Business EconomyPosted at: Sep 15 2026 5:05PM


NSE sets stage for mega IPO, fixes price band at Rs 1,700-1,785

By Sourav Shekhar
New Delhi, Sep 15 (UNI) The National Stock Exchange of India Ltd (NSE) today set the stage for its much-awaited initial public offering (IPO), fixing the price band at Rs 1,700 to Rs 1,785 per equity share, with the issue scheduled to open for subscription on September 17.
The IPO will remain open until September 21, while anchor investor bidding will take place on September 16. Investors can bid for a minimum of eight equity shares and in multiples of eight shares thereafter.
The IPO comprises an offer-for-sale of up to 126,436,650 equity shares by existing corporate shareholders. The selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, MS Strategic (Mauritius) Ltd, The New India Assurance Company Ltd, SBI Capital Markets Ltd, Bank of Baroda, Stock Holding Corporation of India Ltd, General Insurance Corporation of India Ltd and United India Insurance Company Ltd.
The issue will be conducted through the book-building process in accordance with SEBI regulations. Not more than 50 per cent of the issue will be reserved for Qualified Institutional Buyers, while not less than 15 per cent will be available for Non-Institutional Investors and at least 35 per cent for Retail Individual Investors.
NSE, which began operations in 1994, was India's first exchange to implement electronic or screen-based trading. Over the years, it has developed an integrated market ecosystem covering exchange listings, trading, clearing and settlement, indices and market data services.
The exchange has emerged as a major player in global derivatives trading. According to the information provided, NSE was the world's largest derivatives exchange by trading volume in calendar year 2025 and ranked third globally in the equity segment by number of trades in 2025.
NSE has maintained its position as India's largest stock exchange in terms of total turnover in the cash market and equity derivatives, based on the parameters specified in the Redseer Report. It has held the leading position from Fiscal 2001 through Fiscal 2026 and for the three months ended June 30, 2026.
The exchange has also witnessed a sharp expansion in its investor base. Its unique registered investors increased at a compound annual growth rate of 26.23 per cent, from 30.87 million as of March 31, 2020 to 132.37 million as of June 30, 2026.
During the same period, the aggregate market capitalisation of entities listed on its platform grew at a CAGR of 25.89 per cent.
NSE's reach now extends across more than 99 per cent of Indian postal codes. During the three months ended June 30, 2026, a total of Rs 6.19 trillion was mobilised through its platform, while the corresponding figure for Fiscal 2026 stood at Rs 20.33 trillion.
As of June 30, 2026, NSE had 261.36 million registered investor accounts, 1,328 trading members and 132.37 million unique registered investors. The exchange had 3,005 listed entities with a combined market capitalisation of Rs 474.08 trillion.
The exchange continues to command a dominant share across key market segments. In Fiscal 2026 and the three months ended June 30, 2026, its market share in the cash market stood at 92.99 per cent and 93.05 per cent, respectively.
Its share in equity futures stood at 99.79 per cent and 99.72 per cent, while in equity options, based on premium turnover, it stood at 74.71 per cent and 68.48 per cent, respectively. NSE also recorded a 100 per cent market share in exchange-traded currency options during both periods.
Beyond trading, NSE has built a broader financial-market ecosystem. NSE Clearing Ltd provides clearing and settlement services, NSE Indices Ltd offers index services, while NSE Data and Analytics Ltd provides real-time market data, benchmark data, fixed-income valuations and analytical tools.
Its international arm, NSE International Exchange, based in GIFT City, enables Indian and foreign entities to trade in foreign currency-denominated securities and financial products and provides access to international financial markets.
Technology remains central to the exchange's operations. Its platform processed an average of 12.46 billion messages daily between April 1, 2024 and June 30, 2026. On March 24, 2026, it processed a peak of 21.89 billion order messages in a single day, when 201 million trades were executed.
The platform is capable of processing nearly five million messages per second with microsecond response times across the cash market, equity derivatives and exchange-traded currency derivatives.
NSE also plays a significant role in India's capital formation. It enabled mobilisation of more than Rs 1.29 trillion in equity capital during the three months ended June 30, 2026, compared with Rs 4.78 trillion during Fiscal 2026. Total fund mobilisation through its platform stood at Rs 6.19 trillion during the three-month period and Rs 20.33 trillion in Fiscal 2026.
The exchange reported a rise in both revenue and profit for the June 2026 quarter. Revenue from operations increased to Rs 4,560 crore from Rs 4,032 crore in the year-ago quarter, while net profit rose to Rs 3,121 crore from Rs 2,811 crore.
A consortium of leading financial institutions has been appointed as book-running lead managers for the issue, while MUFG Intime India Pvt Ltd is the registrar.
The equity shares are proposed to be listed on BSE. NSE has filed a red herring prospectus dated September 10, 2026 with the Registrar of Companies for the proposed IPO.
The proposed issue is subject to requisite approvals, market conditions and other considerations. NSE has also cautioned potential investors that investment in its equity shares involves a high degree of risk and advised them to refer to the risk factors and the red herring prospectus before making any investment decision.
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