The National Stock Exchange of India’s IPO, the second-largest in the country’s history, received robust demand from non-institutional investors and qualified institutional buyers on the second day of bidding, edging closer to a full subscription before closing on September 21.
The National Stock Exchange of India’s Rs 22,569-crore initial public offering was fully subscribed on the second day of bidding on Friday, as demand strengthened from non-institutional investors and qualified institutional buyers, according to market data. The issue marks one of the largest public offerings in India and the country’s second-biggest share sale after Hyundai Motor India’s Rs 27,870-crore listing in 2024.
The IPO drew bids for 10,28,43,656 shares against 8,86,42,911 on offer, taking overall subscription to 1.16 times, data available with the BSE showed. Non-institutional investors subscribed their portion 1.68 times, while qualified institutional buyers took the book 1.53 times. Retail investors remained more cautious, with their quota covered to 72 per cent, although some reports later in the day showed the retail book had reached only 66 per cent as subscription data moved through the afternoon.
NSE had already raised Rs 6,746 crore from anchor investors on Wednesday, with Life Insurance Corporation of India, Goldman Sachs and Fidelity among the participants. Sovereign wealth funds including GIC Singapore, Abu Dhabi Investment Authority and Norges Bank also joined the anchor round, alongside Eastspring and HSBC Global Asset Management. The exchange is offering up to 12.64 crore equity shares in a pure offer for sale, so the proceeds will go to existing shareholders rather than to NSE itself.
The price band has been fixed at Rs 1,700 to Rs 1,785 a share, implying a valuation of up to Rs 4.42 lakh crore at the top end. The issue closes on September 21 and is scheduled to make its market debut on September 24. For NSE, the listing is a long-delayed milestone after years of regulatory hurdles, including scrutiny linked to the co-location controversy, and the smaller offer size has brought the total issue down from an earlier estimate of about Rs 30,000 crore.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
