Archive · 17 Sep 2026
NSE Launches £1.76bn IPO After Decade-Long Wait
India’s National Stock Exchange, called NSE, is offering some of its shares to the public for the first time.
The sale could be worth as much as £1.76 billion.
Existing investors are selling the shares, so NSE itself will not receive the money.
The offer opened on September 17 and is scheduled to close on September 21.
Trading in the shares is expected to begin on September 24.
NSE has waited about a decade to list because of regulatory investigations.
The exchange has grown as more people in India trade shares online.
However, new rules and falling options trading could make future growth harder.
Investors must decide whether NSE’s growth is more important than these risks.
India’s National Stock Exchange has opened its first public share offering, valued at up to £1.76 billion.
The IPO is India’s second-largest public share sale, behind Hyundai Motor India’s 2024 listing.
The offer is an existing-shareholder sale, so NSE will not receive proceeds from the transaction.
The offering was reduced to 126.4 million shares, with a price band of Rs 1,700 to Rs 1,785.
NSE’s listing plans were delayed after regulatory investigations into alleged governance failures and the co-location controversy.
- Who
- India’s National Stock Exchange, its existing shareholders, and public and institutional investors.
- What
- NSE has launched an offer for sale of up to 126.4 million shares, valued at up to £1.76 billion.
- When
- The offering opened on September 17, is scheduled to close on September 21, and shares are expected to begin trading on September 24.
- Where
- India’s stock market, with bidding data reported through the Bombay Stock Exchange.
- Why
- Existing shareholders are selling holdings after NSE’s listing plans were delayed for years by regulatory investigations and the co-location controversy.
Growth Case
Risk Case
Investor appeal
Growth Case
NSE operates the market where most Indian shares are traded and has benefited from rising retail participation and online trading.
Risk Case
The Nifty 50 has fallen by more than 11% this year, while market volatility and geopolitical tensions have slowed India’s IPO market.
Trading-based revenue
Growth Case
NSE is the world’s largest derivatives exchange by contracts traded, supporting its importance in India’s financial sector.
Risk Case
About 80% of NSE’s revenue comes from trading, and options account for about 60% of trading revenue; options volumes have fallen from their 2024 peak.
Effect on the wider market
Growth Case
The listing could test and potentially demonstrate investor appetite for India’s financial sector.
Risk Case
Analyst Gaurav Dua said the NSE and expected Jio Platforms IPOs could draw money away from already-listed companies and put short-term pressure on the broader market.
- Maximum IPO value
- About £1.76 billion
- Price band
- Rs 1,700 to Rs 1,785 per share
- Shares offered
- Up to 126.4 million
- Offer type
- Offer for sale by existing shareholders
- Anchor investment
- About £525 million
- Expected trading date
- September 24
- Largest prior Indian public share sale
- Hyundai Motor India’s £2.17 billion listing in 2024