NSE IPO opens Sept 17, price band set at ₹1,700-₹1,785 per share; check lot size and key dates

The much-awaited initial public offering of the National Stock Exchange of India Ltd (NSE) will open for subscription on September 17, 2026. The issue will conclude on September 21. The bidding for anchor investors will occur on September 16.

The exchange has set a price band of ₹1,700 to ₹1,785 per share.

The initial share sale is seeking to raise ₹22,561.57 crore via an offer for sale of 12.64 crore equity shares by existing shareholders, compared to the 14.9 crore shares planned earlier.

According to the red herring prospectus (RHP), State Bank of India (SBI) has cut its OFS to around 1.60 crore shares from 2.47 crore shares, while MS Strategic (Mauritius) Ltd has reduced its offer to 1.1 crore shares from 1.6 crore shares.

Stock Holding Corporation of India Ltd, General Insurance Corporation of India, and Bank of Baroda have also reduced their proposed share sale.

SBI Capital Markets Limited is a new selling shareholder in the RHP.

Since the IPO is exclusively an OFS, the proceeds from the share sale will go to the selling shareholders. The company will not get any proceeds from the issue.

Earlier, it was estimated that the NSE IPO could become India's largest-ever IPO with an issue size of around ₹30,000 crore.

Hyundai Motor India Ltd's ₹27,870 crore offer currently holds the record for the country's largest public issue.

NSE IPO: Lot size

A lot consists of eight shares and in multiples thereafter. Of the net offer, 50% will be reserved for qualified institutional buyers, 35% for retail individual investors, and 15% for non-institutional investors.

NSE IPO: Allotment and listing date

The exchange received market regulator Securities and Exchange Board of India's clearance to launch issue last week. It was a landmark moment for NSE, whose listing plans had been stuck for nearly a decade due to regulatory hurdles.

NSE filed its draft red herring prospectus (DRHP) with SEBI in June this year. However, the approval timeline slipped after SBI Capital Markets was made a seller under the OFS section, a change that led to a fresh 21-day public feedback window on the revised documents.

NSE is India's largest stock exchange by total turnover in the cash market, equity derivatives and exchange-traded currency derivatives. It operates the benchmark NIFTY50 index.

Kotak Mahindra Capital, Morgan Stanley India, JM Financial, HSBC Securities and Capital Markets India, JP Morgan India, Citigroup Global Markets India, Anand Rathi Advisors, Avendus Capital, Dam Capital Advisors, SBI Capital Markets, Equirus Capital, Axis Capital, IDBI Capital Markets & Securities, ICICI Securities, IIFL Capital Services, HDFC Bank, 360 ONE WAM, Nuvama Wealth Management, Motilal Oswal Investment Advisors and Pantomath Capital Advisors are the issue's book-running lead managers.