Ahmedabad, September 12, 2026: National Stock Exchange of India Limited (NSE) has fixed the price band for its Initial Public Offering (IPO) at ₹1,700 to ₹1,785 per equity share of face value ₹1 each. The IPO will open for subscription on September 17, 2026, and close on September 21, 2026. The bidding period for anchor investors will take place on September 16, 2026.
Investors can bid for a minimum of 8 equity shares and in multiples of 8 shares thereafter. At the upper end of the price band, the minimum investment for a retail investor would be ₹14,280. The IPO comprises an Offer for Sale (OFS) of up to 126,436,650 equity shares, representing shares offered by corporate selling shareholders. The selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, MS Strategic (Mauritius) Ltd, The New India Assurance Company Ltd, SBI Capital Markets Limited (SS), Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India Limited and United India Insurance Company Limited.
The offer is being made through the book-building process in accordance with the SEBI ICDR Regulations. Not more than 50% of the offer will be available for allocation to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Investors (NIIs), and not less than 35% to Retail Individual Investors (RIIs).
NSE’s Market Position
NSE commenced operations in 1994 and was the first exchange in India to introduce electronic or screen-based trading. The exchange operates an integrated business model spanning listings, trading services, clearing and settlement, indices and market data.
According to the information provided by the company, NSE was the world’s largest derivatives exchange by trading volume in calendar year 2025, based on statistics maintained by the Futures Industry Association (FIA). It was also ranked third globally in the equity segment by number of trades through electronic order books in 2025, according to the World Federation of Exchanges (WFE).
NSE has maintained a leading position in India’s cash market and equity derivatives segments. According to the Redseer Report, the exchange recorded a market share of 92.99% in the cash market and 99.79% in equity futures in Fiscal 2026, based on total turnover. Its equity options market share stood at 74.71% based on premium turnover.
Growing Investor Base
NSE’s Unique Registered Investor base increased at a 26.23% CAGR, rising from 30.87 million as of March 31, 2020, to 132.37 million as of June 30, 2026.
During the same period, the aggregate market capitalisation of entities listed on NSE’s platform grew at a 25.89% CAGR.
As of June 30, 2026, the exchange supported 261.36 million registered investor accounts, 1,328 trading members, 132.37 million Unique Registered Investors and 3,005 listed entities. The market capitalisation of listed entities on its platform stood at ₹474.08 trillion.
NSE said investors on its platform span more than 99% of Indian postal codes, highlighting the expanding reach of India’s capital markets.
Fund Mobilisation and Technology Infrastructure
NSE’s platform facilitated total fund mobilisation of ₹20.33 trillion in Fiscal 2026, while ₹6.19 trillion was mobilised during the three-month period ended June 30, 2026. During the June 2026 quarter, the exchange enabled capital mobilisation of more than ₹1.29 trillion in equity capital and facilitated total fund mobilisation of ₹6.19 trillion.
The exchange also operates a large-scale technology infrastructure. Between April 1, 2024, and June 30, 2026, its platform processed an average of 12.46 billion messages per day. It recorded peak order messages of 21.89 billion in a single day on March 24, 2026. The platform can process nearly 5 million messages per second, with microsecond response times across cash market, equity derivatives and exchange-traded currency derivatives.
Financial Performance
NSE reported revenue from operations of ₹4,560 crore for the June 2026 quarter, compared with ₹4,032 crore in the corresponding period a year earlier.Its net profit stood at ₹3,121 crore, compared with ₹2,811 crore in the June 2025 quarter.
Diversified Market Ecosystem
Beyond its core exchange operations, NSE has established several institutions and businesses supporting India’s financial market ecosystem. NSE Clearing Limited (NCL) provides clearing and settlement services, while NSE Indices Limited operates the exchange’s index services. NSE Data and Analytics Limited (NSE DAL) provides real-time market data, benchmark data, fixed-income valuations and analytical tools to institutional investors, asset managers and regulators.
NSE also operates NSE International Exchange (NSEIX) in GIFT City, Gujarat, enabling trading in foreign-currency-denominated securities and financial products and providing access to international financial markets.
The company describes itself as a “first level regulator” and states that it is committed to providing transparent, fair and unrestricted access to market participants while maintaining orderly market functioning and protecting investor interests.
IPO Details at a Glance
| Particular | Details |
|---|---|
| IPO | National Stock Exchange of India Limited |
| Issue Type | Offer for Sale |
| Price Band | ₹1,700 – ₹1,785 per Equity Share |
| Face Value | ₹1 per Equity Share |
| Anchor Investor Bidding | September 16, 2026 |
| IPO Opens | September 17, 2026 |
| IPO Closes | September 21, 2026 |
| Minimum Bid Lot | 8 Equity Shares |
| Minimum Investment at Upper Band | ₹14,280 |
| Offer Size | Up to 126,436,650 Equity Shares |
| QIB Allocation | Not more than 50% |
| NII Allocation | Not less than 15% |
| Retail Allocation | Not less than 35% |
| Proposed Listing | BSE |
| Registrar | MUFG Intime India Private Limited |
Kotak Mahindra Capital Company Limited, JM Financial Limited, Morgan Stanley India Company Private Limited, Citi Global Markets India Private Limited, HSBC Securities & Capital Markets India Private Limited, JP Morgan India Private Limited, SBI Capital Markets Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital Limited, HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited and 360 ONE WAM Limited are the book-running lead managers to the issue.
Note: Investors should read the IPO offer documents carefully and consider the risks and disclosures before making an investment decision.