NSE opens Rs 22,561 crore all-OFS IPO at Rs 1,700-1,785 band

The Development

National Stock Exchange of India Limited (NSE) opened its initial public offering for public subscription on Thursday, 17 September 2026, after allotting shares to anchor investors the previous working day. Per the exchange anchor circular reported by The Economic Times, the exchange allotted shares aggregating Rs 6,746.18 crore to 189 anchor investors on 16 September 2026, one of the largest anchor books seen on the Indian primary market. The public issue is entirely an offer for sale and, at the upper end of its price band, aggregates to around Rs 22,561.57 crore, ranking among India's largest-ever public offerings behind Hyundai Motor India.

The offer is being made under the SEBI ICDR Regulations, 2018, and the equity shares are proposed to list on BSE Limited, the designated stock exchange for the issue. The bidding window opened on 17 September and closes on Monday, 21 September 2026, per the red herring prospectus filed with SEBI. The price band was fixed at Rs 1,700 to Rs 1,785 per share, with a lot size of 8 shares.

The Company

NSE describes itself in the offer document as a "vertically integrated, multi-asset class stock exchange" offering trading, clearing, listing and related services across the cash market, futures, options, the mutual funds platform, commodity derivatives, currency derivatives, the wholesale debt market and interest-rate derivatives. The company discloses three reporting segments: Trading Services, Clearing Services and Others. The RHP also states the company does not have an identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act, 2013.

On financials, the RHP's restated consolidated information shows total income of Rs 18,713.37 crore in the year ended 31 March 2026, with revenue from operations of Rs 16,601.31 crore and profit for the year of Rs 10,302.06 crore. The company discloses that both revenue from operations and profit were higher in the prior year, at Rs 17,140.68 crore and Rs 12,187.69 crore respectively for FY2025. Basic earnings per share for FY2026 were Rs 41.62 and net worth stood at Rs 31,869.72 crore, per the RHP. The offer document also discloses that transaction charges, largely from the options and futures businesses, accounted for 78.65% of revenue from operations in FY2026.

The Offer Structure

The issue is a pure offer for sale of up to 126,436,650 equity shares of face value Re 1 each, with no fresh issue component. The objects of the offer, per the RHP, are to carry out the offer for sale and to achieve the benefits of listing on BSE; because there is no fresh issue, the company will not receive any proceeds, which instead go to the selling shareholders. Named selling shareholders in the RHP include State Bank of India (up to 15,969,410 shares), Canada Pension Plan Investment Board (11,874,060), Aranda Investments (Mauritius) (11,246,336), MS Strategic (Mauritius) (11,000,000) and The New India Assurance Company (10,500,000), alongside Bank of Baroda, General Insurance Corporation and United India Insurance.

The price band is Rs 1,700 to Rs 1,785 per share and the lot size is 8 shares, which puts the minimum retail application at Rs 14,280 at the upper band. The book running lead managers include Kotak Mahindra Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC, J.P. Morgan and Axis Capital, among a large syndicate, with MUFG Intime India (formerly Link Intime) as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and the /news desk for prior coverage.

Risk Factors

The RHP lists ten internal risk factors, several tied to the concentrated nature of exchange revenue. The company discloses a trading-volume risk, noting that any significant decrease in the volume and value of transactions could reduce demand for its products. It also lists a revenue-concentration risk, disclosing that transaction charges, largely from options and futures, made up 78.65% of revenue from operations in FY2026, and a trading-member concentration risk, with the top ten trading members contributing 46.78% of FY2026 revenue from operations.

Among the risk factors the company discloses are regulatory and enforcement risks: the RHP states NSE operates in a highly regulated industry primarily overseen by SEBI, is subject to periodic inspections, and has been and continues to be subject to enforcement actions and monetary penalties whose outcomes are uncertain. The offer document also lists cybersecurity risk, referring to a distributed denial-of-service attack it experienced in 2025, alongside IT-infrastructure reliability, risk-management-systems and clearing-and-settlement risks. These are the company's own disclosures, not an assessment by Oquilia.

What Happens Next

The standard mechanics run from the current stage forward. With the anchor book allotted on 16 September and the three-day bidding window open from 17 September, the issue closes on 21 September 2026, per the RHP timetable, after which the basis of allotment is finalised and application amounts are unblocked for unsuccessful or partially successful bids. The equity shares are then credited to demat accounts before listing on BSE, the designated stock exchange.

Per exchange scheduling reported alongside the issue, the shares are expected to debut on BSE on 24 September 2026; because NSE is itself an exchange, its own shares list on the rival BSE platform. These dates are stated as the offer's process and timetable, not as any prediction of demand or price. As of the second day of bidding on 18 September, exchange data cited by The Economic Times showed the issue subscribed about 1.15 times.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band and lot size?

Per the RHP and the issue terms, the price band is Rs 1,700 to Rs 1,785 per equity share of face value Re 1, and the lot size is 8 shares. At the upper end of the band, that puts the minimum retail application at Rs 14,280 for one lot.

When does the issue open and close?

The anchor allocation took place on 16 September 2026 and the public bidding window opened on 17 September, closing on 21 September 2026, per the red herring prospectus timetable. Listing is on BSE, the designated stock exchange for the offer.

Is this a fresh issue or an offer for sale?

It is entirely an offer for sale of up to 126,436,650 equity shares by existing shareholders, with no fresh issue. Per the RHP, the company will not receive any proceeds; the money goes to the selling shareholders, who include State Bank of India and Canada Pension Plan Investment Board.

What do the anchor figures mean?

Anchor investors are institutional investors allotted shares one working day before the issue opens. Per the exchange circular reported by The Economic Times, NSE allotted shares aggregating Rs 6,746.18 crore to 189 anchor investors on 16 September 2026. Anchor participation is a matter of record, not a guide to how the issue will trade.

This report is based on the abridged red herring prospectus filed with SEBI and the offer's price-band and anchor details on the exchange record. It was surfaced via coverage in The Economic Times.