The National Stock Exchange of India (NSE) has finalized its anchor book allocation, securing $703 million from over 100 institutional investors. Participants include Goldman Sachs Asset Management, GIC, Fidelity International, Franklin Templeton, Norges Bank, ADIA, Eastspring, and HSBC. The Life Insurance Corporation of India contributed the largest domestic allocation of $47 million.
The total IPO offering aims to raise up to $2.4 billion, with shares priced between 1,700 and 1,785 rupees. At the upper price limit, the exchange is valued at approximately $52 billion. Public bidding is scheduled from September 17 to September 21, with trading on the BSE expected to commence around September 24.
The offering is structured as an offer-for-sale, meaning all proceeds will go to existing shareholders rather than the company. In the 2026 fiscal year, the NSE reported a net profit of 10,302 crore rupees. The listing follows a decade of regulatory delays that began with the initial filing in 2016, with final clearances granted in 2026.
Foreign portfolio investors accounted for 43% of the total anchor allocation. While the listing marks a significant milestone for the exchange, some investment managers declined to participate in the anchor round, citing concerns regarding the valuation at the top of the price band.
