NSE IPO Day 1: ₹22,569 crore issue subscribed 27% so far led by NIIs, Employees

The ₹22,569 crore Initial Public Offer (IPO) of the Stock Exchange (NSE), has opened for subscription on Thursday, September 17. The issue has been subscribed 27% so far on the first day.

Bids have also started to come in from Institutional investors, with the Qualified Institutional Bidders (QIB) portion getting 11% subscription so far. The portion reserved for Non-Institutional Investors (NIIs) has been subscribed 40%, while those reserved for retail investors has been subscribed 31% so far. The portion reserved for eligible employees has also been subscribed 67% the shares on offer for them.

NSE's IPO is the second-largest in Indian history and is also the largest IPO so far in 2026. The IPO is a complete offer for sale (OFS), meaning the exchange will not receive any proceeds from the issue.

About The NSE IPO

NSE has fixed a price band of ₹1,700 to ₹1,785 for the IPO, and one lot will comprise of eight shares. Retail investors will need to make a minimum investment of ₹14,280 for one lot. They can then bid in multiples of eight shares thereafter.

35% of the IPO is reserved for retail investors. while 50% is earmarked for the Qualified Institutional Bidders (QIBs). The rest is for the Non-Institutional Investors (NIIs).

How Have NSE's Financials Shaped Up?

NSE generated ₹16,601 crore of revenue and ₹12,657 crore of adjusted EBITDA in FY26, giving it a 76% adjusted EBITDA margin. Net Profit after Tax (PAT) stood at ₹10,302 crore, a margin of roughly 62%. That is a very high level of profitability for a business.

The business is relatively asset-light, with zero debt on the FY26 numbers and limited structural working-capital requirements.

Unique registered investors on NSE increased from 9.2 crore in FY24 to 12.9 crore in FY26, growing at a 19% CAGR.

Should You Subscribe To The IPO?

Majority of the analyst-released reports point to a "subscribe" consensus for the NSE IPO. However, there are some such as Religare, who are "neutral" on the issue as well. You can read more on that in greater detail here.

What Are The GMP Rates Indicating?

According to reports, shares of NSE are currently commanding a premium between ₹160 to ₹170 per share in the unlisted market. It must be noted that these GMP rates are speculative in nature and that the actual listing price could differ from what the GMP rates are suggesting.

How To Subscribe To The NSE IPO?

You can subscribe to the NSE IPO through your stock broker's trading account or through your net banking app via the ASBA or the Application Supported by Blocked Amount.

When you login to the broker app, go to the IPO section in the menu, select "NSE" from the list of IPOs open, enter the UPI ID linked to your bank account, enter the bid quantity, select the cut-off price and hit submit.

The UPI mandate request should be approved before 7 PM IST on the day the issue closes, that is Monday, September 21, 2026.