exchange with more than 90% market share in most categories except index options and commodities. Over FY24-FY26 period, total Revenue and PAT have grown at a CAGR of 6% and 11%, respectively. At the upper price band, NSE is valued at FY26 P/E multiple of 42.9x.
According to Choice Broking, NSE IPO is priced at 47.3x TTM earnings, while BSE, the only listed comparable, trades higher at 48.9x — on a business less than a third of NSE's size, and on profits helped by the very options volumes NSE has lost.
“Buyers are paying full price for the larger and stronger of the two, not a premium over it. What that price buys is market infrastructure with no real substitute. NSE runs the exchange, clears the trades, owns the Nifty indices and sells the data, so a single trade earns it money several times over and a new product costs almost nothing to add,” said Choice Broking.
Speaking to NDTV Profit, Nikhil Khandelwal, Chairman & Managing Director, Systematix Group said the issue price of Rs 1,785 per share values NSE at around Rs 4.4 lakh crore, translating into roughly 41 times its FY26 earnings. He said the valuation appears fair despite regulatory overhangs and a decline in profit in FY26.
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NSE IPO Risks
The NSE IPO is a 100% offer for sale (OFS), meaning the company will not receive any proceeds from the issue.
One of the key risks for investors is NSE's dependence on market volumes. Around 79% of its revenue comes from transaction charges, making its earnings sensitive to fluctuations in trading activity and market volumes.
Regulatory risk is another factor investors should consider. NSE operates under stringent oversight from the Securities and Exchange Board of India (SEBI), with past penalties and ongoing compliance requirements adding to the regulatory burden.
The exchange is also exposed to cybersecurity and operational risks due to its heavy reliance on technology and IT infrastructure. Any significant system outage, technical disruption or cyber incident could affect trading operations and investor confidence.
NSE also faces revenue concentration risk. The top 10 members account for around 45–47% of its revenue, while the options segment contributes approximately 60%, leaving the exchange relatively exposed to changes in activity across key members and the derivatives market.
NSE IPO GMP Today
Ahead of the issue opening, the grey market premium (GMP) for NSE shares has seen a declining trend.
According to websites tracking the grey market, NSE IPO GMP today is Rs 125 per share. This indicates that in the grey market, NSE shares are trading higher by Rs 125 apiece than their IPO price.
NSE IPO GMP today signals a listing at Rs 1,910 apiece, which is at a premium of 7.00% to the issue price of Rs 1,785 per share.
NSE IPO Review
Analysts believe NSE is well positioned to benefit from structural tailwinds and remains the best franchise among peers.
More than nine-tenths of cash market turnover and almost all equity futures have gone through NSE every year since FY24, and neither share has been seriously challenged. Margins near 76% and a balance sheet with no borrowings come from that structure, not from one good year, noted Choice Broking.
The brokerage firm assigned ‘Subscribe' rating to NSE IPO.
NSE is India's leading exchange, with ~93% cash market and ~99.8% equity futures market share.
“At ₹1,700–1,785, NSE trades at ~40.9x–42.9x FY26 diluted EPS versus peer BSE's 54.28x, leaving room for re-rating given NSE's larger scale,” said Swastika Investment.
It recommends subscribing to NSE IPO for both long-term investing and minor listing gains, supported by the exchange's leadership and valuation advantage.
Religare Broking has assigned a ‘Neutral' rating to the NSE IPO, given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations.
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