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The Rs. 22,568.94-crore initial public offering (IPO) of the National Stock Exchange of India (NSE) closed with strong demand on September 21, as the issue was subscribed 5.71 times. According to exchange data, investors placed bids for 50.58 crore shares against 8.86 crore shares on offer.
The issue generated demand of nearly Rs. 90,300 crore, making it the second-largest public issue in India after Hyundai Motor India’s Rs. 27,870-crore IPO in 2024. NSE shares are expected to make their market debut on September 24.
Qualified Institutional Buyers (QIBs) emerged as the strongest source of demand. Their reserved portion was subscribed 12.68 times, with bids approaching 32 crore shares against about 2.52 crore shares available.
Non-institutional investors (NIIs) also showed strong participation. Their portion was subscribed 6.55 times, while the employee category received 2.40 times subscription. Retail investors subscribed 1.39 times their reserved portion, and placed bids for around 6.13 crore shares against 4.41 crore shares reserved for the category.
The NSE issue was structured entirely as an offer for sale (OFS). Existing shareholders offered up to 12.64 crore equity shares, meaning the proceeds will go to the selling shareholders rather than the exchange.
NSE fixed the IPO price band at Rs. 1,700-Rs. 1,785 per share. The exchange also raised Rs. 6,746 crore from anchor investors before the issue opened, with several global and domestic institutional investors participating.
With bidding now complete, investors will turn their attention to the allotment process and NSE’s market debut. The shares are scheduled to list on September 24. The IPO marks a major milestone for NSE after years of regulatory and procedural developments surrounding its planned public listing.
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