NSE IPO price band may be set in the range of Rs 1,700-1,785 per share, according to reports. The report also indicated that the exchange may trim the offer-for-sale (OFS) stake to 5.5% from the earlier announced 6%, as IPO-bound National Stock Exchange of India (NSE) prepares to launch its long-awaited public offering.
Key Highlights
- NSE IPO price band may be revised to Rs 1,700-1,785, down from the earlier Rs 2,000-2,100 range.
- NSE IPO stake sale may be trimmed to 5.5%, valuing the exchange at up to Rs 4.42 lakh crore.
Price Band Revised Sharply Lower
According to reports, who asked not to be identified, NSE is likely to price its shares at Rs 1,700 to Rs 1,785 apiece, compared with the earlier range of Rs 2,000 to Rs 2,100. The exchange may also cut the stake being offered, after some shareholders backed out of selling at the lower price.
At the top end of the proposed range, a 5.5% stake sale would raise about Rs 24,300 crore, or $2.6 billion, according to the report. That would be below the Rs 27,900 crore raised by Hyundai Motor India in 2024, currently India's biggest-ever IPO. At that level, NSE would be valued at as much as Rs 4.42 lakh crore, or $46.6 billion, against an earlier targeted valuation of up to Rs 5.26 lakh crore.
Smaller Deal Size Reflects Market Absorption Concerns
According to reports, the reduction in the size of the deal reflects concerns over the ability of India's primary market to absorb several large offerings at the same time, with Jio Platforms also moving toward what could be one of the country's biggest-ever IPOs. IPO sales in India have raised almost $10 billion so far in 2026, compared with more than $20 billion in each of the previous two years.
Also Read: NSE IPO GMP Surges to Rs 285 Ahead of September 25 Listing Target
NSE Expected to Announce Price Band This Week
The price band will be announced by NSE this week and the IPO will go on sale from September 14, the people say. They said discussions were still continuing and details such as the price range and timing may change.
An NSE spokesperson did not immediately respond to a comment request. The exchange had applied for an allotment of all secondary shares in its draft prospectus in June, and India's market regulator had accepted the NSE IPO prospectus on September 4.
Selling Shareholders in the OFS
According to the filing, shareholders selling stakes in the offer include Morgan Stanley, Temasek Holdings, State Bank of India, Stock Holding Corporation of India Ltd, General Insurance Corporation of India, New India Assurance Co Ltd, National Insurance Co Ltd, and Oriental Insurance.
