The ₹22,569-crore initial public offering of the National Stock Exchange of India (NSE) was fully subscribed on the second day of bidding on Friday (September 18, 2026), driven by encouraging response from non-institutional investors and qualified institutional buyers.

The offering is India’s second-largest public issue after Hyundai Motor India’s ₹27,870-crore IPO in 2024. The IPO surpassed the ₹21,000 crore offering of LIC in 2022 but remains below Hyundai Motor India’s record public offer.

The NSE IPO received bids for 10,28,43,656 shares against 8,86,42,911 shares on offer, garnering 1.16 times subscription, as per data available with the BSE.

Non-institutional investors and qualified institutional buyers categories drew full subscriptions on the second day.

The category for non-institutional investors was subscribed 1.68 times, while the portion for qualified institutional buyers (QIBs) received 1.53 subscriptions. The retail investors’ quota received 72% subscription.

The NSE on Wednesday (September 16, 2026) raised ₹6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.

Additionally, sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management, also participated in the anchor round.

The IPO comprises an Offer For Sale (OFS) of up to 12.64 crore equity shares by existing shareholders.

The exchange has fixed a price band of ₹1,700-1,785 per equity share for the IPO. It will command a valuation of up to ₹4.42 lakh crore at the upper end of the price band.

The issue will close on September 21.

Since the offering is entirely an OFS, the proceeds from the share sale will accrue to the existing shareholders and not to the NSE.

The public issue marks a significant milestone for the NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.

The reduction in the OFS size from the earlier planned 14.9 crore shares has brought down the overall issue size from the initial estimate of around ₹30,000 crore.

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

Benchmark indices Sensex and Nifty closed nearly flat on Thursday (September 17, 2026) as caution prevailed after the U.S. Federal Reserve increased its interest rates and indicated further tightening in monetary policy.

Giving up intraday gains, the 30-share BSE Sensex dipped 21.86 points, or 0.03%, to settle at 74,314.59. During the day, it climbed 341.11 points, or 0.45%, to 74,677.56.

The 50-share NSE Nifty closed marginally up 53 points, or 0.23%, at 23,270.60.

Among the 30 Sensex firms, HDFC Bank, Titan, ICICI Bank, State Bank of India, Bharti Airtel and Axis Bank were the major laggards.

Tata Steel, Bharat Electronics, InterGlobe Aviation, Eternal, Maruti and Asian Paints were among the gainers.

“Indian equities ended mixed on Thursday (September 17, 2026) after a range-bound session. The Nifty edged up to 23,270, while the Sensex slipped marginally to 74,314 and Bank Nifty declined to 56,055. Selective buying supported the Nifty, but weakness in private-sector banks and IT stocks limited the broader recovery,” said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm.

Market sentiment remained cautious after the U.S. Federal Reserve raised interest rates by 25 basis points and signalled that another increase could follow this year.

“As the decision was largely anticipated, it failed to trigger a major sell-off. However, the U.S. 10-year Treasury yield was near 5% and continued foreign selling capped domestic gains,” Mr. Radhakrishnan added.

Brent crude, the global oil benchmark, declined 1.61% to $104.1 per barrel.

The mega ₹22,569-crore initial public offering of the National Stock Exchange of India (NSE) opened for subscription on Thursday (September 17, 2026), with the issue getting subscribed 39% so far on the first day of bidding.

In Asian markets, Japan’s Nikkei 225 index ended in positive territory, while South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended lower.

Markets in Europe were trading higher. U.S. markets ended lower on Wednesday (September 16, 2026).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,032.61 crore on Wednesday (September 16), according to exchange data.

On Wednesday (September 16), the Sensex climbed 332.63 points, or 0.45%, to settle at 74,336.45. The Nifty was up 99 points, or 0.43%, to end at 23,217.60.

Market benchmark indices Sensex and Nifty were trading marginally higher in early trade on Thursday (September 17, 2026) as crude oil prices eased slightly from their recent highs, although caution prevailed after the U.S. Federal Reserve’s rate hike and indications of further tightening.

Foreign fund outflows and muted trend in Asian markets also capped the gains in the domestic equities during initial trading.

The 30-share BSE Sensex advanced 86.49 points to 74,422.94 in early trade. The 50-share NSE Nifty was up 50.1 points to 23,267.70.

Among the 30 Sensex firms, Eternal, Bajaj Finance, Bharat Electronics, Mahindra & Mahindra, Bajaj Finserv and InterGlobe Aviation were among the gainers.

HCL Tech, HDFC Bank, Tata Consultancy Services, Infosys and Tech Mahindra were among the laggards.

“While a pullback in Brent crude to around USD 104.7 a barrel from its recent high offers some marginal relief, the Federal Reserve’s rate hike and indication of further tightening could keep markets volatile and limit any immediate recovery.

“The Fed raised its policy rate by 25 basis points to 3.75-4 per cent, its first increase in three years, and projected another hike this year,” Hariselvan Radhakrishnan, founder & CEO of HST Wealth, a Research Analyst firm, said.

For India, higher U.S. interest rates could strengthen the dollar, pressure the rupee and weigh on foreign investment flows into emerging markets, he added.

Brent crude, the global oil benchmark, traded 0.12% lower at $105.7 per barrel.

The National Stock Exchange’s much-awaited ₹22,569-crore IPO began for subscription on Thursday (September 17, 2026).

In Asian markets, South Korea’s Kospi and Japan’s Nikkei 225 index quoted in positive territory, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded lower.

U.S. markets ended lower on Wednesday (September 16, 2026).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,032.61 crore on Wednesday (September 16, 2026), according to exchange data.

On Wednesday (September 16, 2026), the Sensex climbed 332.63 points, or 0.45%, to settle at 74,336.45. The Nifty was up 99 points, or 0.43%, to end at 23,217.60.

National Stock Exchange (NSE), the largest stock exchange in India, is set to raise ₹22,568.9 crore from the capital market, after a decade long wait.

The IPO consists of only offer for sale, where existing shareholders will sell their shares, and no fresh capital to be raised. The company set the price band between ₹1,700 to ₹1,785 per share and is set to open for public subscription between September 17 to September 24. The IPO will open for anchor investors on September 16, 2026.

NSE initially filed its draft prospectus proposing to raise ₹26,579.6 crore and later revised the size to ₹22,568.9 crore, which is 17.7% lower than the proposed size. Going by the prospectus, SBI cut half of its selling shares to 1,59,69,410 equity shares.

Selling shareholders consist of SBI which will sell ₹2,850.5 crore, making it the largest stake sold, assuming subscription at upper price band. Canada Pension Plan will sell ₹2,119.5 crore, Aranda Investments of Mauritius at ₹2,007.4 crore, New India Assurance Company Limited at ₹1,874.2 crore, SBI Capital Markets Limited ₹1,567.3 crore, among other global and Indian financial institutions.

The size of the National Stock Exchange (NSE) IPO may shrink with the Offer For Sale (OFS) likely to be cut to 5.2-5.5%, from the 6% planned earlier, as some shareholders have backed out of the sale, people familiar with the matter said on Wednesday (September 9, 2026).

The reduced OFS could bring down the overall issue size to ₹25,000-27,000 crore, compared with the earlier estimate of ₹30,000 crore. At this size, NSE may fall short of becoming India’s largest-ever public offering. Hyundai Motor India’s IPO, at ₹27,870 crore, currently holds the record.

“The reduction in the OFS size is understood to be driven by some shareholders choosing not to sell during the IPO, as they believe they could command a better valuation by selling their stake at a later stage,” the people familiar with the matter said.

“The NSE is also looking to make the issue more attractive for retail investors, with pricing being structured to provide greater participation and benefit to small investors in the OFS,” they added.

The IPO price band is expected to be in the range of ₹1,700-1,785 per share, against an earlier estimated of ₹2,000 per share.

The NSE IPO is likely to open for public subscription on September 18 and close on September 22. The shares are likely to be listed on September 25, sources stated. The listing is targeted before the ‘Pitru Paksha’ period that begins on September 26.

The NSE’s offering will compete with that of Jio Platforms, billionaire Mukesh Ambani-led conglomerate’s digital services arm. Jio’s offering is estimated to be ₹37,700 crore but its timing has not yet been announced.

Last week, markets regulator SEBI gave clearance to NSE to go ahead with its public issue. The approval marked a major step for NSE, whose listing plans had been stalled for nearly a decade due to regulatory hurdles, including the co-location controversy.

NSE filed its draft prospectus with SEBI in June. However, the approval timeline slipped after SBI Capital Markets was added to the list of selling shareholders, a change that triggered a fresh 21-day public feedback window on the revised documents.

As per the draft papers, NSE’s offering was structured entirely as an OFS of up to 14.89 crore shares — roughly 6% of the exchange’s paid-up capital.

Since the issue is entirely an offer for sale, proceeds will flow to selling shareholders rather than to the exchange itself.

Among the top selling shareholders, State Bank of India will offload up to 2.48 crore shares, followed by MS Strategic (Mauritius) Limited with 1.60 crore shares.

Other key selling shareholders include Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Limited, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company.

The National Stock Exchange said ‌on Thursday (July 30, 2026) that the Securities ​and Exchange Board ⁠of India (SEBI) has granted in-principle approval to settle certain past regulatory ‌lapses, subject to the payment of ₹1,491.21 crore, 

NSE’s auditor ‌said ⁠in the exchange’s results ⁠report that the bourse had received a letter from SEBI on ​Thursday (July 30, 2026) accepting NSE’s ‌proposed settlement offer for the long-running case, which had involved allegations of governance ‌lapses and of the ​bourse failing to provide equitable access to all ⁠trading members.

The settlement removes the biggest legal overhang ‌facing the exchange as it prepares for an IPO later this year.

NSE filed its draft offer documents with the regulator ‌last month and has begun investor ​roadshows for what is expected to be ⁠one of India’s two mega IPOs ⁠this year along with Billionaire Mukesh Ambani’s Reliance ‌Jio.