NSE IPO open for subscription: Exchange raises ₹6,746 from anchor investors at ₹1785 per share

The NSE IPO opens for subscription on Thursday, September 17. Ahead of the anticipated NSE IPO opening, the exchange platform garnered ₹6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs, Fidelity and many other foreign and domestic institutional investors.

NSE IPO key details

According to a circular uploaded on the BSE website, NSE allotted over 3.77 crore shares to 150 anchor investors at ₹1,785 apiece, the upper end of its IPO price band. This takes the transaction size to ₹6,746.2 crore.

Sovereign wealth funds GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, Eastspring and HSBC Global Asset Management participated in the anchor round.

Foreign institutional investors (FPIs) accounted for about 43% of the anchor book, with investments of ₹2,883 crore. More than 20 foreign long-only funds participated, with investors from the US, Europe and Asia spanning sovereign wealth funds, regional long-only funds and global mutual funds.

Domestic institutional participation was also broad-based, with the participation of mutual funds, insurance companies, pension funds and other institutions. More than 25 large domestic mutual funds and 11 major insurance and pension companies invested around ₹3,588 crore, accounting for 53% of the anchor book.

The participating mutual funds included ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Kotak Mutual Fund, UTI Mutual Fund, Mirae Asset Mutual Fund, Tata Mutual Fund, Franklin Templeton, Edelweiss Mutual Fund and HSBC Mutual Fund.

Life Insurance Corporation of India (LIC), which is one of the largest shareholders in NSE with a 10.7% stake, also participated through its three entities: LIC, LIC Mutual Fund and LIC Pension Fund and invested over ₹500 crore.

About NSE IPO

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 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%.