Archive · 10 Sep 2026
NSE Files Updated IPO Prospectus as Price Band Nears
NSE is preparing to sell some of its shares to the public through an IPO.
It has submitted an updated IPO document to SEBI, but people cannot read the updated version yet.
Reports say NSE might announce the share-price range on September 11.
Existing shareholders, rather than NSE itself, are expected to sell the shares.
Reports disagree about the likely price, with estimates ranging from about Rs 1,700 to Rs 2,000 per share.
They also estimate that the IPO could raise roughly Rs 25,000-27,000 crore or somewhat less.
The grey market is showing a premium, but this market is unofficial.
The reported premium fell from about Rs 255 on September 9 to Rs 211 on September 10.
The final price, issue size and listing schedule will only be known after NSE makes formal announcements.
The National Stock Exchange has filed an updated Draft Red Herring Prospectus with SEBI, but the document is not yet public.
Media reports say NSE may announce its IPO price band on Friday, September 11, although the timing has not been independently verified.
The IPO is expected to be an offer for sale by existing shareholders, with no new shares issued by NSE.
Reported price-band estimates range from Rs 1,700-1,785 to Rs 1,800-2,000 per share, while the expected issue size ranges from Rs 25,000-27,000 crore to Rs 24,000-25,000 crore.
Reported grey-market premiums differ by date, standing at Rs 211 on September 10 and around Rs 255 on September 9, both unofficial indicators of possible listing gains.
- Who
- The National Stock Exchange, its existing shareholders, SEBI, analysts and prospective investors.
- What
- NSE has filed an updated IPO prospectus and is expected to announce the offer's price band and issue size.
- When
- The price band was reportedly expected on Friday, September 11; the IPO process was expected to conclude in September, with a possible listing before September 25.
- Where
- The proposed shares would be offered in the public market, while NSE shares are also being traded in the unlisted and grey markets.
- Why
- The offer would allow existing NSE shareholders to sell their holdings to public investors.
Reported Estimates
Confirmed Information
Price band
Reported Estimates
Media reports cited a possible range of Rs 1,700-1,785 per share, while analyst Sameer Sawant estimated Rs 1,800-2,000.
Confirmed Information
NSE had not yet formally announced the price band, so all reported ranges remained provisional.
Issue size
Reported Estimates
Reports estimated the reduced offer could raise Rs 25,000-27,000 crore or Rs 24,000-25,000 crore.
Confirmed Information
The final issue size could not be independently confirmed because the updated prospectus was not publicly available.
GMP direction
Reported Estimates
The grey market continued to indicate a premium and possible listing gains, with a reported Rs 211 GMP on September 10.
Confirmed Information
The GMP reportedly declined from around Rs 255 on September 9 to Rs 211 on September 10 and remains an unofficial indicator.
- Updated filing
- NSE filed an updated Draft Red Herring Prospectus with the Securities and Exchange Board of India; the document was not yet publicly available.
- Offer structure
- The proposed IPO is an offer for sale by existing shareholders, with no fresh shares planned.
- Expected dilution
- The revised offer is expected to represent about 5.2%-5.5% of NSE's equity, compared with roughly 6% earlier.
- Earlier share offer
- The earlier Draft Red Herring Prospectus proposed an offer for sale of 14.89 crore shares.
- Price estimates
- Reports and analyst estimates placed the possible price band between Rs 1,700 and Rs 2,000 per share.
- Expected issue size
- Estimates ranged from Rs 24,000-25,000 crore to Rs 25,000-27,000 crore, compared with an earlier estimate of Rs 30,000 crore.
- Grey-market premium
- The reported GMP was Rs 211 on September 10 and around Rs 255 on September 9; GMP is unofficial and does not determine the final issue or listing price.
- Unlisted-market price
- NSE shares were reported near Rs 2,000-2,050 around September 9, with platforms showing prices close to Rs 2,000.
