NSE IPO Likely to Open on September 18: Check Expected Price Band, Issue Size and Key Details

The much-awaited initial public offering (IPO) of the National Stock Exchange of India (NSE) is likely to hit the primary market on September 18, 2026, with the shares expected to list on September 25, according to reports. 

The proposed IPO is expected to be entirely an offer for sale (OFS), meaning existing shareholders will sell their holdings to investors. NSE itself will not receive any proceeds from the issue as there is no fresh issue of shares. The offering is expected to comprise up to 14.89 crore equity shares, representing nearly 6% of the exchange's paid-up equity capital.

NSE IPO Reported Price Band

According to media reports, the National Stock Exchange (NSE) is considering a price band of ₹1,700 to ₹1,785 per share for its upcoming IPO. The reported range is lower than the earlier expected band of ₹2,000 to ₹2,100 per share, amid changing market conditions and investor demand.

At the upper end of the reported price range, NSE could raise over ₹24,300 crore. Reports also suggest that the exchange may reduce the portion of shares offered in the IPO, as the Indian primary market is expected to see several large issues around the same period. Jio Platforms' proposed IPO is also progressing, which could add to the competition for investor capital.

NSE IPO - Issue Details

• Issue Type: Book-Built Issue (OFS only)
• Total Issue Size: Up to 14.89 crore equity shares 
• Fresh Issue: Not Applicable
• Offer for Sale (OFS):  Up to 14.89 crore equity shares 
• Face Value: ₹1 per share
• Price Band: To be announced
• Listing: BSE
• Book Running Lead Managers (BRLMs): Kotak Mahindra Capital Company Limited,  JM Financial Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, Anand Rathi Advisors Limited, Avendus Capital Private Limited, Axis Capital Limited, DAM Capital Advisors Limited, Equirus Capital Limited (formerly known as Equirus Capital Private Limited), HDFC Bank Limited, ICICI Securities Limited, IDBI Capital Markets & Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited, Pantomath Capital Advisors Private Limited, W 360 ONE WAM Limited 
• Registrar to the Issue: MUFG Intime India Private Limited

NSE IPO Structure: Offer for Sale

The NSE IPO will comprise an Offer for Sale (OFS) of shares held by existing shareholders, with no fresh issue of equity. As a result, NSE will not receive any proceeds from the IPO, and the funds raised will go to the shareholders selling their stakes.

The SBI group is among the key selling shareholders. State Bank of India is reportedly planning to sell nearly 1.6 crore shares, while SBI Capital Markets is offering around 87.8 lakh shares. Other shareholders expected to participate in the OFS include MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, GIC Re and several public sector insurance companies.

About NSE Limited

The National Stock Exchange of India (NSE) is India's largest stock exchange by market activity, with a leading position in the cash market, equity derivatives and exchange-traded currency derivatives based on turnover from Fiscal 2001 to Fiscal 2026. In FY2026, NSE was also the world's largest multi-asset exchange by the number of cash equity trades and equity derivatives contracts traded. It accounted for 11.38% of global cash equity trading and 51.18% of global equity derivatives trading.

NSE follows a vertically integrated business model covering trading, clearing, listing, settlement, market data and licensing services across multiple asset classes. As of March 31, 2026, the exchange had 129.09 million unique investors and 253.66 million investor accounts, along with 1,325 trading members and 2,978 listed entities. The total market capitalisation of securities listed on the exchange stood at ₹411.25 trillion.

Key Financial Highlights 

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