NSE sets IPO price band at ₹1,700-1,785:Investors can bid from Sept 17 to 21; firm will raise ₹22,562 crore through the issue

The National Stock Exchange, or NSE, has announced the price band for its IPO. The company has set the issue price band at ₹1,700 to ₹1,785 per share. The company plans to raise around ₹22,562 crore through this issue. At the upper price band, the company’s total valuation has been estimated at ₹4.42 lakh crore. NSE’s initial public offering will open for subscription on September 17, and investors will be able to place bids until September 21. Shares will be allocated to anchor investors, or large investors, on September 16. NSE shares may be listed on September 24 Shares under the IPO will be allotted on September 22. Investors who are not allotted shares will receive their refunds on September 23. On the same day, shares will be credited to the demat accounts of investors who have been allotted shares. The company’s shares are likely to be listed on the BSE on September 24. How much can retail investors invest? For this IPO, retail investors can apply for a minimum of one lot, comprising 8 shares. If you apply for 1 lot at the IPO’s upper price band of ₹1,785, you will need to invest ₹14,280. Retail investors can bid for a maximum of 14 lots, comprising 112 shares. For this, investors will need to make a maximum investment of ₹1,99,920. 35.35% of the company’s issue reserved for retail investors Approximately 50% of the company’s issue has been reserved for Qualified Institutional Buyers (QIBs). In addition, approximately 35% has been reserved for retail investors and around 15% for Non-Institutional Investors (NIIs). IPO Entirely an OFS; 12.6 Crore Shares to Be Sold According to the company’s Red Herring Prospectus (RHP), the number of shares to be sold under the IPO has been reduced from 148.9 million to 126.4 million. The offer will be entirely an Offer for Sale (OFS), meaning that no new shares will be issued. The sale represents approximately 5.1% of the company’s total equity capital, compared with the earlier proposal to sell 6%. SEBI Approved the Company’s DRHP on September 4 The net proceeds, or the amount remaining after taxes and expenses, will go entirely to the existing shareholders selling their shares. The primary objective of this IPO is solely to facilitate the listing and the OFS. The issue size has been reduced by around 15% compared with the Draft Red Herring Prospectus (DRHP) filed by the company in June 2026. Market regulator SEBI approved this DRHP on September 4, 2026. SBI is largest selling shareholder in the issue; some companies reduce their stakes MUFG Intime India is the registrar for the issue A total of 20 merchant bankers, including Kotak Mahindra Capital, JM Financial, Morgan Stanley, Citigroup, SBI Capital and HDFC Bank, have been appointed to handle this mega IPO. MUFG Intime India is the registrar for the issue. Financial performance: NSE’s profit declined 15.5% in FY26 In fiscal year 2026, NSE’s net profit declined 15.5% to ₹10,302.1 crore, compared with ₹12,187.7 crore the previous year. During this period, the company’s total income also fell 3.1% to ₹16,601.3 crore. However, NSE’s performance improved in the first quarter of the current financial year (June 2026). Quarterly profit increased 6.7% to ₹3,120.1 crore, while revenue rose 13.1% to ₹4,560.4 crore. What is an Offer for Sale (OFS)? In an IPO, an Offer for Sale means that the company is not raising new funds from the market by issuing new shares. Instead, existing investors in the company, such as promoters or large banks, are selling a portion of their holdings to the general public. All the money raised from this goes directly to the shareholders selling their shares, rather than to the company’s account.