NSE’s Rs 22,569-cr IPO fully subscribed on Day 2

The Rs 22,569-crore initial public offering of the National Stock Exchange of India (NSE) was fully subscribed on the second day of bidding on Friday, driven by demand from qualified institutional buyers (QIBs) and non-institutional investors.

The IPO received bids for 8,88,23,000 shares against 8,86,42,911 shares on offer, according to BSE data available till 2:56 pm.

The QIB category was subscribed 1.32 times, while the non-institutional investor portion received 1.37 times subscription. The retail investors’ quota was subscribed 66 per cent.

The NSE issue is India’s second-largest public offering after Hyundai Motor India’s Rs 27,870-crore IPO in 2024. It has surpassed the Rs 21,000-crore IPO of Life Insurance Corporation of India in 2022.

The exchange raised Rs 6,746 crore from anchor investors on Wednesday. Participants included state-owned LIC, Goldman Sachs and Fidelity, along with sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority and Norges Bank.

The price band has been fixed at Rs 1,700-1,785 per equity share. At the upper end, the IPO values NSE at up to Rs 4.42 lakh crore.

The issue closes on September 21, with NSE shares expected to list on September 24. The offering comprises an offer for sale of up to 12.64 crore equity shares by existing shareholders. Since it is entirely an OFS, the proceeds will accrue to existing shareholders and NSE will not receive funds from the issue.

The IPO marks a major milestone for NSE after its listing plans remained stalled for nearly a decade amid regulatory hurdles, including issues related to the co-location controversy.

The reduction in the OFS size from the earlier proposed 14.9 crore shares has brought down the overall issue size from the initial estimate of around Rs 30,000 crore. The IPO comes as NSE seeks to transition to public ownership after years of regulatory and procedural delays. The exchange is one of India’s key market infrastructure institutions and operates the country’s largest electronic stock trading platform.

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The Hans India