The National Stock Exchange’s eagerly awaited initial public offering closed with robust demand, driven primarily by institutional investors, signalling strong confidence in one of India’s most significant listings.
The National Stock Exchange of India’s long-awaited initial public offering closed with strong demand, drawing bids for roughly 50.6 crore shares against 8.86 crore on offer, according to exchange data reported by Indian Express and Business Standard. The issue was subscribed about 5.7 times overall, with investors putting in orders worth about Rs 90,000 crore, underscoring the scale of interest in one of India’s most closely watched listings.
Demand was led by institutional investors. Business Standard said qualified institutional buyers subscribed 12.68 times their allotted portion, while non-institutional investors, often high-net-worth individuals, bid 6.55 times their quota. Retail investors subscribed about 1.4 times, and the employee portion was taken up around 2.4 times. Times of India reported that the IPO drew roughly 38.5 lakh applications, pointing to broad participation as well as heavy institutional interest.
The issue was priced in a band of Rs 1,700 to Rs 1,785 a share, which valued the exchange at up to about Rs 4.42 lakh crore at the top end, according to Indian Express. Other reports said the offer was an offer for sale rather than a fresh issue, placing the deal’s size at roughly Rs 22,569 crore. Financial Express said retail investors bid for 6.13 crore shares worth Rs 10,943 crore, while the total issue attracted bids worth Rs 90,287 crore.
The grey market premium weakened in the final stages of bidding, with Moneycontrol and IPO Bulletin both reporting that it had eased to about 2% to 3%. Even so, the listing remains keenly awaited. Business Standard said the shares are scheduled to debut on September 24, 2026, with anchor investors including Life Insurance Corporation of India and the Monetary Authority of Singapore having already helped raise Rs 6,746 crore ahead of the public offer.
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