NSE sets Rs 1,700-1,785 price band for IPO of up to Rs 22,562 crore
National Stock Exchange of India has set a Rs 1,700-1,785 price band for its offer for sale of up to 126,436,650 shares, open September 17-21, with listing proposed on BSE.
The Development
National Stock Exchange of India Limited has set a price band of Rs 1,700 to Rs 1,785 per equity share for its initial public offering, per the company's price band advertisement on its investor-relations website. The offer terms rest on the red herring prospectus dated September 10, 2026, which was posted on SEBI's public-issues filings page on September 11, 2026.
The issue is entirely an offer for sale of up to 126,436,650 equity shares of face value Rs 1 each by existing shareholders, with no fresh issue. Per the advertisement, the offer aggregates up to Rs 214,864.53 million (about Rs 21,486 crore) at the floor price and up to Rs 225,615.74 million (about Rs 22,562 crore) at the cap price, both calculated after an employee discount of Rs 170 per share. The anchor investor book is scheduled for Wednesday, September 16, 2026; the issue opens on Thursday, September 17 and closes on Monday, September 21, 2026.
The exchange's draft red herring prospectus was dated June 17, 2026, and the RHP's list of material documents includes a SEBI observation letter dated September 4, 2026.
The Company
The offer document describes NSE as a vertically integrated, multi-asset class stock exchange offering trading, clearing and listing, along with data and licensing services, across equity, derivatives, commodity, currency and debt segments. It was incorporated on November 27, 1992, and the RHP states that the company has no identifiable promoter.
Per the restated consolidated financial information in the RHP, revenue from operations was Rs 166,013.09 million in fiscal 2026, against Rs 171,406.78 million in fiscal 2025. Profit for the year was Rs 103,020.61 million in fiscal 2026, against Rs 121,876.89 million in fiscal 2025. For the three months ended June 30, 2026, revenue from operations was Rs 45,604.10 million and profit was Rs 31,200.84 million, against Rs 40,322.38 million and Rs 29,238.53 million a year earlier. The company reports nil borrowings across these periods.
The company discloses 132.37 million unique registered investors and 3,005 listed entities as of June 30, 2026. Citing an industry report by Redseer, it reports fiscal 2026 market shares of 92.99% in the cash market and 99.79% in equity futures by total turnover, and 74.71% in equity options by premium turnover.
The Offer Structure
As the offer is an offer for sale, the RHP states that the company will not receive any proceeds; the stated objects are to carry out the sale and to achieve the benefits of listing on BSE. The largest sellers named are State Bank of India (up to 15,969,410 shares), Canada Pension Plan Investment Board (up to 11,874,060), Aranda Investments (Mauritius) Pte Ltd (up to 11,246,336), MS Strategic (Mauritius) Limited (up to 11,000,000) and The New India Assurance Company (up to 10,500,000).
Bids are made for a minimum of 8 shares and in multiples of 8 thereafter, so one lot costs Rs 13,600 at the floor price and Rs 14,280 at the cap price. Not more than 50% of the net offer is available to qualified institutional buyers, not less than 15% to non-institutional bidders and not less than 35% to retail individual bidders, while up to Rs 700 million is reserved for eligible employees. The advertisement puts post-offer market capitalisation at Rs 4,417,875 million at the cap price. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator; earlier primary-market reports are on the news desk.
The shares are proposed to be listed only on BSE, which is also the designated stock exchange. Kotak Mahindra Capital Company, JM Financial and Morgan Stanley India Company are among the book-running lead managers named in the RHP, and MUFG Intime India (formerly Link Intime India) is the registrar.
Risk Factors
The RHP's risk-factors section begins on page 26, and the abridged prospectus summarises the top ten internal risks it contains. The first is trading volume: the company discloses that a significant decrease in the volume and value of transactions on its exchange could have a material adverse impact on its business.
The RHP also lists revenue concentration. Transaction charges made up 78.65% of revenue from operations in fiscal 2026, largely from the options and futures businesses. On trading-member concentration, the company discloses that its top ten trading members contributed 46.78% of revenue from operations in fiscal 2026.
Among the other risk factors the company discloses are periodic inspections by SEBI and IFSCA, which have produced observations, show cause notices and advisory letters; enforcement actions, penalties and adjudication proceedings whose outcome is uncertain; disruptions to its IT infrastructure; and cybersecurity risks, including a distributed denial of service attack it experienced in 2025.
What Happens Next
Anchor investors bid on September 16, and the public bidding window runs from September 17 to September 21, 2026, with the UPI mandate end time set at 5 p.m. on the closing date. Per the RHP, any revision of the price band would extend the bidding period by at least three additional working days, subject to a ten-working-day maximum.
Under the RHP's indicative timetable, the basis of allotment is to be finalised with the designated stock exchange on or about Tuesday, September 22; refunds to anchor investors, if any, unblocking of ASBA funds and credit of shares to demat accounts are to follow on or about Wednesday, September 23; and trading on BSE is to commence on or about Thursday, September 24, 2026. The RHP describes this timetable, apart from the closing date, as indicative rather than binding.
FAQ
What is the price band and lot size?
The price band is Rs 1,700 to Rs 1,785 per equity share of face value Rs 1, per the price band advertisement. Bids are made for a minimum of 8 shares and in multiples of 8 thereafter, so one lot costs Rs 13,600 at the floor price and Rs 14,280 at the cap price.
What do SEBI's observations mean?
SEBI's observations on a draft offer document clear the issuer to proceed; they are not an endorsement of the offer's merits. The RHP states that the shares have "neither been recommended, nor approved by the Securities and Exchange Board of India", and that SEBI does not guarantee the accuracy or adequacy of the document's contents.
Why will the shares list only on BSE?
The RHP states that NSE will be listed only on BSE because the SECC Regulations do not permit self-listing. BSE is also the designated stock exchange, and the RHP records that SEBI approved the listing of the shares on a recognised stock exchange by a letter dated January 30, 2026.
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 filed with SEBI and the company's price band advertisement on its investor-relations website. It was surfaced via coverage in The Economic Times.