NSE IPO Likely to Open on 18 September, Listing Expected on 25 September

The National Stock Exchange's initial public offering (IPO) is likely to open for public subscription on 18 September and list on stock exchanges on 25 September, according to sources cited by The Economic Times on 8 September.

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The IPO is expected to raise around ₹30,000 crore, according to the report. If that estimate is achieved, the offering would surpass Hyundai Motor India's ₹27,870-crore IPO in 2024 and become the largest IPO in India's history, as per sources quoted by The Economic Times.

Issue Timeline

According to sources cited by The Economic Times, the IPO price band is expected to be announced on 15 September, while the anchor investor portion is likely to open on 17 September.

The public issue is expected to remain open on 18, 21 and 22 September. There has been no official announcement from NSE regarding the issue schedule so far.

Offer Structure

The IPO will consist entirely of an offer for sale (OFS) of up to 148.9 million equity shares with a face value of ₹1 each, representing nearly 6% of NSE's paid-up equity capital, according to the report.

Because the issue is an OFS, NSE will not receive any proceeds from the share sale. The funds raised will go to the existing shareholders selling their stake through the offering.

Shareholder Participation

Bank of Baroda is likely to sell 35% of its holding in NSE, equivalent to 7,690,375 shares, through the IPO, according to media reports cited by The Economic Times.

Other existing shareholders are also expected to participate in the OFS, though the final share sale details will become clear closer to the issue launch.

Background

NSE is India's largest stock exchange by trading activity and has been preparing for a public listing for several years. The proposed IPO has been closely watched by investors because of the exchange's strong market position and profitability.

The issue has attracted significant attention due to its expected size. Based on estimates cited by The Economic Times, the offering could raise about ₹30,000 crore, making it larger than Hyundai Motor India's ₹27,870-crore IPO in 2024 and setting a new record for the Indian primary market.