The much-awaited Initial Public Offering (IPO) of the National Stock Exchange of India (NSE) opened for subscription on September 17, 2026. The issue is structured entirely as an Offer for Sale (OFS), meaning existing shareholders are selling their shares and the exchange itself will not receive any fresh capital.
Key Issue Details
Issue size: Up to approximately ₹22,562 crore (at the upper end of the price band)
Price band: ₹1,700 – ₹1,785 per equity share (face value ₹1)
Shares on offer: Up to 12.64 crore (126.436 million) equity sharesType: 100% Offer for Sale — no fresh issue of shares
Subscription window: September 17 to September 21, 2026Lot size: 8 shares (minimum investment ≈ ₹14,280 at the upper price band)
Employee reservation: Eligible employees get a discount of ₹170 per shareExpected allotment: September 22, 2026
Tentative listing date: September 24, 2026 on the BSE
At the upper end of the price band, the IPO values NSE at around ₹4.42 lakh crore, making it the second-largest public issue in Indian history after Hyundai Motor India’s 2024 offering.
Who is Selling?
Major selling shareholders include State Bank of India (the largest seller), Canada Pension Plan Investment Board (CPPIB), Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company. Life Insurance Corporation of India (LIC), the single largest shareholder, is not selling any shares.
Anchor Book
On September 16, the exchange raised about ₹6,746 crore from anchor investors at the upper end of the price band, reflecting strong institutional interest
Why This IPO Matters
NSE is India’s dominant stock exchange, with a commanding market share across cash equities, equity derivatives and currency segments. Because the issue is a pure OFS, investors are essentially buying shares from existing institutional and corporate holders rather than funding the company’s expansion. The listing will provide liquidity to long-term shareholders and bring greater transparency and public ownership to the exchange.
Retail investors can apply through ASBA (Application Supported by Blocked Amount) via their bank or broker platforms. Allocation is expected to follow the standard book-building split: up to 50% for QIBs, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors.
The IPO marks the culmination of a long regulatory journey for India’s largest stock exchange and is one of the most closely watched offerings of 2026.