National Stock Exchange of India fixes IPO price band at ₹1,700–₹1,785 per share. The ₹1 face-value issue will open on September 17 and close on September 21, 2026.
Mumbai : National Stock Exchange of India Limited (NSE) has fixed the price band for its much-awaited initial public offering (IPO) at ₹1,700 to ₹1,785 per equity share of face value ₹1 each. The IPO will open for subscription on September 17, 2026 and close on September 21, with investors able to bid for a minimum of eight equity shares and in multiples of eight thereafter. The issue is an offer for sale (OFS) of up to 126,436,650 equity shares by existing corporate shareholders, including 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 Limited, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India Limited and United India Insurance Company Limited. NSE currently has 2.475 billion outstanding equity shares of ₹1 each.
The issue is being undertaken through the book-building process in accordance with the SEBI ICDR Regulations. Not more than 50 per cent of the issue will be reserved for Qualified Institutional Buyers (QIBs), while not less than 15 per cent will be available for Non-Institutional Investors (NIIs) and not less than 35 per cent for Retail Individual Investors (RIIs). The equity shares are proposed to be listed on BSE.
Established in 1994, NSE was the first stock exchange in India to introduce electronic or screen-based trading and has since developed an integrated market infrastructure covering exchange listings, trading, clearing and settlement, indices and market data. The exchange also acts as a first-level regulator, overseeing compliance by trading and clearing members and listed companies with SEBI and exchange rules, while maintaining systems designed to provide transparent and orderly access to the capital markets.
NSE has emerged as one of the world's largest and most technologically advanced exchanges. According to Futures Industry Association statistics, it was the world's largest derivatives exchange by trading volume in terms of contracts in calendar 2025, while World Federation of Exchanges data placed it third globally in the equity segment by number of trades through electronic order books during 2025. According to the Redseer Report, NSE remained India's largest exchange in terms of total turnover in the cash market and equity derivatives from Fiscal 2001 to Fiscal 2026 and during the three months ended June 30, 2026. It also held the largest share of exchange-traded currency derivatives in India from Fiscal 2009 through Fiscal 2026 and the June 2026 quarter.
The exchange has maintained a dominant position across major asset classes. According to the Redseer Report, its market share in the cash market stood at 92.99 per cent in Fiscal 2026 and 93.05 per cent in the three months ended June 30, 2026, based on total turnover. Its corresponding market share in equity futures was 99.79 per cent and 99.72 per cent, while in equity options, based on premium turnover, it was 74.71 per cent and 68.48 per cent. NSE also accounted for 99.48 per cent and 100 per cent of exchange-traded currency futures and 100 per cent of exchange-traded currency options during the respective periods. In listed and unlisted corporate bonds executed through OTC, RFQ and anonymous platforms and settled through clearing corporations, its share stood at 85.65 per cent in Fiscal 2026 and 81.15 per cent in the three months ended June 30, 2026.
NSE's scale has expanded sharply over the past few years, with its unique registered investor base rising 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 Mainboard and EMERGE platforms grew at a CAGR of 25.89 per cent. As of June 30, 2026, NSE supported 261.36 million registered investor accounts, 1,328 trading members, 132.37 million unique registered investors and 3,005 listed entities, whose combined market capitalisation stood at ₹474.08 trillion. Investors connected to the exchange covered more than 99 per cent of India's postal codes, reflecting the broadening geographical reach of the country's capital markets.
NSE has also played a significant role in capital mobilisation. During the three months ended June 30, 2026, more than ₹1.29 trillion was mobilised through equity capital and total fund mobilisation through its platform stood at ₹6.19 trillion. For Fiscal 2026, the corresponding figures were over ₹4.78 trillion in equity capital mobilisation and ₹20.33 trillion in total fund mobilisation. The exchange said these figures demonstrate its central role in India's capital formation ecosystem.
Technology remains a key component of NSE's operations. Its trading platform processed an average of 12.46 billion messages a day between April 1, 2024 and June 30, 2026. On March 24, 2026, the platform handled a peak of 21.89 billion order messages in a single day, when 201 million trades were executed. On June 4, 2024, it recorded 293.85 million trades in a single day. The exchange's infrastructure is capable of processing nearly five million messages per second with microsecond-level response times across cash market, equity derivatives and exchange-traded currency derivatives.
NSE has also built a wider financial-market ecosystem through its subsidiaries and associated institutions. NSE Clearing Limited, established in August 1995, provides clearing and settlement services, while NSE Indices Limited offers index-related services. NSE Data and Analytics Limited, established in 2000, provides real-time market data, benchmark information, fixed-income valuations and analytical tools to institutional investors, asset managers and regulators. NSE International Exchange, established in GIFT City in 2016, enables Indian and overseas entities to trade in foreign-currency-denominated securities and financial products and provides access to international financial markets, with trading available for nearly 21 hours a day.
The company's financial performance has also remained strong. NSE reported revenue from operations of ₹4,560 crore for the quarter ended June 2026, compared with ₹4,032 crore in the corresponding quarter a year earlier. Its net profit rose to ₹3,121 crore from ₹2,811 crore during the same period.
Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citi Global Markets India, HSBC Securities & Capital Markets India, JP Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM are acting as the book-running lead managers to the issue. MUFG Intime India Private Limited is the registrar to the IPO.
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| NSE press conference on company's IPO announcement. |
The issue is being undertaken through the book-building process in accordance with the SEBI ICDR Regulations. Not more than 50 per cent of the issue will be reserved for Qualified Institutional Buyers (QIBs), while not less than 15 per cent will be available for Non-Institutional Investors (NIIs) and not less than 35 per cent for Retail Individual Investors (RIIs). The equity shares are proposed to be listed on BSE.
Established in 1994, NSE was the first stock exchange in India to introduce electronic or screen-based trading and has since developed an integrated market infrastructure covering exchange listings, trading, clearing and settlement, indices and market data. The exchange also acts as a first-level regulator, overseeing compliance by trading and clearing members and listed companies with SEBI and exchange rules, while maintaining systems designed to provide transparent and orderly access to the capital markets.
NSE has emerged as one of the world's largest and most technologically advanced exchanges. According to Futures Industry Association statistics, it was the world's largest derivatives exchange by trading volume in terms of contracts in calendar 2025, while World Federation of Exchanges data placed it third globally in the equity segment by number of trades through electronic order books during 2025. According to the Redseer Report, NSE remained India's largest exchange in terms of total turnover in the cash market and equity derivatives from Fiscal 2001 to Fiscal 2026 and during the three months ended June 30, 2026. It also held the largest share of exchange-traded currency derivatives in India from Fiscal 2009 through Fiscal 2026 and the June 2026 quarter.
The exchange has maintained a dominant position across major asset classes. According to the Redseer Report, its market share in the cash market stood at 92.99 per cent in Fiscal 2026 and 93.05 per cent in the three months ended June 30, 2026, based on total turnover. Its corresponding market share in equity futures was 99.79 per cent and 99.72 per cent, while in equity options, based on premium turnover, it was 74.71 per cent and 68.48 per cent. NSE also accounted for 99.48 per cent and 100 per cent of exchange-traded currency futures and 100 per cent of exchange-traded currency options during the respective periods. In listed and unlisted corporate bonds executed through OTC, RFQ and anonymous platforms and settled through clearing corporations, its share stood at 85.65 per cent in Fiscal 2026 and 81.15 per cent in the three months ended June 30, 2026.
NSE's scale has expanded sharply over the past few years, with its unique registered investor base rising 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 Mainboard and EMERGE platforms grew at a CAGR of 25.89 per cent. As of June 30, 2026, NSE supported 261.36 million registered investor accounts, 1,328 trading members, 132.37 million unique registered investors and 3,005 listed entities, whose combined market capitalisation stood at ₹474.08 trillion. Investors connected to the exchange covered more than 99 per cent of India's postal codes, reflecting the broadening geographical reach of the country's capital markets.
NSE has also played a significant role in capital mobilisation. During the three months ended June 30, 2026, more than ₹1.29 trillion was mobilised through equity capital and total fund mobilisation through its platform stood at ₹6.19 trillion. For Fiscal 2026, the corresponding figures were over ₹4.78 trillion in equity capital mobilisation and ₹20.33 trillion in total fund mobilisation. The exchange said these figures demonstrate its central role in India's capital formation ecosystem.
Technology remains a key component of NSE's operations. Its trading platform processed an average of 12.46 billion messages a day between April 1, 2024 and June 30, 2026. On March 24, 2026, the platform handled a peak of 21.89 billion order messages in a single day, when 201 million trades were executed. On June 4, 2024, it recorded 293.85 million trades in a single day. The exchange's infrastructure is capable of processing nearly five million messages per second with microsecond-level response times across cash market, equity derivatives and exchange-traded currency derivatives.
NSE has also built a wider financial-market ecosystem through its subsidiaries and associated institutions. NSE Clearing Limited, established in August 1995, provides clearing and settlement services, while NSE Indices Limited offers index-related services. NSE Data and Analytics Limited, established in 2000, provides real-time market data, benchmark information, fixed-income valuations and analytical tools to institutional investors, asset managers and regulators. NSE International Exchange, established in GIFT City in 2016, enables Indian and overseas entities to trade in foreign-currency-denominated securities and financial products and provides access to international financial markets, with trading available for nearly 21 hours a day.
The company's financial performance has also remained strong. NSE reported revenue from operations of ₹4,560 crore for the quarter ended June 2026, compared with ₹4,032 crore in the corresponding quarter a year earlier. Its net profit rose to ₹3,121 crore from ₹2,811 crore during the same period.
Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citi Global Markets India, HSBC Securities & Capital Markets India, JP Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM are acting as the book-running lead managers to the issue. MUFG Intime India Private Limited is the registrar to the IPO.
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