NSE IPO Price Band Announced, Here’s How Much Retail Investors Have To Pay For One Lot

Mumbai: The National Stock Exchange (NSE) has fixed a price band of Rs 1,700–Rs 1,785 per share for its much-awaited initial public offering (IPO). The issue will open for subscription on Thursday, September 17, and close on Monday, September 21.

Each equity share carries a face value of Rs 1.

Minimum Retail Investment

The IPO lot size has been fixed at eight shares. Retail investors will need to invest at least Rs 14,280 to apply for one lot at the upper end of the price band.

Further bids can be placed in multiples of eight shares. Retail investors have been allocated 35% of the offer.

Qualified institutional buyers will receive 50% of the issue, while the remaining 15% will be reserved for non-institutional investors.

Second-Largest Indian IPO

At the upper price of Rs 1,785, the IPO will be valued at Rs 22,561.57 crore, making it India’s second-largest public issue. NSE’s implied market capitalisation will be approximately Rs 4.41 lakh crore.

Eligible employees will receive a discount of Rs 170 per share.

Pure Offer For Sale

The IPO is entirely an offer for sale, meaning NSE will not receive any proceeds. Existing shareholders will sell their holdings through the issue.

Selling shareholders include SBI, Canada Pension Plan Investment Board, Aranda Investments, MS Strategic Mauritius, New India Assurance, SBI Capital Markets, Bank of Baroda and Stock Holding Corporation of India.

General Insurance Corporation of India and United India Insurance Company are also participating sellers.

Listing On BSE

NSE shares will be listed on the Bombay Stock Exchange. The allotment is expected to be finalised on September 22, followed by the credit of shares to successful applicants’ demat accounts on September 23.

The shares are scheduled to make their market debut on September 24. NSE’s management will hold an IPO press conference at 2.30 pm.