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IPO ·
BSE
National Stock Exchange of India Ltd
Listed
India's largest stock exchange, providing trading, clearing, listing, data and index services across asset classes.
Issue details
Price band
₹1,700 – ₹1,785
Face value
₹1
Lot size
8 shares
Minimum investment
₹14,280
Issue size
₹22,562.71 Cr
Fresh issue
—
Offer for sale
₹22,562.71 Cr
Issue type
Book Built
Exchange
BSE
Key dates
Opens
17 Sep 2026
Closes
21 Sep 2026
UPI mandate cut-off
5:00 PM on 21 Sep 2026
Allotment
22 Sep 2026
Refunds
23 Sep 2026
Shares in demat
23 Sep 2026
Listing
24 Sep 2026
Subscription and listing
Subscription
4.26x
Listing price
₹1800
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Kotak Mahindra Capital, Morgan Stanley India, HSBC Securities & Capital Markets, JM Financial, Citigroup, JP Morgan and others (19 total)
Subscription by category
Total
4.26x
Total applications
36,10,643
Anchor investors
Amount raised
₹6,746.18 Cr
Bid date
16 Sep 2026
50% lock-in ends
21 Oct 2026
Rest lock-in ends
20 Dec 2026
Listing day
Issue price
₹1785
Open
₹1,800.00
High
₹1,878.00
Low
₹1,800.00
Day close
₹1,818.00
Listing gain at open
+0.84%
Issue structure
Shares reserved per category and share of the total issue
QIB
6,30,01,606
49.83%
Anchor Investor
3,77,93,739
29.89%
QIB (Ex. Anchor)
2,52,07,867
19.94%
NII
1,89,00,483
14.95%
bNII > ₹10L
1,26,00,322
9.97%
sNII < ₹10L
63,00,161
4.98%
Retail
4,41,01,125
34.88%
Employee
4,33,436
0.34%
Total
12,64,36,650
100.00%
Finaccle’s quick read
Avoid
The issue is 100% OFS at a post-issue P/E of 35.4 and P/B of 13.76, and FY26 PAT of ₹10,302.06 Cr was down from ₹12,187.69 Cr in FY25, despite ROE of 32.98% and PAT margin of 50.98%.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
National Stock Exchange of India is the country's largest stock exchange, running markets in equities, equity and currency derivatives, commodities, debt and mutual funds. Through subsidiaries it also handles clearing and settlement, index licensing and market data. Its users are brokers, investors, issuers and data clients, and it reported total income of ₹18,713.37 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
32.98%
ROCE
42.80%
Debt / equity
—
PAT margin
50.98%
P/E post issue
35.4
Market cap
₹4,41,787.50 Cr
Use of IPO money
Offer for sale by selling shareholders (no proceeds to company)
₹22,562.71 Cr
Strengths
✓
Dominant share in Indian cash, derivatives and currency markets
✓
Integrated trading, clearing, indices and data businesses
✓
PAT margin above 50% with ROE near 33%
✓
Scalable technology platform with wide product range
Risks to watch
!
Entire ₹22,562.71 Cr issue is offer for sale
!
FY26 PAT fell about 15% from FY25
!
Post-issue P/E of 35.4 and P/B above 13 are full
!
Heavy dependence on F&O volumes and SEBI regulation
!
Revenue sensitive to trading activity cycles
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.