National Stock Exchange of India Limited IPO
Open now17–21 Sep 2026
Latest update:
Subscribed 0.39× (QIB 0.2× · NII 0.6× · Retail 0.4×) · Price band ₹1,700–₹1,785 · Closes 21 Sep 2026 · Allotment 22 Sep 2026 (Confirmed) · Lists 24 Sep 2026 (Expected)
What National Stock Exchange of India Limited does
National Stock Exchange of India Limited (NSE) is the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives. It operates a vertically integrated stock exchange model offering trading, clearing, listing, and other services such as data feeds, index licensing, and technology solutions.
National Stock Exchange of India Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 14,780 | 17,141 | 16,601 | |
| Operating Profit | 11,624 | 16,021 | 14,519 | |
| OPM % | — | — | — | |
| Net Profit | 8,306 | 12,188 | 10,302 | |
| Total Debt | 0 | 0 | 0 |
National Stock Exchange of India Limited IPO offer structure
Offer for sale: ₹22,562 cr
The fresh-issue component is not stated in what we extracted from the offer document, so the full issue size and the split between the two are unknown. This figure is the offer for sale alone, not the total raise. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Carry out the Offer for Sale
- Achieve the benefits of listing the Equity Shares on BSE
National Stock Exchange of India Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Market leader in India – a liquid market for all stakeholders. (p.118)
- Well positioned to benefit from India's structural growth tailwinds which drive strong network effects for NSE. (p.118)
- Strong brand synonymous with trust, efficiency and transparency, across our trading platform as well as our clearing, settlement and market supervisory role. (p.118)
- Track record of comprehensive and innovative offerings delivered through a vertically integrated business model. (p.119)
- Technology platform built for scale and resilience. (p.119)
- Any significant decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products. (p.30)
- We operate in a highly regulated industry, primarily overseen by SEBI, and are subject to periodic inspections. (p.32)
- Our Company has been, and continues to be, subject to enforcement actions, penalties, and adjudication proceedings. (p.33)
- Disruptions, failures, or inadequacies in our IT infrastructure, systems, or software could adversely affect our business. (p.35)
- Our ability to attract new listings, issuances and capital formation activities on our platforms is critical. (p.38)
National Stock Exchange of India Limited peer comparison: DRHP median P/E 66.7x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| BSE Limited | — | 66.7x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
National Stock Exchange of India Limited market and competition
NSE has built and sustained a clear leadership position in India’s capital markets, emerging as the primary platform for equities, derivatives, and other asset classes. As of Fiscal 2026, we maintain leading market share positions in India across key asset classes, with market share of 92.99% in cash market (based on total turnover) and 99.79% in equity futures.
National Stock Exchange of India Limited outlook, as the document states it
We intend to continue expanding our colocation capacity with an aim to add 2,000 FRE racks to meet growing demand. We are strategically focused on automating and organising large, traditionally unorganised markets in India, such as establishing a dedicated unit for a national coal trading exchange. We also intend to develop new and innovative products to drive trading volumes by attracting new investors to our Exchange.
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National Stock Exchange of India Limited IPO: common questions
When does the National Stock Exchange of India Limited IPO open and close?
The National Stock Exchange of India Limited IPO is open from 17 Sep 2026 to 21 Sep 2026.
What is the National Stock Exchange of India Limited IPO price band?
The price band is ₹1,700–₹1,785 per share.
What is the lot size and minimum investment for the National Stock Exchange of India Limited IPO?
One lot is 8 shares, and a retail application must be at least one lot. That is about ₹14,280 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the National Stock Exchange of India Limited IPO subscribed?
As of 17 Sep 2026 the total subscription is 0.39×.
When are the National Stock Exchange of India Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 22 Sep 2026, refund/unblock around 23 Sep 2026 and listing around 24 Sep 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the National Stock Exchange of India Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 505 mainboard IPOs that have listed on the NSE since 2003, 359 (71%) opened above their issue price, at a median of +10%. That is the segment's own record, not a forecast for this issue.