NSE IPO: ₹22,561 cr OFS at ₹1,700–1,785 band opens Sept 17

For finance and markets readers, the NSE IPO is a landmark secondary-market event: no fresh capital, a ₹4.42 lakh crore valuation, and a 15% smaller float than originally filed. The structure, seller lineup, and allocation quotas will determine the aftermarket performance of India's most systemically important exchange.

The National Stock Exchange of India's long-anticipated IPO now has final terms: a price band of ₹1,700 to ₹1,785 per share, with public subscription from September 17 to September 21 and a tentative listing on BSE and NSE on September 24. At the upper end, the offer will raise ₹22,561.5 crore and value the exchange at ₹4.42 lakh crore. The offer is an offer for sale of up to 126.4 million shares, or about 5.1% of equity, with no fresh issue component; net proceeds, after issue expenses, go to the ten selling shareholders rather than to NSE. This is a landmark secondary-market event for India's market infrastructure, not a capital raise.

“

The cut in float from roughly 6% to 5.1% is a meaningful change.

The final offer is 15% smaller than the 148.9 million shares proposed in the June 2026 draft red herring prospectus. SEBI approved the DRHP on September 4, and the red herring prospectus was filed in Mumbai late on Thursday, September 10. The cut in float from roughly 6% to 5.1% is a meaningful change. It may improve aftermarket supply-demand dynamics by reducing overhang, but it also reflects adjustments among the selling shareholder group. State Bank of India remains the largest seller with up to 15.9 million shares, followed by Canada Pension Plan Investment Board at 11.8 million, Aranda Investments (Mauritius) at 11.2 million, MS Strategic (Mauritius) at 11 million, and New India Assurance Company at 10.5 million. SBI Capital Markets has been added as a selling shareholder with 8.78 million shares, while National Insurance Company has dropped out. Several sellers, including SBI, MS Strategic, Bank of Baroda, Stock Holding Corporation and General Insurance Corporation, reduced their proposed share sales, while CPPIB, Aranda, New India Assurance and United India Insurance held their offers unchanged.

Because the entire issue is an OFS, NSE will not receive any fresh capital; the transaction is a pure liquidity event for existing shareholders. The structure matters for investors: with 50% reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail, the retail quota is substantial, and the minimum lot of eight shares keeps the entry ticket at ₹13,600 to ₹14,280. The anchor book opens on September 16, with allotment expected on September 22, refunds and demat credits on September 23, and listing on September 24.