NSE IPO 2026: Price Band, Dates, GMP and Full Review

The National Stock Exchange of India Limited (NSE), the country’s largest stock exchange, is finally coming to market after a nearly decade-long wait. The IPO opens for subscription on 17 September 2026 and closes on 21 September 2026, with a price band of ₹1,700 to ₹1,785 per share. Shares are expected to list on the BSE on 24 September 2026.

This is an entirely Offer for Sale (OFS) existing shareholders are selling part of their stake, and NSE itself will not receive any money from the issue.

NSE IPO: Key Details at a Glance

Face value of each share is ₹1. At the top end of the price band, NSE’s market capitalisation works out to roughly ₹4.42 lakh crore. At ₹22,569 crore, this is set to be India’s second-largest IPO ever, behind only Hyundai Motor India’s ₹27,870 crore issue in 2024.

Why This IPO Matters

NSE first filed papers for an IPO back in December 2016. The listing was shelved after the co-location controversy allegations that certain brokers got preferential, faster access to NSE’s algorithmic trading servers between 2015 and 2016 pulled the exchange into a long-running SEBI investigation and, later, Supreme Court litigation.

Nearly a decade on, SEBI issued a no-objection certificate (NOC) to NSE in early 2026, allowing the exchange to file a fresh Draft Red Herring Prospectus (DRHP) which it did on 17-18 June 2026. SEBI’s observation letter (effectively, its go-ahead) followed on 4 September 2026. One condition attached to the NOC: NSE must complete its listing before 30 January 2027, or seek a fresh approval.

Also Read: What is an IPO?

Who Is Selling, and How Much

Because this is a pure OFS, the shares are coming from existing shareholders rather than the company. The DRHP originally proposed selling up to 14.89 crore shares; that was trimmed to about 12.64 crore shares as some shareholders chose to hold on, betting on a higher price after listing rather than through the OFS.

Selling shareholders include:

• State Bank of India (around 1.60 crore shares, cut down from an earlier 2.47 crore)
• Canada Pension Plan Investment Board (CPPIB)
• Aranda Investments (Mauritius) Pte Ltd
• MS Strategic (Mauritius)
• Bank of Baroda
• Stock Holding Corporation of India
• General Insurance Corporation of India, New India Assurance, National Insurance Company, and United India Insurance Company

The offer is reserved 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).

NSE IPO GMP Today

As of midday on 11 September 2026, NSE shares were trading in the grey market at a premium of roughly ₹187–₹200 over the upper price band about 10–11% with slightly different trackers reporting slightly different numbers within that range at the same hour.

A word of caution: GMP is an unofficial, unregulated number that can and does swing sharply within a single day, especially for an issue this large and widely tracked. It is not a reliable predictor of listing-day performance and should never be read as a guaranteed return. Treat it as one data point among many, not a forecast.

Also Read: What is Grey Market in IPO?

NSE’s Financial Performance

NSE’s numbers over the last three financial years (consolidated):

FY 2025-26 profit came in lower than FY 2024-25 mainly because NSE set aside a one-off provision of about ₹1,297 crore (including interest) toward its proposed settlement with SEBI over the co-location and dark fibre matter not because the core business slowed.

On scale, NSE reported roughly 93% market share in the cash market, 99.8% in equity futures, and 77% in equity options for H1 FY 2025-26. It facilitated total fund mobilisation of about ₹20.33 lakh crore in FY 2025-26 and ranks among the top five global exchange groups by capital raised through IPOs. Working out a simple trailing P/E from the FY 2025-26 PAT and the ₹4.42 lakh crore market cap at the upper price band gives a multiple of roughly 43x worth keeping in mind alongside its listed domestic peer, BSE, and global exchanges such as the NYSE, Nasdaq, and the Japan Exchange Group when judging whether the pricing looks rich or reasonable.

Key Risks to Know Before Applying

• The co-location case isn’t fully closed. NSE has proposed a ₹1,388 crore settlement with SEBI, and provisioned for it, but the matter is still tied to litigation before the Supreme Court. A less favourable outcome than expected remains a possibility.
• Revenue depends heavily on trading volumes. Transaction charges are NSE’s single largest revenue line. A prolonged market slowdown, or further SEBI changes to F&O trading rules, would hit income directly.
• A few subsidiaries are loss-making and may need continued financial support; for instance, NSE IFSC Limited and NAL Academy Limited have both posted losses in recent years.
• This is a pure OFS. None of the IPO proceeds go into NSE’s own business; they go entirely to the selling shareholders.
• The listing has a regulatory deadline. Per the terms of its NOC, NSE needs to complete the listing before 30 January 2027.

How to Apply for the NSE IPO

You’ll need an active demat account. Once the issue opens on 17 September 2026:

1. Log in to your broker’s app or your bank’s net banking portal.
2. Go to the IPO section and select NSE.
3. Choose your price within the ₹1,700–₹1,785 band and the number of lots (minimum 1 lot = 8 shares).
4. Apply via UPI (enter your UPI ID and approve the mandate on your UPI app) or via ASBA through net banking.
5. Funds are blocked in your account until allotment; unallotted amounts are released automatically.

Note that regular charges brokerage, STT, GST, and stamp duty apply once shares start trading after listing, though not on the IPO application itself.

Read Also

• What is an IPO and how does it work?
• How to Apply for an IPO?
• IPO Eligibility Criteria
• How to check your IPO allotment status
• NSE vs BSE: what’s the difference