NSE Seeks to Get Valued at ₹4.42 Trillion Amid Reduction of Share Sale Size by Over 15%

National Stock Exchange of India seeks to get valued at as high as ₹4.42 trillion through its highly awaited initial public offering after cutting the size of the share sale by over 15%. 

NSE has fixed the price range of the stock between ₹1,700 to ₹1,785 per share as per the public filing. The IPO will value the exchange at about $46.31 billion at the higher side of the range. 

The subscription period of the IPO will be from September 17 to September 21 and the bidding for anchor investors is set to start one day before on September 16. The listing of NSE shares will take place on or around September 24. 

Share Sale Cut to 126.4 Million Shares 

NSE has reduced the number of shares being offered after some of its major investors decided to sell smaller stakes. 

Existing shareholders will now offer 126.4 million shares, down from the 148.91 million shares planned earlier — a reduction of more than 15%. 

The IPO will be entirely an offer for sale. NSE is not issuing new shares and will therefore not receive any proceeds from the transaction. 

State Bank of India and Canada Pension Plan Investment Board are among the existing investors selling shares through the offering. 

SBI will sell around 16 million shares, making it the largest seller in the IPO. Its subsidiary SBI Capital Markets has also been added to the list of selling shareholders. 

MS Strategic (Mauritius), a Morgan Stanley fund, has reduced the number of shares it plans to sell by 31% to 11 million. 

Lower Pricing Influences Shareholder Decisions 

The reduced offer size comes amid a lower-than-expected price band. 

According to a source cited by Reuters, the pricing was the primary reason some shareholders decided to reduce the number of shares they would sell. The investors expect they could receive a better valuation in the secondary market after NSE lists. 

Recent transactions in the informal market for unlisted NSE shares have taken place between ₹2,000 and ₹2,100 per share. 

At ₹1,700-₹1,785, the formal IPO price band is below those recent unlisted-market levels. 

NSE IPO Could Raise $2.36 Billion 

At the announced price range, the NSE IPO is expected to be worth around $2.36 billion. 

The issue could rank among India’s largest stock-market listings, although its size would remain below some other major offerings. 

Reliance Jio’s upcoming public offering is expected to raise about $3.8 billion, while Hyundai Motor India’s 2024 IPO raised $3.3 billion. 

NSE’s offering comes after years of delays and as India’s IPO market regains momentum following a slower start to 2026. 

Regulatory Changes Weigh on Trading Volumes 

NSE is India’s largest stock exchange by trading volumes and has a dominant position in the derivatives market. 

Its business has benefited from the growth of retail participation in derivatives, but tighter regulations have affected activity in the segment. 

The Securities and Exchange Board of India introduced stricter restrictions on retail participation in options trading last year. 

Tighter rules on bank funding, higher taxes on derivatives transactions and India’s newly introduced closing auction session have also weighed on trading volumes. 

The regulatory changes have, in turn, affected the valuation investors are willing to assign to the exchange. 

Q1 Profit Rises 6.7% 

NSE reported growth in both profit and revenue during the quarter ended June 30. 

Net profit increased 6.7% to ₹31.2 billion, while revenue from operations rose 13% to ₹45.6 billion. 

The financial performance comes as the exchange prepares for one of the most closely watched listings in India’s capital markets. 

With the IPO now reduced to 126.4 million shares and priced between ₹1,700 and ₹1,785 apiece, NSE is targeting a valuation of up to ₹4.42 trillion. Anchor bidding is scheduled for September 16, followed by the public offering from September 17 to September 21 and an expected listing on or around September 24.