The Nationwide Inventory Change of India (NSE) has set a worth band of Rs 1,700 to Rs 1,785 a share for its long-awaited IPO, which can open for subscription on 17 September.

The provide will shut on 21 September and might be price about Rs 21,487 crore on the decrease finish of the worth band and Rs 22,562 crore on the higher finish.

On the top quality, the IPO will worth NSE at about Rs 4.42 lakh crore.

The difficulty will consist solely of a proposal on the market (OFS) of about 12.64 crore current shares. NSE will not be issuing any new shares and won’t obtain proceeds from the IPO.

As a substitute, the proceeds, after offer-related bills, will go to the shareholders promoting their stakes.

The variety of shares being supplied has been minimize by greater than 15% from the 14.89 crore proposed within the DRHP filed in June.

The revised provide could be bigger than Life Insurance coverage Company of India’s roughly Rs 21,000-crore IPO in 2022 however stay beneath Hyundai Motor India’s file public providing of about Rs 27,870 crore in 2024.

NSE filed its purple herring prospectus on 10 September. The SEBI had issued its remark letter on 4 September, whereas BSE granted in-principle itemizing approval in July.

Who’s promoting NSE shares?

State Financial institution of India (SBI) is the biggest particular person vendor within the IPO, providing as much as about 1.60 crore shares.

Canada Pension Plan Funding Board is providing about 1.19 crore shares, whereas Aranda Investments (Mauritius) is promoting about 1.12 crore. MS Strategic (Mauritius) is providing 1.10 crore shares and New India Assurance Firm about 1.05 crore.

SBI’s proposed sale is decrease than the two.475 crore shares attributed to it within the authentic draft doc. Nevertheless, SBI Capital Markets has since joined the provide as a promoting shareholder and can promote about 87.8 lakh shares.

Which means the SBI group’s general contribution to the OFS is successfully break up between SBI and SBI Capital Markets reasonably than representing an equal discount within the group’s whole proposed sale.

A number of different shareholders have decreased the variety of shares they plan to promote.

MS Strategic has minimize its provide from 1.60 crore shares to 1.10 crore, whereas Financial institution of Baroda, Inventory Holding Company of India, Normal Insurance coverage Company of India, Nationwide Insurance coverage Firm, Mahagony and Indian Financial institution have additionally decreased their proposed gross sales.

Nationwide Insurance coverage Firm stays a promoting shareholder and has decreased its provide to 40 lakh shares from 60 lakh.

Amit Kumar Lohia, who had proposed to promote 25,000 shares within the draft prospectus, has withdrawn from the OFS.

The proposed gross sales by a number of different shareholders, together with Canada Pension Plan Funding Board, Aranda Investments and New India Assurance Firm, stay unchanged from the sooner provide paperwork.

Life Insurance coverage Company of India, NSE’s largest shareholder with a ten.72% stake, will not be promoting shares within the IPO.

Worker low cost and retail funding

NSE has reserved shares price as much as Rs 70 crore for eligible workers.

Workers making use of by way of the reserved portion will obtain a reduction of Rs 170 a share to the ultimate provide worth.

Investors can bid for no less than eight shares and in multiples of eight thereafter.

On the higher finish of the worth band, a minimal software of eight shares would price Rs 14,280. A retail investor making use of for the utmost 14 heaps, or 112 shares, will make investments Rs 1,99,920 on the cap worth.

Beneath the provide construction, no more than 50% of the online provide might be out there for allocation to certified institutional consumers.

Not lower than 15% might be out there to non-institutional buyers and never lower than 35% to retail particular person bidders.

The anchor investor guide is scheduled to open on 16 September, a day earlier than the general public provide.

The idea of allotment is predicted to be finalised on 22 September, with NSE shares anticipated to start buying and selling on BSE on 24 September.

Dominant place in Indian markets

NSE is India’s largest inventory change by buying and selling turnover throughout main equity-market segments.

Based on the Redseer business report included with NSE’s provide paperwork, the change accounted for greater than 93% of India’s cash-market turnover throughout the three months ended June 2026 and nearly all turnover in fairness futures.

Its share of the equity-options market was about 68.5%, measured by premium turnover, throughout the identical interval.

The report additionally put NSE’s share of exchange-traded foreign money futures and foreign money choices at 100% throughout the interval. Futures market share is measured by turnover, whereas choices are measured utilizing premium turnover.

NSE additionally has a major place globally.

The provide paperwork, citing World Federation of Exchanges knowledge, mentioned NSE accounted for 11.38% of world cash-equity trades and 51.18% of equity-derivatives contracts traded within the 2026 monetary yr.

It was additionally the world’s largest derivatives change by the variety of contracts traded for the seventh consecutive yr as of 31 March 2026.

Revenue falls in FY26, rebounds in June quarter

NSE reported consolidated PAT of Rs 10,302 crore for the monetary yr ended March 2026, down about 15% from Rs 12,188 crore a yr earlier.

Income from operations declined about 3% to Rs 16,601 crore from Rs 17,141 crore.

The change returned to year-on-year development within the quarter ended June.

PAT elevated 6.7% to about Rs 3,120 crore from Rs 2,924 crore within the corresponding quarter a yr earlier, whereas income from operations rose about 13% to Rs 4,560 crore.

A list almost a decade within the making

NSE’s IPO comes almost a decade after an earlier try and record was held up by regulatory proceedings and investigations.

The change first filed draft IPO papers in 2016, however its itemizing plans had been delayed amid regulatory scrutiny, together with proceedings related with its co-location facility.

The method gathered momentum once more in 2026 after NSE obtained the regulatory clearance wanted to proceed and filed a recent draft purple herring prospectus on 17 June.

The newest provide is meant to facilitate the sale of shares by current shareholders and safe the advantages of itemizing NSE’s fairness shares on BSE. As a pure OFS, it is not going to elevate recent capital for the change.

NSE has appointed 20 service provider bankers for the providing, together with Kotak Mahindra Capital Firm, JM Monetary, Morgan Stanley India Firm, Citigroup World Markets India, HSBC Securities and Capital Markets (India), JP Morgan India and SBI Capital Markets.

MUFG Intime India is the registrar to the provide.