Archive · 19 Sep 2026
NSE IPO Fully Subscribed on Day Two as Institutions Lead
The National Stock Exchange of India is offering its shares to the public for the first time.
On the second day, large institutions and other big investors placed many orders.
Their demand was greater than the number of shares set aside for them.
Regular individual investors had not yet used all of their reserved shares.
Different reports gave slightly different numbers for the total demand and IPO size.
The IPO is an offer for sale, meaning existing owners are selling their shares.
NSE itself will not receive the money from those sales.
The exchange had already collected about ₹6,746 crore from anchor investors.
Its shares are expected to begin trading on the BSE around September 24 or 25.
The National Stock Exchange of India’s IPO was reported fully subscribed on its second bidding day, driven by institutional and non-institutional demand.
Reports cited issue sizes of about ₹22,561 crore to ₹22,569 crore, with subscription figures ranging from 1.16 times to 1.68 times.
Qualified institutional buyers subscribed between 1.32 and 1.53 times, while non-institutional investors subscribed between 1.35 and 1.68 times.
Retail demand remained below the reserved allocation, ranging from 65% to 72% in the reports.
The offer-for-sale covers up to 12.64 crore existing shares; allotment is expected on September 22 and listing on the BSE is expected on September 24 or 25.
- Who
- The National Stock Exchange of India, existing shareholders, qualified institutional buyers, non-institutional investors, retail investors and employees.
- What
- NSE’s IPO was reported fully subscribed on its second bidding day, led by institutional and non-institutional investors.
- When
- The IPO opened on September 17, was reported fully subscribed on Friday, the second bidding day, and is scheduled to close on September 21.
- Where
- Subscription data was reported from exchange and BSE data; the shares are expected to list on the BSE.
- Why
- Strong institutional and non-institutional demand exceeded their reserved allocations, while retail demand remained below its allocation.
Strong Institutional Demand
Cautious Retail Participation
Investor participation
Strong Institutional Demand
Qualified institutional buyers and non-institutional investors exceeded their reserved allocations, with reported subscription levels above one times.
Cautious Retail Participation
Retail investors remained below full subscription, with reports placing demand between 65% and 72% of their allocation.
Potential listing performance
Strong Institutional Demand
The strong IPO demand and reported grey-market premium suggested the possibility of a listing gain, according to one report.
Cautious Retail Participation
The grey-market premium is unofficial and does not guarantee the listing price or returns; an analyst also cautioned that some investors could take profits on listing day.
- Reported issue size
- Approximately ₹22,561 crore to ₹22,569 crore
- Price band
- ₹1,700–1,785 per share
- Offer structure
- Offer for sale of up to 12.64 crore equity shares by existing shareholders
- Reported subscription
- Overall subscription ranged from 1.16 times to 1.68 times, depending on the report and data time
- Anchor investors
- NSE raised about ₹6,746 crore on September 16, with institutions including LIC, Goldman Sachs and Fidelity participating
- Retail demand
- Reported at 65%, 66% or 72% of the reserved allocation
- Expected listing
- Reports gave September 24 or September 25 as the expected BSE listing date
