The National Stock Exchange of India Ltd is said to have completed its initial public offering roadshows, with institutional demand expected to drive the price to ₹2,500-2,800 per share for the IPO, two people aware of the matter told Mint.
“The formal valuation process has commenced, with final pricing expected to be set in approximately two weeks following remaining discussions with domestic funds,” a person aware of the matter said. “Investors participating in the roadshow have offered to acquire shares at the upper end of the cut-off price. This is not unusual for foreign portfolio investors, who want to maximize allocation probability.”
During the outreach programme, NSE executives met 120 global investors out of a targeted 150 and secured $1 billion ( ₹10,000 crore) in commitments as qualified institutional buyers, the second person said.
The likely QIBs include JPMorgan Chase & Co, Deccan Value Investors, Allspring Global Investments Holdings, East Bridge Capital Management and Indus Capital Partners in the US, alongside Switzerland's Pictet Asset Management, the UK’s HSBC and Japan's Nomura Holdings, this person said.
Both people told Mint the valuation range can change based on multiple conditions, the heaviest of which is domestic appetite for the IPO. One must also note that NSE's IPO has not yet received regulatory approval.
JPMorgan and Nomura declined to comment on queries mailed by Mint on 17 August. NSE, Deccan Value, Allspring Global, East Bridge, Indus Capital, Pictet and HSBC did not reply to Mint's queries sent on the same day.
NSE, the country's largest bourse, plans to launch its IPO by mid-September and is eyeing a possible listing by 25 September, Mint reported on 14 August.
Among the biggest
In June, NSE filed its draft red herring prospectus with the market regulator for what could be one of the biggest-ever IPOs in India. In one of the largest secondary market transactions via an offer for sale (OFS), existing shareholders will offload 148.9 million shares, representing a 6% stake in NSE.
A successful IPO would mark a full circle for the exchange's decade-long listing plan. NSE first filed its IPO papers in 2016, after which it was caught up in the co-location scandal and accused of giving select brokers unfair access to its servers. As the case dragged on, the IPO was shelved amid a leadership overhaul.
In January 2026, under a new management, NSE reached a ₹1,300 crore settlement with the Securities and Exchange Board of India and received the go-ahead to refile its IPO papers.
Current regulatory frameworks require the exchange to maintain a diversified shareholding structure. No single foreign or domestic entity is permitted to hold more than 5% of the equity capital of an exchange without explicit regulatory approval, while specific institutional categories like commercial banks and insurance companies can hold up to 15%.
The NSE IPO is part of a wave of major public offerings expected this year as market sentiment improves, with a high-profile share sale anticipated from Reliance's Jio Platforms Ltd. There have also been big-ticket IPOs from SBI Funds Management Ltd and Manipal Health Enterprises Ltd. In August, Life Insurance Corporation of India raised over ₹30,000 crore through an OFS.
This follows a record-breaking 2025 for the primary market, in which 371 companies sold shares worth over ₹1.75 trillion through IPOs, bolstered by the massive debuts of HDB Financial Services, LG Electronics India, and ICICI Prudential Asset Management.