The Initial Public Offering (IPO) of the National Stock Exchange (NSE) attracted applications for 50.58 crore shares against an offering of 8.86 crore, resulting in an overall subscription rate of 5.71 times. The total offering amounted to 22,562 crore rupees.
NSE shares demonstrated a steady start on the exchanges on Thursday, as they were listed near the IPO price, which aligned with 'grey market' expectations. NSE shares were registered on BSE with a premium of 0.84 percent at a price of 1,800 rupees.
Before trading began, the Grey Market Premium (GMP) for NSE shares stood at 38 rupees per share. According to tracking websites for the unofficial market, the GMP suggested an NSE share listing price of 1,823 rupees, representing a premium of only 2.13 percent over the IPO price of 1,785 rupees.
Qualified institutional buyers subscribed to their reserved portion 12.68 times, while non-institutional investors subscribed 6.55 times. The retail investor portion received applications for 6.13 crore shares against a reservation of 4.41 crore, equivalent to a 1.39 times subscription.
NSE IPO Details
The NSE IPO was open for subscription from September 17 and closed on September 21. The price band was set at 1,700–1,785 rupees per share, and the issue consisted entirely of a Follow-on Offer (OFS) by existing shareholders; NSE did not issue new shares.
The NSE IPO became the second largest public offering in India after the Hyundai Motor India IPO worth 27,858.75 crore rupees in 2024.
Prior to the IPO, the country's largest exchange raised 6,746 crore rupees from nearly 189 anchor investors. Key participants included the Life Insurance Corporation of India, Norway’s Government Pension Fund Global, Monetary Authority of Singapore, Abu Dhabi Investment Authority, and Société Générale, along with several other insurance companies and mutual funds. Most brokerage reports recommended subscribing to the offering from a medium-term and long-term perspective.
Book running managers for the NSE IPO included Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital, and 360 ONE WAM.