The much-anticipated National Stock Exchange of India (NSE) Limited initial public offering (IPO) will open for subscription on September 17, 2026, giving investors a chance to participate in the public listing of India’s leading stock exchange.

According to the Red Herring Prospectus (RHP), the ₹22,561.57 crore book-built issue will be entirely an Offer for Sale (OFS), comprising up to 12.64 crore equity shares held by existing shareholders.

The IPO will remain open until September 21, 2026. The basis of allotment is expected to be finalised on September 22, 2026, and the shares are tentatively scheduled to be listed on the BSE on September 24, 2026.

NSE IPO - Issue Details

Issue Type: Book Built Issue (OFS only)
Total Issue Size: Up to ₹22,561.57 crore
Fresh Issue: Not Applicable
Offer for Sale (OFS): Up to ₹22,561.57 crore
Face Value: ₹1 per equity share
Price Band: ₹1,700 to ₹1,785 per share
Lot Size: 8 shares
Minimum Investment Amount (Retail Investor): ₹14,280 (8 shares at the upper price)
Listing: BSE
Book Running Lead Managers: 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 Timeline (Tentative)

The expected IPO schedule is as follows:

Event	Date
Subscription Opening Date	17 September 2026
Subscription Closing Date	21 September 2026
Basis of Allotment Date	22 September 2026
Refund Initiation Date	23 September 2026
Credit of Shares	23 September 2026
Listing on BSE	24 September 2026

Note: The allotment and listing dates are tentative and may be revised.

Explore other Upcoming IPOs on BSE and NSE.

NSE IPO Category-wise Investment Limits

The application size for each category is as follows -

Category	Investment Range
Qualified Institutional Buyers (QIBs)	Not more than 50% of the Net Issue
Non-Institutional Investors (NIIs)	Not less than 35% of the Net Issue
Retail Individual Investors (RII)	Not less than 15% of the Net Issue

The minimum investment amount for each category, based on the upper price band of ₹1,785 per share, is as follows -

Investor Category	Lots	Shares	Investment Amount (Approx.)
Retail (Minimum)	1	8	₹14,280
Retail (Maximum)	14	112	₹1,99,920
sNII (Minimum)	15	120	₹2,14,200
bNII (Minimum)	71	568	₹10,13,880

NSE IPO Structure: Offer for Sale

The proposed NSE IPO is to comprise an Offer for Sale (OFS) of up to 12.64 crore equity shares held by existing shareholders, with no fresh issue of equity shares. As the IPO will not include a fresh issue, the National Stock Exchange of India will not receive any proceeds from the offering. The funds raised through the OFS will instead accrue to the shareholders selling their shares.

The State Bank of India Group is among the key shareholders expected to participate in the OFS, with State Bank of India set to offload around 1.60 crore equity shares. Other shareholders expected to sell shares 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 and has maintained 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 operates through a vertically integrated business model spanning 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. It had 1,325 trading members and 2,978 listed entities, while the total market capitalisation of securities listed on the exchange stood at ₹411.25 trillion.

Key Financial Highlights

Particulars	FY26 (in ₹ crore)	FY25 (in ₹ crore)	FY24 (in ₹ crore)
Revenue from operations	16,601.31	17,140.68	14,780.01
EBITDA	11,097.90	12,646.88	9,869.81
Profit After Tax (PAT)	10,302.06	12,187.69	8,305.74