New Delhi, September 21: The ₹22,569-crore initial public offering (IPO) of the National Stock Exchange of India (NSE) was subscribed 5.71 times on the final day of bidding on Monday, driven by strong demand from institutional investors. The IPO received bids for 50.58 crore shares against the 8.86 crore shares on offer, according to BSE data. The NSE IPO offering is India’s second-largest IPO after Hyundai Motor India’s ₹27,870-crore issue in 2024. It has also surpassed the ₹21,000-crore IPO of Life Insurance Corporation of India (LIC) in 2022.
Qualified Institutional Buyers (QIBs) subscribed to their portion 12.68 times, while the non-institutional investor category was subscribed 6.55 times. The retail portion received 1.39 times subscription. The IPO generated nearly ₹90,300 crore in demand against the issue size of ₹22,568 crore. It was fully subscribed on the second day of bidding on Friday.
The NSE had raised ₹6,746 crore from anchor investors last week, with participants including LIC, Goldman Sachs and Fidelity. Sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, along with 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 price band was fixed at ₹1,700-₹1,785 per share, valuing the exchange at up to ₹4.42 lakh crore at the upper end.
Since the issue is entirely an OFS, the proceeds will go to existing shareholders rather than the NSE. NSE shares are expected to be listed on September 24.
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