NSE IPO Closes Today: 15 Brokerages Recommend Subscribe as Issue Draws Strong Demand

The initial public offering of the National Stock Exchange of India closed for subscription on Monday, capping a keenly watched three-day bidding window for what ranks among the country's largest and most closely tracked stock market listings in years.

NSE priced the entirely offer-for-sale issue in a band of Rs 1,700 to Rs 1,785 per share, with a lot size of eight shares, valuing the exchange at up to Rs 4.42 lakh crore at the top end of the range. The offering, sized at up to Rs 22,562 crore, is being sold entirely by existing shareholders rather than raising fresh capital for the exchange itself.

Strong demand through the bidding window

By the end of the second day of bidding, the issue had been subscribed 1.22 times overall, drawing close to 20.4 lakh applications. Non-institutional investors led demand at 1.83 times their allotted portion, followed by qualified institutional buyers at 1.54 times, while the employee quota was subscribed 1.63 times. The retail portion, allotted 35% of the net offer, stood at 78% subscribed heading into the final day, with QIBs assigned half the offer and non-institutional investors 15%.

Ahead of the public offer, NSE raised Rs 6,746.18 crore from 189 anchor investors at the top price of Rs 1,785 a share, with market sources estimating demand in the anchor book at nearly Rs 1.2 lakh crore — about 20 times the book size. The anchor list included global names such as GIC Singapore, ADIA, Norges Bank, Fidelity and HSBC Global Asset Management, alongside major domestic institutions including LIC, SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund and HDFC Life.

Brokerages largely bullish

Fifteen brokerage firms — including Nirmal Bang Securities, Geojit Investments, Angel One, Choice Broking, YES Securities and Axis-linked entities among others — have issued "subscribe" recommendations on the issue for the long term. Their reasoning centres on NSE's dominant position in Indian markets, with a 93% share in cash equities and nearly 100% in equity futures, alongside deep liquidity, strong network effects and high operating margins.

Brokerages have also pointed to the exchange's minimal conventional debt, robust cash generation and a valuation discount relative to rival BSE, along with longer-term optionality from India's ongoing financialisation trend and potential new revenue streams in areas such as electricity, natural gas, coal, index products and data services.

Financial snapshot and what comes next

NSE reported a net profit of Rs 3,120.08 crore on total income of Rs 5,252.17 crore for the quarter ended June 30, 2026. For the full year ended March 31, 2026, net profit stood at Rs 18,713.37 crore, with a profit-after-tax margin of 58.78% in the June quarter and return on equity and return on capital employed of 32.98% and 42.80% respectively for the year.

The issue is managed by a large syndicate of merchant bankers including Kotak Mahindra Capital, JP Morgan India, Morgan Stanley India, Citigroup Global Markets and ICICI Securities, among others, with MUFG Intime India acting as registrar. Allotment is expected to be finalised on September 22, with shares set to list on the BSE on September 24 — marking the moment India's largest stock exchange itself becomes a publicly listed company, years after regulatory hurdles first delayed the move.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.