The National Stock Exchange of India launches its highly anticipated ₹22,561 crore IPO, attracting record-breaking investor interest and highlighting its near-total control over India’s equity trading landscape.
The National Stock Exchange of India is preparing to open its long-awaited initial public offering on Thursday, with the issue due to close on Monday and a price band set at ₹1,700 to ₹1,785 a share, according to the company and reports in Livemint and Business Standard. The ₹22,561.57 crore sale is entirely an offer for sale, so the exchange itself will not receive the money raised. At the top of the range, the listing would value NSE at about ₹4.41 lakh crore.
Retail investors will need at least ₹14,280 to bid for one lot of eight shares at the upper end of the band. The issue is split with 35% reserved for retail investors, 50% for qualified institutional buyers and the balance for non-institutional investors. Eligible employees will receive a discount of ₹170 a share, the reports said.
Demand was already strong before the public opening. NSE raised ₹6,746.18 crore from anchor investors after allocating 3,77,93,739 shares at ₹1,785 each, according to the company’s circular cited by TradingView and other reports. The anchor book drew 189 investors, including 98 mutual fund schemes and 27 life insurance companies, while market sources said demand was close to ₹1.2 lakh crore, or about 20 times the anchor size.
Brokerages have been split on the deal, with several recommending subscription on the strength of NSE’s dominance in India’s capital markets and its earnings power, while others have urged caution because of regulatory risk and valuation. Angel One pointed to a lower earnings multiple than BSE, while Geojit highlighted NSE’s market position and cash generation. Religare Broking took a neutral view, warning that options-related regulation and softer trading activity could weigh on transaction-linked income.
The exchange’s market share remains central to the bull case. Swastika Investmart said NSE controls about 93% of the cash market and nearly 99.8% of the equity futures market, but also noted that roughly 79% of revenue is tied to trading volumes, leaving earnings exposed to swings in market activity and rule changes. Grey market indications, meanwhile, suggest a modest premium of roughly 9% over the top end of the issue price, though such signals are informal and can change quickly.
The offer’s book-running lead managers include Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 One WAM. Allotment is expected on September 22, with shares due to reach demat accounts on September 23 and listing scheduled for September 24.
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