NSE IPO Gets 5.71x Subscription, Highest Among India’s Five Largest Issues

The National Stock Exchange's (NSE) ₹22,568.94-crore initial public offering (IPO) ended its three-day bidding process with strong demand, receiving 5.71 times subscription on the final day.

Investors placed bids for 50.58 crore shares against the 8.86 crore shares available in the issue, according to exchange data. The response makes the NSE IPO the most subscribed among India's five largest public issues.

The issue is India's second-largest IPO after Hyundai Motor India's ₹27,870-crore offering in 2024. Hyundai Motor India's IPO was subscribed 1.93 times, while Life Insurance Corporation of India’s (LIC) ₹20,557-crore issue in 2022 received 2.05 times subscription.

Paytm's ₹18,300-crore IPO in 2021 was subscribed 1.48 times, while Tata Capital's ₹15,512-crore issue in 2025 was subscribed 1.65 times.

QIBs Drive NSE IPO Demand

Qualified institutional buyers (QIBs) accounted for the biggest portion of the demand, with their reserved quota subscribed 12.68 times.

The non-institutional investor (NII) category was subscribed 6.55 times. Retail investors bid for 1.39 times the shares reserved for them, while the employee portion was subscribed 2.40 times.

NSE IPO Valuation And Financial Performance

NSE reported revenue from operations of ₹16,601.31 crore in FY26, compared with ₹17,140.68 crore in FY25 and ₹14,780.01 crore in FY24.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) declined to ₹11,097.90 crore in FY26 from ₹12,646.88 crore a year earlier. Profit after tax stood at ₹10,302.06 crore, down from ₹12,187.69 crore in FY25, although both EBITDA and PAT remained above their FY24 levels.

The fall in profit was partly linked to one-time settlement costs.

The NSE IPO had a price band of ₹1,700-1,785. At the upper end of the ₹1,785 price band, NSE's implied valuation is around ₹4.42 lakh crore.

NSE Continues To Dominate Cash And Derivatives Markets

NSE's position in India's equity markets remains a key part of the IPO story.

More than 90% of cash market turnover has passed through the exchange each year since FY24. NSE has also accounted for almost all equity futures trading during the same period.

The exchange has reported operating margins of around 76% and has no borrowings on its balance sheet.

At the same time, NSE's FY26 revenue and profit were lower than the previous year, with changes in the derivatives market affecting one of its major sources of income.

NSE Raises ₹6,746 Crore From Anchor Investors

Before the public issue opened, NSE allotted 3,77,93,739 equity shares to anchor investors at ₹1,785 per share.

The anchor allocation raised ₹6,746.18 crore. More than 150 investors participated in the anchor book, with LIC, Government Pension Fund Global, Abu Dhabi Investment Authority and other large institutional investors among those receiving allocations.

The issue was entirely an offer for sale (OFS), involving up to 12.64 crore shares held by existing shareholders. Since no fresh shares are being issued, the money raised through the IPO will go to the selling shareholders rather than NSE.

NSE shares are scheduled to make their stock market debut on 24 September.

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