What are the open and close dates of the National Stock Exchange of India IPO ?

National Stock Exchange of India IPO will be open between 2026-09-17 and 2026-09-21.

What is the allotment date for the National Stock Exchange of India IPO ?

National Stock Exchange of India IPO allotment date is 2026-09-23. For National Stock Exchange of India IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of National Stock Exchange of India IPO ?

For National Stock Exchange of India IPO, the IPO registrar is MUFG Intime India Private Limited. You can check National Stock Exchange of India IPO allotment status on the website of the registrar.

Where is the National Stock Exchange of India IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will National Stock Exchange of India IPO shares be credited to your demat account?

The National Stock Exchange of India IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the National Stock Exchange of India IPO ?

The National Stock Exchange of India IPO lot size is 8 and minimum order quantity is 8.

What is the price band for the National Stock Exchange of India IPO ?

National Stock Exchange of India IPO has set the price band for its IPO at 1785 per equity share with a face value of 1.

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IPO

6.62x

subscribed

National Stock Exchange of India IPO

Finance

listed

₹13,600Min. investment

Pre-apply
13 Sep
Bid start
17 Sep
Bid end
21 Sep
Allotment
22 Sep
Release of funds
23 Sep
Demat transfer
23 Sep
Listing
24 Sep

National Stock Exchange of India Limited IPO Details

Issue size

₹22,561Cr

IPO type

Mainboard

Market Cap

₹4,41,787CrHigher than sector avg

Price range

₹1,700 – ₹1,785

Listing ExchangeBSE

RevenueApr 20NaN - Mar 20FY

₹16,601CrHigher than sector avg

Lot size

8 shares

Draft Red Herring Prospectus

Read

Growth rate3Y CAGR

5.98%Higher than sector avg

SectorFinance

Price range₹1,700 – ₹1,785

IPO type

Regular

Lot size8 shares

Issue size₹22,561Cr

Draft Red Herring Prospectus

Read

Market Cap

₹4,41,787CrHigher than sector avg

RevenueApr 20NaN - Mar 20FY

₹16,601CrHigher than sector avg

Growth rate3Y CAGR

5.98%Higher than sector avg

National Stock Exchange of India Limited IPO Overview

National Stock Exchange of India (NSE) IPO date

NSE IPO will open for subscription on September 17, 2026, and the closing date for the IPO is September 21, 2026. After this, investors are expected to be updated about the allotment status on September 22, 2026.

Investors who got the IPO allotment can expect shares to be credited to their demat account on September 23, 2026. The shares will be listed on NSE and BSE on Thursday, September 24, 2026.

National Stock Exchange of India (NSE) IPO price band

NSE IPO is complete offer-for-sale (OFS) by exiting shareholders of over 12.64 crore shares. The IPO price band has been set between ₹1,700 and ₹1,785 per share. Interested investors can choose a price within this band to apply.

The IPO is a book-building issue, comprising an offer for sale of over 12.64 crore shares worth ₹22,561.6 crore. NSE IPO listing price will be determined on September 24, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

National Stock Exchange of India (NSE) IPO lot size

NSE IPO lot size for retail individual investors is 8 shares, while the minimum investment is ₹14,280 per lot at the upper end of the price band. Total IPO issue size is ₹22,561.6 crore.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue

Higher revenue means strong sales and good market demand

This IPO

₹16,601Cr

This sector

₹2,201.91Cr

Compare with companies

3Y growth

Strong 3-year growth shows consistent progress and potential

This IPO

5.98%

This sector

0.04%

Compare with companies

PAT

Higher PAT means strong profitability and efficient cost management

This IPO

₹10,302Cr

This sector

₹158.94Cr

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Market cap

Higher market cap means strong confidence but may suggest overvaluation

This IPO

₹4,41,787Cr

This sector

₹15,153.53Cr

Compare with companies

P/E ratio

Lower ratio usually means stock is undervalued

This IPO

42.89

This sector

69.38

Compare with companies

Objectives

Carry out the offer for sale

The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.

Listing on stock exchanges

The company want to achieve the benefits of listing its shares on the stock exchanges.

Strength and Weakness

Leadership in core trading markets

NSE had FY26 domestic market shares of 92.9% in cash market turnover and 99.7% in equity futures turnover. It also included equity options with a 74.7% share in premium turnover. Such positions provide significant existing liquidity and reach across key trading products.

Large participant network

As of June 30, 2026, NSE had 1.328 crore unique registered investors, 1,328 trading members and 3,005 listed entities, with investors in over 99% of Indian postal codes.

Integrated clearing and risk infrastructure

Trading, clearing and settlement are delivered in a common ecosystem that enables cross-segment capital efficiency. For FY26, NSE Clearing’s (NCL) share of cleared value in equity-derivatives was 91.04%. core settlement guarantee fund of group clearing entities was ₹13,392.31 crore as of 30 June 2026.

High operating profitability

NSE operating EBITDA stood at ₹11,097.90 crore for FY26 with operating EBITDA margin of 66.85% and June 2026 quarter margin at 78.81%. The company outlines a scalable, technology-led operating model to support new products at low marginal cost.

Passive-investment franchise

As of June 2026, NSE had 435 indices. Domestic passive assets tied to Nifty indices stood at ₹8.95 lakh crore, which was 72.59% of the Indian index-fund and ETF AUM excluding gold and silver. In FY26, the index-licensing ecosystem was aided by the launch of 97 new Nifty-linked products.

Room to expand data and connectivity services

Data feeds and terminals earned ₹470.07 crore in FY26 while data connectivity earned ₹1,128.79 crore. NSE is planning for more granular real-time and historical datasets and value-added analytics. It also plans to add more than 1,800 colocation full rack equivalents based on market needs and service improvements.

Broader commodity and energy products

Electricity futures, electronic gold receipts and Indian natural gas futures expand the products available to users. National Coal Exchange of India Limited was incorporated in June 2026 to develop a domestic coal marketplace. These initiatives offer additional business avenues, with the coal platform described as a future opportunity rather than a mature earnings contributor.

International access through GIFT City

NSEIX held approximately 99.8% of equity-derivatives contracts traded among GIFT IFSC exchanges in FY26. Its approximately 21-hour trading window, Singapore Exchange partnership and wider product suite support international participation; NSEIX Global Access was launched in FY26 to facilitate access to global markets through an integrated digital account.

Derivatives dependence

Transaction charges generated 78.6% of FY26 revenue from operations, with options alone contributing 60.2% and futures 8.9%. Transaction revenue fell 4.24% in FY26 as cash, futures and options ADTV moderated. Changes in derivatives rules, taxation, investor participation or market conditions can therefore materially affect earnings.

Erosion of trading and clearing market share

NSE’s options premium-turnover market share fell to 87.43% in FY25 from 96.86% in FY24, 74.71% in FY26 and 68.48% in Q1 FY27. Liquidity can be diverted by pricing, products and expiry calendars of competing exchanges. The ability to clear interoperability also enables participants to divert clearing activity to competitors, adding further pressure on volumes and fees.

Concentration among major trading members

The top ten trading members contributed 46.78% to the revenue from operations in FY26 and 47% in Q1FY27. Revenue could be disproportionately impacted by lower activity, financial distress, regulatory constraints or the movement of these members to competing venues.

Continuing regulatory and enforcement exposure

NSE is under strict supervision and has paid settlement costs and penalties for past lapses. Settlement terms of the Colocation and Dark Fibre is ₹1,491.21 crore. Balance payment of ₹714.74 crore was made on 31st July 2026. On September 3, 2026, dark fibre appeals were disposed of and applications to dispose of the Colocation appeals were pending, as per the RHP. Future deficiencies and enforcement action can affect earnings, approvals and reputation.

Technology disruption and cyber threats

Exchange operations depend on uninterrupted trading, risk and settlement systems. Past incidents include the February 2021 trading halt and a May 2025 DDoS attack; the latter did not materially affect operations. Failures, attacks or third-party outages can interrupt services and trigger penalties. Technology expenses rose to 7.92% of FY26 operating revenue from 5.96% in FY25.

Clearing defaults and additional fund contributions

NCL assumes counterparty risk in clearing transactions. Multiple member defaults or falling collateral values could exhaust margins and settlement safeguards and require additional capital or Core SGF contributions. Regulatory requirements and investor-protection obligations can also absorb funds otherwise available for distributions. The consolidated Core SGF closing balance was ₹13,392.31 crore as of June 30, 2026.

Litigation and contingent liabilities

Quantifiable contingent liabilities totalled ₹12,226.08 crore, or 34.95% of net worth, at June 30, 2026. Most of this related to bank guarantees, including ₹9,950 crore of NCL inter-clearing-corporation collateral guarantees; it is not an estimate of expected litigation losses. Separately, the MSEI competition matter included a ₹912.49 crore quantified exposure, while certain Karvy-related exposure was not quantifiable. Adverse outcomes could affect financial resources.

Public-interest obligations and ownership restrictions

NSE, as a market infrastructure institution, should be concentrating on regulation, surveillance and risk controls, even if they constrain commercial growth or shareholder returns. Generally, ownership caps limit individual holdings to 5% and specified institutions to 15% and aggregate foreign ownership to 49%. Such restrictions can limit flexibility for strategic ownership and capital raising in the future.

About National Stock Exchange of India Limited

NSE IPO will open for subscription on Thursday, 17 September. The IPO will remain open till Monday, 21 September, followed by listing on 24 September. NSE IPO is a complete offer-for-sale (OFS) with total issue size of ₹22,561.5 crore.

Established in November 1992, National Stock Exchange of India Limited (NSE) operates a vertically integrated, multi-asset exchange combining trading, clearing, settlement, listing, indices and market information services. Its products span cash equities, equity futures and options, currency and commodity derivatives, debt instruments, interest-rate futures and mutual fund transactions.

NSE also acts as a first-level regulator, overseeing market integrity and participant compliance. In FY26, it held market shares of 92.9% in cash-market turnover, 99.7% in equity-futures turnover and 74.7% in equity-options premium turnover.

NSE earns its revenue through transaction fees from trading members, listing fees from issuers, and charges for connectivity, data, licensing and post-trade services. FY26 revenue from operations was ₹16,601.3 crore, of which transaction charges contributed 78.6%. Options segment alone represented 60.22% of operating revenue, followed by cash-market transactions at 9.3% and futures at 8.9%.

Other revenue streams included data connectivity at 6.8% data feeds and terminals at 2.8%, listing at 2.1%, clearing and settlement at 1.5%, data-centre rack charges at 1.2%, and licensing at 0.9%. Income from investment activities contributed another 5.1%.

NSE connects issuers, brokers, institutional investors and individual investors across India. As of June 30, 2026, its platform had 13.2 crore unique registered investors, 26.1 crore registered investor accounts, 1,328 trading members and 3,005 listed entities, whose aggregate market capitalisation was ₹474.08 lakh crore.

Investors covered across 99% of Indian postal codes. The exchange provides mainboard and EMERGE platforms, alongside a Social Stock Exchange; 565 SME companies were listed as of June 2026, excluding specified migrated and institutional-platform companies. During FY26, its platform facilitated total fund mobilisation of ₹20.33 lakh crore, including ₹4.78 lakh crore of equity capital.

Over the years, NSE has formed various subsidiaries to expand its business beyond trading. NSE Clearing Limited provides domestic clearing and settlement, with FY26 shares of 88.4% in cash-market cleared value and 91% in equity-derivatives cleared value. NSE Indices managed 435 indices as of June 30, 2026, including the NIFTY50 index.

As of 30th June 2026, domestic passive funds tracking Nifty indices had assets of ₹8.95 lakh crore and accounted for 72.5% of Indian index-fund and ETF assets excluding gold and silver. NSE Data and Analytics (NSE DAL) and NSE Cogencis Information Services Limited (NSE Cogencis) provide market data, analytics, news and terminal services to institutional investors, asset managers, regulators and users across multiple financial markets.

Technology supports this nationwide network through seven data centres and more than 200,000 trading terminals across over 1,400 cities and towns. NSE had 1,868 member colocation full-rack equivalents till June 30, 2026. International access is provided through NSE International Exchange at GIFT City, offering foreign-currency products and approximately 21-hour trading.

NSE’s expansion initiatives include electricity futures launched in July 2025, electronic gold receipts, Indian natural gas futures launched in July 2026 and a coal-exchange subsidiary incorporated in June 2026. The latter remains in a development initiative; the RHP describes its proposed electronic marketplace and intended functions rather than an established operating business.

NSE operates in the exchange and capital-market infrastructure industry, which enables capital raising, securities trading, price discovery, risk management and post-trade settlement. Exchange groups have expanded from equity-trading venues into integrated platforms spanning derivatives, currencies, commodities, fixed income, indices and market data.

India’s cash-market turnover rose from ₹49.77 lakh crore in FY16 to ₹280.26 lakh crore in FY26 and the industry turnover is projected to be ₹473 to 507 lakh crore by FY30, implying a 14 to 16% CAGR. Growth drivers include economic expansion, capital formation, greater free float, digital trading and broader investor participation. Demat accounts increased from 5.51 crore in March 2021 to 22.45 crore in March 2026, a 32.4% CAGR. Mutual-fund assets reached ₹73.73 lakh crore in March 2026, growing at an 18.60% CAGR from March 2021.

NSE’s FY26 cash-market share of 92.9%, large registered-investor base and integrated trading and clearing infrastructure position it to participate in this expansion. Its Nifty ecosystem also provides exposure to passive investing: Nifty-linked domestic funds accounted for 72.59% of Indian index-fund and ETF assets excluding gold and silver in June 2026. The company’s stated growth plans include broader index and data offerings, commodity products and international access through GIFT City, extending its participation across capital-market activities. Now, National Stock Exchange of India is launching its initial public offering (IPO), which is complete offer-for-sale of over 12.6 crore shares worth ₹22,561.6 crore. NSE shares will be listed on BSE only on Thursday, September 24, 2026.

Several institutional shareholders are reducing their stakes in NSE via offer-for-sale, led by SBI (1.59 crore shares), SBI Capital Markets (87.8 lakh), New India Assurance (1.05 crore), Bank of Baroda (76.9 lakh), GIC (61.9 lakh) and Stock Holding Corporation (61.9 lakh). Other selling shareholders include Canada Pension Plan Investment Board (CPPIB), Aranda Investments, MS Strategic and United India Insurance.

How to apply for NSE IPO?

If you are interested in this investment opportunity but unsure how to apply for an National Stock Exchange of India IPO, follow these steps.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the National Stock Exchange of India IPO on Upstox:

Log in to your Upstox account, using your six-digit PIN
After logging in, click on ‘Discover’
On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘National Stock Exchange of India IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Apply’
Accept the mandate on your UPI app

IPO Analysis

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National Stock Exchange of India IPO

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National Stock Exchange of India IPO Subscription Status

Date	QIB	NII	Retail	Total
17-Sep-26	0.08 times (X)	2.07 times (X)	0.43 times (X)	0.49 times (X)
18-Sep-26	0.25X	4.86X	0.72X	1.34X
21-Sep-26	7.91X	18.89X	1.35X	6.62X

Latest News on National Stock Exchange of India IPO

Leading stock exchange, the National Stock Exchange of India (NSE), will launch its public offer on September 17. The issue, with a price band of ₹1,700 to ₹1,785 per share, will end on September 21.

4 min read

NSE IPO: The initial public offering of National Stock Exchange of India Ltd is seeking to raise ₹22,561.57 crore via an offer for sale of 12.64 crore shares.

3 min read

The ₹22,561.57 crore NSE IPO, with a price band of ₹1,700 to ₹1,785 per share, is only an offer for sale (OFS) of 12.64 crore shares. There is no fresh issue component.

3 min read

NSE IPO Day 1 Live Updates: The initial public offering of the National Stock Exchange of India (NSE) opened for subscription on Thursday, with the issue getting subscribed 43% by the end of first day of bidding.

5 min read

NSE IPO is only an offer for sale of 12.64 crore shares worth ₹22,561.57 crore by shareholders, including SBI, SBI Capital Markets, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), New India Assurance, MS Strategic (Mauritius), Bank of Baroda, General Insurance Corporation, Stock Holding Corporation and United India Insurance.

3 min read

The ₹22,561.57 crore initial share sale of the National Stock Exchange of India (NSE) comprises an offer for sale (OFS) of up to 12.64 crore shares by existing shareholders.

2 min read

NSE IPO allotment status: The initial public offering was solely an offer-for-sale (OFS) of 12.64 crore shares, with no fresh issuance of equity shares.

4 min read

NSE IPO Allotment Highlights: The basis of allotment for the National Stock Exchange of India Ltd was finalised on Tuesday, September 22. The details are available on the websites of the NSE, the BSE and MUFG Intime India.

5 min read

NSE IPO listing date: The initial public offering was only an offer-for-sale (OFS) component of 12.64 crore equity shares worth ₹22,561.57 crore. There was no fresh issuance of shares.

3 min read

The ₹22,561.57 crore NSE IPO was an offer-for-sale of 12.64 crore shares by existing shareholders, with no fresh issue component.

2 min read

Frequently asked questions

How to invest in the National Stock Exchange of India IPO ?

Investors can apply for the National Stock Exchange of India IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of National Stock Exchange of India IPO ?

The issue size of the National Stock Exchange of India IPO is 22561 Cr.

What is 'pre-apply' for National Stock Exchange of India IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will National Stock Exchange of India IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.