NSE IPO Opens Today: What Investors Are Buying At A ₹4.42 Lakh Crore Valuation

The National Stock Exchange of India (NSE) has opened its initial public offering (IPO) for subscription today, 17 September. The issue will remain open until 21 September.

The price band has been fixed at ₹1,700–₹1,785 per equity share. Investors must bid for a minimum of eight shares, with subsequent bids placed in multiples of eight.

At the upper end of the price band, NSE's 247.5 crore outstanding shares imply a valuation of around ₹4.42 lakh crore.

NSE's Investor Base Has Expanded Sharply

NSE's registered investor base has grown significantly over the past six years. It increased from 30.87 million as of 31 March 2020 to 132.37 million by 30 June 2026.

This represents a compound annual growth rate of 26.23%. The exchange had 261.36 million registered investor accounts on 30 June 2026. It also had 1,328 trading members and 3,005 listed companies on its platform.

However, buying NSE shares means gaining exposure to more than its investor base. The exchange operates across several areas of India's capital-market infrastructure. Its businesses include stock listings, trading, clearing and settlement, indices and market data. It also monitors compliance by trading and clearing members, as well as listed companies, with SEBI and exchange regulations.

Market Dominance And Financial Performance

NSE held a dominant position across several market segments in FY26. Its cash-market share stood at 92.99% based on total turnover. It also accounted for 99.79% of equity futures and 74.71% of equity options based on premium turnover. NSE reported 99.48% market share in exchange-traded currency futures and 100% in exchange-traded currency options.

The exchange has also diversified beyond its core trading operations.NSE Clearing handles clearing and settlement services. NSE Indices provides index-related services. NSE Data and Analytics supplies market data and analytical tools. NSE International Exchange provides access to financial products through GIFT City.

Financially, NSE reported operating revenue of ₹4,560 crore for the June 2026 quarter. This was higher than the ₹4,032 crore reported in the corresponding quarter a year earlier. Net profit rose to ₹3,121 crore from ₹2,811 crore during the same period.

Who Is Selling Shares In The NSE IPO?

The NSE IPO is an offer for sale (OFS) of up to 12.64 crore existing shares. These shares are being sold by existing shareholders rather than being newly issued by NSE.

As a result, the proceeds from the sale will go to the selling shareholders. NSE itself will not receive fresh capital from the IPO. The selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company and SBI Capital Markets.

Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company are also selling shares.

For investors, the IPO therefore represents an opportunity to own part of NSE's exchange and wider market-infrastructure business.

Also Read - Stock Market Update 17 September 2026: Sensex, Nifty 50 Trade Marginally Higher