1 hr ago
NSE IPO Reaches 55% Subscription on Day Two
The National Stock Exchange of India is offering some of its existing shares to the public.
By the second day, investors had applied for 55% of the shares being offered.
Retail investors had applied for 56% of their reserved portion.
Some other investor groups and eligible employees had already filled their portions.
Large investors, including LIC and overseas funds, had bought shares before the public offering began.
The IPO will not give new money directly to NSE because it is entirely an offer for sale.
One brokerage called the IPO fairly valued but warned about valuation and regulatory concerns.
Another analyst said the IPO could suit people seeking listing gains or long-term growth, depending on their goals.
NSE shares are expected to list on September 24, 2026.
The NSE IPO was 55% subscribed on Day 2, with retail investors subscribing to 56% of their portion.
Non-institutional investors and eligible employee portions were fully booked, while qualified institutional buyers submitted bids for 19%.
NSE allocated shares worth Rs 6,746 crore to anchor investors, including LIC, Norway’s Government Pension Fund and the Abu Dhabi Investment Authority.
At the upper price-band level, NSE’s estimated market capitalization is around Rs 4.42 lakh crore; its tentative listing date is September 24, 2026.
Religare Broking rated the IPO Neutral, while Master Capital Services said investors may consider it for listing gains or long-term growth, depending on their objectives.
- Who
- The National Stock Exchange of India, public investors, anchor investors, Religare Broking and Master Capital Services.
- What
- NSE’s IPO reached 55% subscription on its second day of bidding.
- Where
- India’s capital market; the article does not specify a physical location for the subscription activity.
- When
- The update was reported during Day 2 of bidding; NSE shares are scheduled to list on September 24, 2026.
- Why
- Investors are bidding for shares in one of India’s largest IPOs, while the exchange is offering existing shares through an offer for sale.
Cautious View
Positive View
IPO attractiveness
Cautious View
Religare Broking assigned a Neutral rating, citing valuation and regulatory concerns alongside NSE’s strong market position.
Positive View
Master Capital Services said investors seeking listing gains may consider applying at the IPO price and that long-term investors may find NSE’s financial strength and growth potential supportive.
Investment timing
Cautious View
Because the IPO is entirely an offer for sale, NSE will not receive fresh capital from the issue, which may limit the direct business benefit of the offering.
Positive View
The analyst said investors with long-term objectives could participate and potentially add shares after listing if prices decline.
Key facts
- Day 2 subscription
- 55% overall as of 11:32 a.m.
- Retail subscription
- 56%
- Qualified institutional buyers
- 19%
- Anchor allocation
- Rs 6,746 crore
- Estimated market capitalization
- Around Rs 4.42 lakh crore at the upper price band
- Employee discount
- Rs 170 per share
- Tentative listing date
- September 24, 2026
Quotes
Ravi Singh
Chief Research Officer at Master Capital Services
“Subscribing to this IPO depends on an investor's objective.”
businesstoday.in
Sources
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