The primary market is expected to witness a lot of activity as several initial public offerings (IPOs) are set to hit the market this month. However, investors are really excited about the IPO of the National Stock Exchange (NSE). This is because the exchange has received regulatory approval for the long-awaited initial public offering after a wait of around 10 years. The market regulator, SEBI (Securities and Exchange Board of India), approved the National Stock Exchange’s IPO papers on September 4, 2026. It has granted the Observation Letter (Observation Letter), or official approval.
The exchange first filed for an IPO in December 2016, only to see the process repeatedly derailed by a co-location scandal involving allegations that select brokers were given preferential, low-latency access to its trading systems, along with related governance lapses that drew sustained regulatory scrutiny.
NSE IPO expected to be biggest ever public issue
The exchange is expected to raise approximately Rs 30,000 crore through this IPO. This could potentially make it the country’s biggest every public issue, surpassing Hyundai Motor India’s Rs 27,858.75 crore listing in 2024 as Life Insurance Corporation (LIC) of India’s Rs 20,557.23 crore offering in 2022.
The issue is expected to be much bigger than other prominent listings like Paytm’s (One97 Communications) Rs 18,300 crore (2021), Tata Capital’s Rs 15,511.87 crore (2025) and Coal India’s Rs 15,200 crore (2010) listing.
The IPO will place NSE among India’s 10 most valuable companies by market capitalisation.
NSE IPO price band
The exchange is expected to announce the IPO price band and other key details this week. However, experts are of the view that the potential price band could be between Rs 1,800 and Rs 2,200.
Completely an offer for sale
The proposed IPO will comprise an offer for sale by existing shareholders. As the issue is entirely an offer for sale, proceeds will flow to selling shareholders rather than to the exchange itself.
According to the draft red herring prospectus (DRHP), State Bank of India (SBI) will offload up to 2.48 crore shares, while MS Strategic (Mauritius) Limited will sell 1.60 crore shares.
Notably, Life Insurance Corporation of India (LIC), NSE’s single largest shareholder with a 10.72 per cent stake, will not sell any shares in the IPO.
NSE IPO GMP today
According to Investorgain, the grey market premium (GMP) for the National Stock Exchange’s proposed initial public offering hit Rs 270 per share. Reports suggest that listing is expected in the fourth week of September.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
