National Stock Exchange of India IPO closes with 5.71x subscription

The National Stock Exchange of India (NSE) has concluded its long-awaited initial public offering (IPO), which closed on September 21, 2026. The issue, valued at approximately ₹22,562 crore, was subscribed 5.71 times overall. Demand was heavily driven by Qualified Institutional Buyers (QIBs), who subscribed their portion 12.68 times, while non-institutional investors subscribed 6.55 times and retail investors subscribed 1.39 times.

The IPO is a 100% Offer for Sale (OFS), meaning no fresh capital will be raised for the exchange; instead, existing shareholders such as the State Bank of India and Canada Pension Plan Investment Board are exiting portions of their stakes. The price band was set between ₹1,700 and ₹1,785 per share.

Share allotment is expected to be finalized on September 22, with shares scheduled to be credited to demat accounts on September 23. The NSE is set to list on the BSE on September 24, as regulatory norms prevent an exchange from listing its own stock on its own platform. Despite strong institutional interest, the Grey Market Premium (GMP) saw a decline toward the end of the bidding period, trading at roughly ₹48 to ₹65 above the upper price band.