India’s largest stock exchange is set to price its IPO lower than planned. NSE may sell shares at ₹1,700 to ₹1,785 each, against ₹2,000 to ₹2,100 earlier, cutting its valuation by nearly ₹84,000 crore.
The New Price Band and What It Raises
The National Stock Exchange of India (NSE) is likely to fix its IPO price band at ₹1,700 to ₹1,785 per share, Bloomberg reported on 8 September 2026, citing people familiar with the matter.
A price band is simply the range within which investors place their bids. NSE had earlier been marketing a band of ₹2,000 to ₹2,100 per share.
The exchange may also reduce the stake being sold to about 5.5% of its equity, down from the 6% planned earlier. Some shareholders backed out of selling once the lower price was on the table, the report said.
At the top of the new band, a 5.5% stake sale would fetch around ₹24,300 crore. That is below the ₹27,900 crore Hyundai Motor India raised in 2024, which remains India’s largest IPO.
At ₹1,785 a share, NSE would be valued at up to ₹4.42 lakh crore, against the ₹5.26 lakh crore it was earlier targeting.
Why NSE Has Softened the Terms
Two pressures show up in the reporting. The first is shareholder appetite. With the price lower, some selling shareholders chose to hold on to their shares, which shrinks the size of the offer.
The second is the market’s capacity to absorb big issues. Bloomberg reported that the smaller deal reflects concerns about how many large offerings India’s primary market can take at the same time, with Jio Platforms also moving towards a very large listing.
The fundraising trend supports that caution. Bloomberg data shows Indian IPOs have raised less than half this calendar year of what they raised in each of the previous two years, both of which set records.
How the Lower Band Changes the Valuation Math
NSE reported consolidated profit after tax of ₹10,302 crore in FY 2025-26, down about 15% from ₹12,188 crore in FY 2024-25, with earnings per share of ₹41.62 (NSE results release, 5 May 2026).
Measured against that EPS, here is how the two versions of the deal compare.
| Detail | Earlier plan | Revised plan (as reported) |
|---|---|---|
| Price band | ₹2,000 to ₹2,100 | ₹1,700 to ₹1,785 |
| Stake on offer | About 6% | About 5.5% |
| Valuation at upper end | Up to ₹5.26 lakh crore | Up to ₹4.42 lakh crore |
| Amount raised at upper end | Around ₹30,000 crore | Around ₹24,300 crore |
| Price to earnings on FY26 EPS | About 50 times | About 43 times |
The price to earnings ratio compares the share price with the profit the company earns per share. A lower multiple means investors are being asked to pay less for the same earnings.
Which Listed Companies Are Selling NSE Shares
The IPO is entirely an offer for sale (OFS). No new shares are being created, so NSE itself receives nothing from the issue. Every rupee goes to the shareholders who sell.
The draft prospectus filed in June 2026 covers up to 14.89 crore shares, roughly 6% of NSE’s equity. That share count will come down if the stake is trimmed to 5.5%.
Among listed sellers, State Bank of India is set to offload up to 2.48 crore shares, Bank of Baroda 1.10 crore and GIC Re around 1.07 crore. New India Assurance is also on the selling list.
Other sellers named in the draft papers include MS Strategic (Mauritius) with 1.60 crore shares, Canada Pension Plan Investment Board with 1.19 crore, Aranda Investments (Mauritius) with 1.12 crore and Stock Holding Corporation of India with 1.09 crore.
Life Insurance Corporation of India, the single largest shareholder with about 10.72%, is not selling any shares in the offer.
Because this is a pure OFS, the shares move from existing holders to new investors, and any allotment is credited to the buyer’s demat account before listing.
The Timeline Reported So Far
PTI has reported a working calendar for the issue. None of it has been confirmed by the exchange.
- Price band announcement: around 15 September 2026
- Anchor investor bidding: 17 September 2026
- Issue open for subscription: 18, 21 and 22 September 2026
- Listing on BSE: around 25 September 2026
Bloomberg’s version is a little wider, saying the price range is expected this week and subscription in the week beginning 14 September 2026.
NSE shares will list on BSE, since Indian rules do not permit an exchange to list its own shares on its own platform.
What Is Still Not Confirmed
The price band, the lot size and the issue dates are all still unofficial. Bloomberg said deliberations were continuing and that the pricing and the timing could change.
The final figures will appear only in the Red Herring Prospectus (RHP). Anyone tracking the issue can watch for that filing on the BSE website or through their online trading platform.
SEBI issued its observation letter for the offer on 4 September 2026. That is the clearance a company needs before it can launch an IPO.
Investments in the securities market are subject to market risks. This article is for information only and is not investment advice.
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