NSE IPO Live Updates: Expected date, share price band, current status - Latest news

India’s rapid economic expansion, rising per capita incomes and accelerating financialisation of savings are converging to create a generational opportunity for capital market infrastructure.

As individual and institutional participation deepens, supported by greater digital penetration, regulatory reforms and a maturing investor base, trading volumes, market liquidity and demand for financial products are expected to continue to grow.

NSE maintains leading market share positions in India across key asset classes, with a 92.99% market share in the cash market (based on total turnover), 99.79% in equity futures (based on total turnover), 74.71% in equity options (based on premium turnover), 99.48% in exchange-traded currency futures (based on total turnover) and 100.00% in exchange-traded currency options (based on total premium turnover), as per the DRHP report.

NSE’s product portfolio spans the cash market, futures and options, mutual fund platforms, commodity derivatives, exchange-traded currency derivatives, the wholesale debt market and interest rate futures, among others. The exchange continues to expand its offerings across asset classes.

For instance, NSE introduced electronic gold receipts on its platform and expanded its commodity derivatives offerings to include new products such as 10-gram gold futures contracts, Brent crude oil futures, electricity futures and Indian natural gas futures.

In fiscal 2026, total fund mobilisation of ₹20.33 trillion was raised through NSE’s platform. Investors using the exchange span more than 99% of Indian postal codes as of March 31, 2026, highlighting the broad reach of NSE and its role in democratising access to financial opportunities, as per the DRHP report.

As of March 31, 2026, NSE supported 253.66 million registered investor accounts, 1,325 trading members, 129.09 million unique registered investors and 2,978 listed entities. The listed entities on the exchange had a combined market capitalisation of ₹411.25 trillion.

NSE’s journey began in November 1992 with a vision to integrate stock trading across India. Over the years, the exchange has played a pivotal role in transforming India’s capital markets by democratising access and enabling efficient capital flows through a transparent, technology-driven ecosystem.

This transformation is reflected in the growth of NSE’s unique registered investor base, which increased at a CAGR of 26.93% from 30.87 million as of March 31, 2020, to 129.09 million as of March 31, 2026. During the same period, the aggregate market capitalisation of listed entities on NSE’s platform (Mainboard and EMERGE) grew at a CAGR of 24.13%.

NSE dominates trading in India's equity derivatives market and is the world's most active derivatives exchange by contracts traded. The exchange operates India's benchmark Nifty 50 index.

The grey market premium (GMP) of the upcoming National Stock Exchange IPO is trading at ₹200 per share, according to IPO Watch, as of Tuesday. The premium indicates strong investor interest in the proposed issue, although it should be noted that grey market trends are unofficial and can change before the IPO opens.

To be sure, grey market prices are unofficial and do not necessarily reflect the IPO’s final valuation, while the final price band is set by the merchant bankers after considering multiple factors.

NSE’s path to the market has been one of India’s longest-running corporate sagas. The exchange first filed its IPO papers in 2016, but its listing plans were derailed by the co-location controversy, in which certain brokers were accused of receiving preferential access to NSE’s systems.

The IPO was subsequently shelved amid a leadership overhaul. In September 2024, Sebi closed proceedings in the co-location case against NSE and its officials, citing a lack of evidence.

NSE’s IPO plans gained momentum in January 2026 after the exchange, under new management, reached a settlement with Sebi and received approval to refile its papers. It filed its draft IPO documents on June 17 and received Sebi’s final observations last week.

The proceeds from the transaction will go entirely to the selling shareholders, as the proposed IPO is entirely an offer for sale (OFS) and will not involve the issuance of any fresh equity shares by NSE. As a result, the exchange itself will not receive any proceeds from the public issue.

The selling shareholders include State Bank of India, Canada Pension Plan Investment Board, affiliates of Morgan Stanley, Temasek, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company.

The proposed share sale will allow the existing institutional shareholders to partially monetise their investments in India's largest stock exchange while offering public investors an opportunity to participate in the company's ownership.

The issue is expected to open for public subscription on September 18 and list on September 25, sources told PTI. The price band for the IPO is expected to be announced on September 15, followed by the anchor book on September 17, the report said, citing the sources.

The public issue is likely to remain open on September 18, September 21, and September 22. There has been no official announcement from the bourse on the issue calendar.

The proposed timeline has been fixed to ensure that NSE shares debut before the 16-day lunar period of 'Pitru Paksha' begins on September 26, as per the report.

Bank of Baroda is proposing to divest up to 76,90,375 equity shares, representing 35% of its shareholding in the National Stock Exchange of India (NSE), through an Offer for Sale (OFS) as part of the exchange's proposed Initial Public Offering (IPO).

In an exchange filing on Tuesday, September 8, the bank said the proposed stake sale is subject to all applicable regulatory approvals.

As part of the OFS process, the equity shares have been transferred to an escrow account on September 8, 2026. The sale is expected to be completed by the end of September 2026, as indicated by NSE.

The National Stock Exchange (NSE) has flagged revenue concentration as a key business risk, highlighting that nearly half of its revenue is derived from its top 10 trading members.

The country's largest stock exchange and the world's most active derivatives exchange warned that any disruption involving these members could materially affect its financial performance and operations.

In its draft red herring prospectus (DRHP), NSE said that 46.78%, 44.48%, and 45.26% of its revenue from operations came from its top 10 trading members in fiscal years 2026, 2025, and 2024, respectively.

The exchange reported a 15% decline in profit after tax to ₹10,302 crore in FY26, compared with ₹12,188 crore in FY25. Total income also slipped to ₹18,713 crore in FY26 from ₹19,177 crore in the previous fiscal.

During the June quarter, NSE reported a 7% rise in consolidated profit after tax (PAT) to ₹3,120 crore from ₹2,924 crore in the corresponding quarter of the previous fiscal. Its total income increased 9% year-on-year to ₹5,252 crore in the April-June quarter of FY27 from ₹4,798 crore a year ago.

The NSE IPO consists entirely of an offer for sale of up to 149 million equity shares by existing institutional shareholders, indicating a total of 6% of NSE's paid-up capital is being offered to new investors. No fresh equity capital will be issued as part of the transaction.

While the final issue size and valuation will be determined later, market estimates suggest that the IPO size could be around ₹30,000 crore, implying a market capitalisation of more than ₹5 lakh crore, putting it among the top 10 most valuable companies by market capitalisation.

NSE is expected to begin book-building on September 11, with the price band likely to be announced on September 15, one of the sources told Reuters. The source declined to be identified because they were not authorised to speak to the media.

In informal meetings, large prospective investors, including Indian mutual funds, indicated that they would be comfortable buying shares at around ₹1,800 apiece, the sources said, adding that the formal price band is likely to be set near that level.

At that price, NSE would be valued at around $47 billion. Rival BSE has seen its shares surge 28-fold since going public in 2017.

India's National Stock Exchange is targeting a listing in the week starting September 21, three sources familiar with the matter told Reuters, after receiving long-awaited regulatory approval for its initial public offering on Friday.

The IPO could rank among India's biggest ever, alongside billionaire Mukesh ​Ambani's Jio. NSE has been valued at about $55 billion in the unlisted market, according to Reuters estimates, potentially placing it among the country's 10 most valuable companies by market capitalisation.

Market regulator Securities and Exchange Board of India (Sebi) issued its final observations to the National Stock Exchange on September 4, effectively clearing the way for the world’s largest derivatives exchange to proceed with its IPO.

Sebi’s observations are a key regulatory requirement for companies and market entities seeking to launch public issues, including initial public offerings (IPOs) and new fund offerings (NFOs).

As part of the process, Sebi reviews the draft offer document, such as a Draft Red Herring Prospectus (DRHP), and issues its observations based on its review. The observations may require the issuer to make certain changes or provide additional disclosures before proceeding with the public issue.

For NSE, receiving Sebi’s final observations marks a major regulatory milestone after years of delays and brings the exchange closer to launching its much-awaited IPO.

By quoting its anonymous sources, Reuters reported that large prospective investors, including Indian mutual funds, indicated they would be comfortable buying shares at around ₹1,800 apiece.

Speaking on the expected NSE IPO price band, Arun Kejriwal, Founder of Kejriwal Research and Investment Services, said the NSE shares ended at ₹2,050 on 7th September, which is close to its fair value. As the lock-in period began today, pre-IPO investors must wait 6 months to sell their NSE shares. The NSE IPO GMP on 7th September was around ₹300 per share. So, the upper NSE IPO price band can't be above ₹1,750 ( ₹2,050 - ₹300 = ₹1,750). In other words, the NSE IPO price band would be below ₹1750 per equity share."

After SEBI's nod to the NSE IPO, the grey market become highly bullish on the most-awaited public issue. The NSE IPO GMP skyrocketed from ₹20 to ₹200 on Friday last week. The NSE IPO GMP today is ₹273.