- National Stock Exchange (NSE) IPO opens for subscription from September 17 to 21
- IPO price band set between Rs 1,700 and Rs 1,785 with a lot size of 8 shares
- IPO is an offer for sale of 12.64 crore shares, raising no fresh capital for NSE
National Stock Exchange of India Limited (NSE), the country's largest stock exchange by total turnover in cash market and equity derivatives, is set to launch its much-awaited initial public offering (IPO) this week.
NSE IPO will open for public subscription on September 17, Thursday, and will close on September 21, Monday. The IPO allotment date likely September 22, and the IPO listing date is expected to be on September 24.
NSE shares will be list on its rival BSE, which is its only one listed peer. BSE itself is listed on NSE and is included in key Nifty indices.
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NSE IPO price band has been set at Rs 1,700 to Rs 1,785 per share. The IPO lot size is 8 shares, and the minimum investment amount required by a Retail individual investor is Rs 14,280, based on upper price.
At the upper end of the price band, the NSE IPO size comes in at Rs 22,568.94 crore, which will be the second largest IPO in India so far. The issue is entirely an offer for sale (OFS) of 12.64 crore equity shares by existing shareholders and does not include any fresh capital being raised. Hence, the bourse will not receive any issue proceeds.
The issue will value NSE more than Rs 4.41 lakh crore, placing it among one of the most valued companies in the Indian stock market.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the NSE IPO registrar.
NSE IPO GMP Today
The trend for NSE shares in the unlisted market remains bullish, with a strong grey market premium (GMP). According to websites tracking the grey market, NSE IPO GMP today is Rs 208 per share.
This indicates that in the grey market, NSE shares are trading at Rs 1,993 apiece, which is at a premium of 11.65% premium to the IPO price of Rs 1,785 per share.
Should you apply for NSE IPO?
NSE has a near-dominant position across major asset classes, with 92.99% market share in cash equities, 99.79% in equity futures and 74.71% in equity options in FY2026.
The exchange's revenue from operations in FY26 stood at Rs 16,601.31 crore, while its net profit was Rs 10,302.06 crore, with an operating EBITDA margin of 66.85% and ROE of 32.98%. The balance sheet remains strong, with zero fund-based borrowings and substantial treasury investments.
In the first quarter of FY27, NSE's revenue rose 13.10%, operating EBITDA grew 14.84% and cash-market ADTV increased 25.25% year-on-year (YoY).
However, analysts have flagged NSE's high dependence on derivatives. Options contributed 60.22% of FY2026 revenue from operations, while NSE's equity-options market share declined from 96.86% in FY2024 to 68.48% in Q1 FY2027.
According to Raj Gaikar, Equity Research Analyst, Samco Securities, continued regulatory interventions and higher transaction taxes could impact speculative derivatives volumes.
“At the upper price of Rs 1,785, NSE is valued at 42.89x FY2026 earnings and, which is supported by its superior market position, profitability, scalability and long-term growth opportunity. Considering its dominant leadership, strong financial profile, high margins, debt-free balance sheet and structural growth in India's capital markets, we suggest subscribing NSE IPO for Long Term,” said Gaikar.
Swapneel Mantri, analyst at Sushil Financial Services also noted NSE's dominant leadership position across cash equities, equity and currency derivatives, clearing, indices and data services, which provides it a structurally durable moat built on network effects, deep liquidity and regulatory barriers.
“At the upper price band of Rs 1,785, the issue is priced at 42.9x FY2026 diluted EPS of Rs 41.62, which looks reasonable given NSE's superior market share and cash-generation profile versus closest listed peer BSE Ltd., and is further cushioned by a robust Core SGF of Rs 13,392.30 crore,” said Mantri.
Given the dominant moat, strong return ratios and a fair valuation, the brokerage firm recommends ‘Subscribe' to the NSE IPO, for both listing gains and long-term exposure to India's capital-markets growth.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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