NSE opens Rs 22,569 crore IPO, an all offer-for-sale issue

The Development

The National Stock Exchange of India Limited opened its initial public offering for public subscription on 17 September 2026, per the exchange's public-issues record and the red herring prospectus (RHP) dated 10 September 2026. The issue is structured entirely as an offer for sale of up to 126,436,650 equity shares of Re 1 face value each, and at the upper end of the Rs 1,700 to Rs 1,785 price band the offer aggregates to about Rs 22,569 crore, per the RHP and NSE data. The three-day bidding window is scheduled to close on 21 September 2026.

This is one of the largest offers to reach the Indian primary market, and it carries an unusual feature: the shares of the country's largest exchange are proposed to be listed on a rival platform. The RHP states the company has received in-principle approval from BSE for the listing of the equity shares. The development was surfaced through coverage in The Economic Times.

As of the morning of the opening day, per NSE bid data, the issue had drawn bids for a fraction of the shares on offer, with the non-institutional and retail portions ahead of the qualified institutional book. Subscription figures for a live issue change through the day, and the offer remains open to 21 September.

The Company

NSE describes itself in the RHP as the largest stock exchange in India by total turnover in the cash market and in equity derivatives from Fiscal 2001 to Fiscal 2026, according to the Redseer Report cited in the offer document. The company discloses that, compared with leading listed exchange groups globally, it was the largest multi-asset-class exchange by number of trades in cash equities and contracts traded in equity derivatives in Fiscal 2026, with a global market share of 11.38% in cash-equity trades and 51.18% in equity-derivatives contracts. It operates as a Market Infrastructure Institution and a "first level regulator". The RHP states the company does not have an identifiable promoter.

On financials, the company discloses restated consolidated total income of Rs 187,133.70 million (about Rs 18,713 crore) in Fiscal 2026, against Rs 191,768.31 million (about Rs 19,177 crore) in Fiscal 2025 and Rs 163,520.62 million in Fiscal 2024. Revenue from operations was Rs 166,013.09 million (about Rs 16,601 crore) in Fiscal 2026. Profit for the year was Rs 103,020.61 million (about Rs 10,302 crore) in Fiscal 2026, lower than the Rs 121,876.89 million reported in Fiscal 2025, per the RHP. Both the top line and profit were below the prior year, per the restated statements.

The Offer Structure

The offer is exclusively an offer for sale by selling shareholders; the RHP states the company "will not receive any proceeds from the Offer", which will instead flow to the sellers. The top selling shareholders named in the RHP include State Bank of India (up to 15,969,410 shares), the Canada Pension Plan Investment Board (up to 11,874,060 shares), Aranda Investments (Mauritius) Pte Ltd (up to 11,246,336 shares), MS Strategic (Mauritius) Limited (up to 11,000,000 shares) and The New India Assurance Company Ltd (up to 10,500,000 shares).

The price band is Rs 1,700 to Rs 1,785 per share, with a bid lot of 8 shares, so a single retail lot costs Rs 14,280 at the upper band. Of the total, an anchor portion of 37,793,739 shares was set aside for anchor investors, and an employee reservation aggregating up to Rs 700 million carries a discount of Rs 170 per share, per the exchange record. The issue is managed by a large syndicate of book-running lead managers including Kotak Mahindra Capital, JM Financial, Morgan Stanley India, Axis Capital, ICICI Securities and SBI Capital Markets, with MUFG Intime India as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage sits on the /news desk.

Risk Factors

The RHP sets out an extensive risk-factors section, and the following are drawn from it. The company discloses that any significant decrease in the volume and value of transactions on the exchange could reduce demand for its products and adversely affect its business, since it earns revenue largely from trades executed on its platform.

The offer document also discloses a concentration risk. In Fiscal 2026 the company derived 78.65% of revenue from operations from transaction charges, of which the options business alone contributed 60.22% of revenue from operations, and it derived 46.78% of revenue from operations from its top ten trading members. Among the other risk factors the company discloses are enforcement actions, monetary penalties and adjudication proceedings before SEBI, cybersecurity risks "including a distributed denial of service attack we experienced in 2025", and operating in a highly competitive industry. These are the company's own disclosures, not an assessment by this desk.

What Happens Next

The standard mechanics run from the current milestone forward. The anchor allocation was completed ahead of the opening, and the three-day book runs from 17 September to 21 September 2026, per the exchange record. After the window closes, bids are reconciled, the basis of allotment is finalised by the registrar, and funds blocked through the ASBA and UPI process are either debited for successful applicants or unblocked for the rest.

Following allotment, shares are credited to demat accounts and the stock is scheduled to list on BSE, which has granted in-principle approval. The listing price will be set by the market on debut and is not known in advance. Each of these steps is a process defined by the offer document and exchange rules, not a prediction of demand or price.

FAQ

What is the price band and lot size?

The price band is Rs 1,700 to Rs 1,785 per equity share of Re 1 face value, per the RHP and NSE. The bid lot is 8 shares, so one retail lot costs Rs 14,280 at the upper band.

When does the issue open and close?

The subscription window opened on 17 September 2026 and is scheduled to close on 21 September 2026, per the exchange record. UPI mandate confirmation is accepted up to 7:00 pm on the closing day.

Why is NSE listing on BSE?

The RHP states NSE has received in-principle approval from BSE for the listing of its equity shares. The offer document is the primary source for the listing arrangement and its conditions.

Where can I read the RHP?

The red herring prospectus dated 10 September 2026 is available on SEBI's website and on the exchanges, including through NSE's public-issues pages. It contains the complete financial statements and risk-factors section.

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.

This report is based on the red herring prospectus and exchange data published by the NSE. It was surfaced via coverage in The Economic Times.