NSE IPO Receives Nearly 4 Times Subscription So Far On Final Day

The ₹22,569-crore initial public offering of the National Stock Exchange of India (NSE), the country's second-largest public issue, received 3.92 times subscription so far on the final day of bidding on Monday.

The offering is India's second-largest public issue after Hyundai Motor India's ₹27,870-crore IPO in 2024. The IPO surpassed LIC's ₹21,000 crore offering in 2022 but remains below Hyundai Motor India's record public offer.

The NSE IPO received bids for 34.78 crore (34,78,26,096) shares against 8.86 crore (8,86,42,911) shares on offer, as per details available with the BSE till 02:35 PM.

The category for Qualified Institutional Buyers (QIBs) garnered 7.99 times subscription, while the portion for non-institutional investors was subscribed 5.07 times. The quota for retail investors received 1.13 times subscription.

The NSE on Wednesday last week raised ₹6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.

Additionally, sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management, also participated in the anchor round.

The IPO comprises an Offer for Sale (OFS) of up to 12.64 crore equity shares by existing shareholders.

The exchange has fixed a price band of ₹1,700-1,785 per equity share for the IPO. At the upper end, it will command a valuation of up to ₹4.42 lakh crore.

Since the offering is entirely an OFS, proceeds from the share sale will accrue to existing shareholders, not the NSE.

NSE shares are expected to make their market debut on September 24.

The public issue marks a significant milestone for the NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.

The reduction in the OFS size from the earlier planned 14.9 crore shares has brought down the overall issue size from the initial estimate of around ₹30,000 crore.