National Stock Exchange IPO: Price Band, Lot Size, Financials & Review
National Stock Exchange IPO listed on BSE on Thu, 24 Sep 2026. The issue was subscribed 5.71x overall.
- Open Date
- 17 Sep 2026
- Close Date
- 21 Sep 2026
Last updated
- Price band
- ₹1,700 – ₹1,785
- Lot size
- 8 shares
- Min. investment
- ₹14,280
- Issue size
- ₹22,561.57 Cr
- Last GMP
- +₹40
- Subscribed
- 🔥 5.71x
National Stock Exchange IPO details
National Stock Exchange IPO is a ₹22,561.57 Cr book-building IPO on the Mainboard segment, listing on BSE. It is entirely an offer for sale (OFS): existing shareholders are selling their shares, and the company does not receive any of the money raised.
The issue was open from Thu, 17 Sep 2026 to Mon, 21 Sep 2026. Allotment was finalised on Tue, 22 Sep 2026, and the shares listed on BSE on Thu, 24 Sep 2026.
The price band is ₹1,700 to ₹1,785 per share and the lot size is 8 shares, so the minimum retail application is ₹14,280. Retail investors can apply for up to 14 lots (112 shares, ₹1,99,920).
MUFG Intime India Pvt Ltd is the registrar, and IIFL Capital Services Limited, Axis Capital Limited, Avendus Capital Pvt.Ltd., J.P. Morgan India Private Limited, Motilal Oswal Investment Advisors Ltd, Pantomath Capital Advisors Pvt Ltd, ICICI Securities Limited, HDFC Bank Limited, JM Financial Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), Equirus Capital Private Limited, Kotak Mahindra Capital Company Limited, Hsbc Securities & Capital Markets Pvt Ltd, Nuvama Wealth Management Limited, Anand Rathi Advisors Limited, 360 ONE WAM Limited and IDBI Capital Markets & Securities Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last National Stock Exchange IPO GMP before listing was +₹40 (+2.24% against the upper price band of ₹1,785), implying an estimated listing price of ₹1,825. Across 10 days of tracking, GMP ranged from +₹40 (23 Sep) to +₹160 (15 Sep).
| Last GMP | +₹40 |
|---|---|
| GMP vs upper band | +2.24% |
| Estimated listing price | ₹1,825 |
| Highest (15 Sep) | +₹160 |
| Lowest (23 Sep) | +₹40 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the National Stock Exchange IPO day-wise GMP.
Subscription
Day-wise subscription →National Stock Exchange IPO was subscribed 5.71x overall: QIB 12.68x, NII 6.55x and retail 1.39x.
| Category | Subscribed |
|---|---|
| QIB | 12.68x |
| NII | 6.55x |
| └ bNII (above ₹10 lakh) | 7.78x |
| └ sNII (₹2–10 lakh) | 4.09x |
| Retail | 1.39x |
| Employees | 2.40x |
| Total | 5.71x |
Final figures at the close of bidding on 21 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the National Stock Exchange IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 3,77,93,739 | 29.89% |
| Qualified Institutions | 2,52,07,868 | 19.94% |
| Non-Institutional | 1,89,00,482 | 14.95% |
| └ BNII | 1,26,00,321 | 9.97% |
| └ SNII | 63,00,161 | 4.98% |
| Retail Investors | 4,41,01,125 | 34.88% |
| Employees | 4,33,437 | 0.34% |
| Total | 12,64,36,651 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
National Stock Exchange IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 8 | ₹14,280 |
| Retail (Max) | 14 | 112 | ₹1,99,920 |
| S-HNI (Min) | 15 | 120 | ₹2,14,200 |
| S-HNI (Max) | 70 | 560 | ₹9,99,600 |
| B-HNI (Min) | 71 | 568 | ₹10,13,880 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely an offer for sale (OFS): existing shareholders are selling their shares, and the company does not receive any of the money raised.
At the upper price band of ₹1,785, the issue is priced at 42.89x pre-issue earnings and 35.40x post-issue earnings per share.
Listed peers with positive earnings trade at a median P/E of 66.67x (1 company).
| EPS (pre-issue) Latest earnings per share before the issue | ₹41.62 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 42.89x |
| EPS (post-issue) EPS on the enlarged share capital | ₹50.43 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 35.40x |
| Promoter holding (pre-issue) | 0.00% |
| Promoter holding (post-issue) | 0.00% |
National Stock Exchange of India Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income fell from ₹19,176.83 Cr to ₹18,713.37 Cr, and profit after tax fell from ₹12,187.69 Cr to ₹10,302.06 Cr. The PAT margin for 31 Mar 2026 was 55.05%.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 91,334.07 | 87,937.44 | 69,466.64 | 65,463.98 |
| Total Income | 5,252.17 | 18,713.37 | 19,176.83 | 16,352.06 |
| Profit After Tax | 3,120.08 | 10,302.06 | 12,187.69 | 8,305.74 |
| EBITDA | 4,332.04 | 11,097.90 | 12,646.88 | 9,869.81 |
| Net Worth | 34,983.74 | 31,869.72 | 30,165.05 | 23,833.10 |
| Reserve & Surplus | 34,996.73 | 31,866.04 | 30,105.83 | 23,924.91 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | June 2026 | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|---|
| ROE % | 9.26 | 32.98 | 44.87 | 37.37 |
| ROCE % | 11.55 | 42.80 | 52.11 | 45.50 |
| RoNW % | 33.21 | 33.21 | 45.14 | 37.60 |
| Pat Margin % | 58.78 | 50.98 | 55.30 | 47.13 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| National Stock Exchange of India Ltd. | 1 | — | 41.62 | 41.62 | 33.21% | 129.75 |
| Bse Limited | 2 | 66.67 | 60.61 | 60.61 | 45.00% | 163.60 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to utilize the Offer Proceeds for the following Objects.
| Sr | Objective |
|---|---|
| 1 | The National Stock Exchange of India Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders. |
About National Stock Exchange of India Limited
Incorporated in 1992, National Stock Exchange of India Limited (NSE) is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. NSE operates a vertically integrated market infrastructure ecosystem covering trading, clearing, settlement, listing, market data, index services and related financial-market services across equities, equity derivatives, currency derivatives, commodities, debt securities and mutual funds.
NSE has established a strong leadership position in India’s capital markets, supported by its deep liquidity, broad investor base and technology-driven trading infrastructure. As of June 30, 2026, NSE had over 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies, with total listed market capitalisation of approximately ₹474.08 trillion.
The exchange operates a highly scalable and resilient technology platform designed to handle large trading volumes, real-time market data, risk management, market surveillance and regulatory requirements. Its extensive reach across more than 99% of Indian postal codes supports wider participation in the capital markets and contributes to financial inclusion.
As of March 31, 2026, NSE held a market share of 99.79% in the cash market, 74.71% in equity futures, 99.48% in equity options and 100% in exchange-traded currency options, based on total premium turnover.
Beyond its core trading operations, NSE has built a diversified ecosystem through its subsidiaries and affiliated businesses:
NSE Clearing Limited provides clearing and settlement services across multiple market segments. In Fiscal 2026, it held market shares of 88.42% in the cash market, 91.04% in equity derivatives and 74.09% in exchange-traded derivatives.
NSE Indices Limited develops, manages and licenses a wide range of market indices.
NSE Data & Analytics Limited provides real-time and historical market data, benchmark data, fixed-income valuations, analytics and financial information solutions to institutional investors, asset managers and regulators.
NSE International Exchange provides trading services in international and foreign-currency-denominated financial products.
NSE also operates complementary businesses covering mutual fund registry services, back-office exchange support, e-corporate governance and other financial-market infrastructure services.
Key Strengths
Market leadership: Strong position across India's equity and derivatives markets, supported by high liquidity and extensive market participation.
Structural growth opportunity: Well positioned to benefit from the long-term growth of India's economy, capital markets and financialisation of savings.
Strong brand and trust: A recognised market infrastructure institution associated with transparency, efficiency, technology and investor confidence.
Vertically integrated ecosystem: Comprehensive offerings across trading, clearing, settlement, listing, indices, data and analytics.
Technology-driven infrastructure: Scalable and resilient technology platforms capable of supporting high transaction volumes and evolving market requirements.
Diversified product portfolio: Exposure to multiple asset classes, including equities, derivatives, currencies, commodities, debt and mutual funds.
Strong financial profile: Consistent profitability, robust cash generation and scalable operating economics.
Experienced management: Experienced leadership supported by strong governance, regulatory expertise and deep knowledge of India's financial markets.
Overall, NSE is a technology-driven and vertically integrated market infrastructure institution that plays a critical role in India's financial ecosystem. Its scale, liquidity, strong brand, extensive investor network, diversified businesses and technology capabilities provide significant competitive advantages and create a platform for continued growth as India's capital markets expand.
Contact details
National Stock Exchange of India Ltd
Exchange Plaza,
C-1, Block G, Bandra Kurla Complex,
Bandra (East),
Mumbai, Maharashtra, 400051
Telephone:+91 22 2659 8100
E-mail: nse_ipo@nse.co.in
Website:https://www.nseindia.com/
National Stock Exchange IPO FAQs
- What is the National Stock Exchange IPO price band?
- The National Stock Exchange IPO price band is ₹1,700 to ₹1,785 per share.
- What is the National Stock Exchange IPO lot size and minimum investment?
- The National Stock Exchange IPO lot size is 8 shares. The minimum retail investment is ₹14,280 for one lot at the upper price band. Retail investors can apply for up to 14 lots (112 shares), costing ₹1,99,920.
- When was National Stock Exchange IPO open for subscription?
- National Stock Exchange IPO was open for subscription from Thu, 17 Sep 2026 to Mon, 21 Sep 2026.
- What is the National Stock Exchange IPO subscription status?
- National Stock Exchange IPO was subscribed 5.71x overall: QIB 12.68x, NII 6.55x and retail 1.39x. Day-wise and category-wise figures are on the subscription page.
- What was the National Stock Exchange IPO GMP before listing?
- The last National Stock Exchange IPO GMP before listing was +₹40 (+2.24% against the upper price band of ₹1,785), implying an estimated listing price of ₹1,825. Across 10 days of tracking, GMP ranged from +₹40 (23 Sep) to +₹160 (15 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the National Stock Exchange IPO allotment date?
- The National Stock Exchange IPO basis of allotment was finalised on Tue, 22 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the National Stock Exchange IPO listing date?
- National Stock Exchange IPO listed on BSE on Thu, 24 Sep 2026.
- Is the National Stock Exchange IPO a fresh issue or an offer for sale?
- It is entirely an offer for sale (OFS): existing shareholders are selling their shares, and the company does not receive any of the money raised.
- Who are the registrar and lead managers of the National Stock Exchange IPO?
- The registrar for the National Stock Exchange IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are IIFL Capital Services Limited, Axis Capital Limited, Avendus Capital Pvt.Ltd., J.P. Morgan India Private Limited, Motilal Oswal Investment Advisors Ltd, Pantomath Capital Advisors Pvt Ltd, ICICI Securities Limited, HDFC Bank Limited, JM Financial Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), Equirus Capital Private Limited, Kotak Mahindra Capital Company Limited, Hsbc Securities & Capital Markets Pvt Ltd, Nuvama Wealth Management Limited, Anand Rathi Advisors Limited, 360 ONE WAM Limited and IDBI Capital Markets & Securities Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.