Mumbai: The National Stock Exchange of India’s initial public offering attracted strong investor interest on the final day of bidding, with the ₹22,569-crore issue subscribed 3.92 times by Monday afternoon.
Investors placed bids for 34.78 crore equity shares against 8.86 crore shares available for subscription, according to BSE data recorded until 2.35 pm.
Qualified Institutional Buyers emerged as the strongest participants. The QIB portion was subscribed 7.99 times, while the quota for non-institutional investors received 5.07 times bids.
Retail demand remained comparatively measured, with the category subscribed 1.13 times.
India’s Second-Biggest Public Issue
The NSE IPO is India’s second-largest public offering after Hyundai Motor India’s ₹27,870-crore issue in 2024.
It has exceeded Life Insurance Corporation of India’s ₹21,000-crore IPO launched in 2022.
NSE has fixed the IPO price band at ₹1,700–₹1,785 per equity share. At the upper end, the exchange could achieve a valuation of approximately ₹4.42 lakh crore.
Anchor Book Raises ₹6,746 Crore
Before the public issue opened, NSE raised ₹6,746 crore from anchor investors.
Participants included LIC, Goldman Sachs, Fidelity, GIC Singapore, Abu Dhabi Investment Authority and Norges Bank. Eastspring and HSBC Global Asset Management also invested through the anchor book.
Entire IPO Is An OFS
The NSE public issue consists entirely of an offer for sale of up to 12.64 crore equity shares by existing shareholders.
Consequently, NSE will not receive any money from the IPO. The proceeds will be transferred to shareholders selling their stakes.
The OFS was reduced from the previously proposed 14.9 crore shares, lowering the issue size from an earlier estimate of nearly ₹30,000 crore.
NSE shares are scheduled to make their stock market debut on September 24. The listing comes nearly a decade after the exchange’s original plans were delayed by regulatory issues, including matters connected with the co-location controversy.
