National Stock Exchange of India IPO

About the company

NSE IPO will open for subscription on Thursday, 17 September. The IPO will remain open till Monday, 21 September, followed by listing on 24 September. NSE IPO is a complete offer-for-sale (OFS) with total issue size of ₹22,561.5 crore. Established in November 1992, National Stock Exchange of India Limited (NSE) operates a vertically integrated, multi-asset exchange combining trading, clearing, settlement, listing, indices and market information services. Its products span cash equities, equity futures and options, currency and commodity derivatives, debt instruments, interest-rate futures and mutual fund transactions. NSE also acts as a first-level regulator, overseeing market integrity and participant compliance. In FY26, it held market shares of 92.9% in cash-market turnover, 99.7% in equity-futures turnover and 74.7% in equity-options premium turnover. NSE earns its revenue through transaction fees from trading members, listing fees from issuers, and charges for connectivity, data, licensing and post-trade services. FY26 revenue from operations was ₹16,601.3 crore, of which transaction charges contributed 78.6%. Options segment alone represented 60.22% of operating revenue, followed by cash-market transactions at 9.3% and futures at 8.9%. Other revenue streams included data connectivity at 6.8% data feeds and terminals at 2.8%, listing at 2.1%, clearing and settlement at 1.5%, data-centre rack charges at 1.2%, and licensing at 0.9%. Income from investment activities contributed another 5.1%. NSE connects issuers, brokers, institutional investors and individual investors across India. As of June 30, 2026, its platform had 13.2 crore unique registered investors, 26.1 crore registered investor accounts, 1,328 trading members and 3,005 listed entities, whose aggregate market capitalisation was ₹474.08 lakh crore. Investors covered across 99% of Indian postal codes. The exchange provides mainboard and EMERGE platforms, alongside a Social Stock Exchange; 565 SME companies were listed as of June 2026, excluding specified migrated and institutional-platform companies. During FY26, its platform facilitated total fund mobilisation of ₹20.33 lakh crore, including ₹4.78 lakh crore of equity capital. Over the years, NSE has formed various subsidiaries to expand its business beyond trading. NSE Clearing Limited provides domestic clearing and settlement, with FY26 shares of 88.4% in cash-market cleared value and 91% in equity-derivatives cleared value. NSE Indices managed 435 indices as of June 30, 2026, including the NIFTY50 index. As of 30th June 2026, domestic passive funds tracking Nifty indices had assets of ₹8.95 lakh crore and accounted for 72.5% of Indian index-fund and ETF assets excluding gold and silver. NSE Data and Analytics (NSE DAL) and NSE Cogencis Information Services Limited (NSE Cogencis) provide market data, analytics, news and terminal services to institutional investors, asset managers, regulators and users across multiple financial markets. Technology supports this nationwide network through seven data centres and more than 200,000 trading terminals across over 1,400 cities and towns. NSE had 1,868 member colocation full-rack equivalents till June 30, 2026. International access is provided through NSE International Exchange at GIFT City, offering foreign-currency products and approximately 21-hour trading. NSE’s expansion initiatives include electricity futures launched in July 2025, electronic gold receipts, Indian natural gas futures launched in July 2026 and a coal-exchange subsidiary incorporated in June 2026. The latter remains in a development initiative; the RHP describes its proposed electronic marketplace and intended functions rather than an established operating business. NSE operates in the exchange and capital-market infrastructure industry, which enables capital raising, securities trading, price discovery, risk management and post-trade settlement. Exchange groups have expanded from equity-trading venues into integrated platforms spanning derivatives, currencies, commodities, fixed income, indices and market data. India’s cash-market turnover rose from ₹49.77 lakh crore in FY16 to ₹280.26 lakh crore in FY26 and the industry turnover is projected to be ₹473 to 507 lakh crore by FY30, implying a 14 to 16% CAGR. Growth drivers include economic expansion, capital formation, greater free float, digital trading and broader investor participation. Demat accounts increased from 5.51 crore in March 2021 to 22.45 crore in March 2026, a 32.4% CAGR. Mutual-fund assets reached ₹73.73 lakh crore in March 2026, growing at an 18.60% CAGR from March 2021. NSE’s FY26 cash-market share of 92.9%, large registered-investor base and integrated trading and clearing infrastructure position it to participate in this expansion. Its Nifty ecosystem also provides exposure to passive investing: Nifty-linked domestic funds accounted for 72.59% of Indian index-fund and ETF assets excluding gold and silver in June 2026. The company’s stated growth plans include broader index and data offerings, commodity products and international access through GIFT City, extending its participation across capital-market activities. Now, National Stock Exchange of India is launching its initial public offering (IPO), which is complete offer-for-sale of over 12.6 crore shares worth ₹22,561.6 crore. NSE shares will be listed on BSE only on Thursday, September 24, 2026. Several institutional shareholders are reducing their stakes in NSE via offer-for-sale, led by SBI (1.59 crore shares), SBI Capital Markets (87.8 lakh), New India Assurance (1.05 crore), Bank of Baroda (76.9 lakh), GIC (61.9 lakh) and Stock Holding Corporation (61.9 lakh). Other selling shareholders include Canada Pension Plan Investment Board (CPPIB), Aranda Investments, MS Strategic and United India Insurance. ### **How to apply for NSE IPO?** If you are interested in this investment opportunity but unsure how to apply for an National Stock Exchange of India IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the National Stock Exchange of India IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘National Stock Exchange of India IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   17 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   21 Sept 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   22 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   23 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   23 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   24 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.