The National Stock Exchange of India (NSE) has reduced its IPO offering by approximately 15%, lowering the number of shares from 148.9 million to 126.44 million. This adjustment decreases the stake for sale from 6% to 5.1% of equity capital, bringing the implied valuation down from $55 billion to $47 billion.
The decision follows investor feedback during roadshows in Hong Kong, London, and New York, where concerns were raised regarding regulatory scrutiny of the derivatives market. The Securities and Exchange Board of India (SEBI) has been implementing stricter rules on options contracts, which investors fear could impact the exchange's future growth.
The revised price band is set at ₹1,700 to ₹1,785 per share, compared to the original range of ₹2,000 to ₹2,100. The IPO is structured as an offer-for-sale, meaning no new capital will be added to the exchange's balance sheet, as all proceeds will go to existing shareholders.
The subscription window is scheduled for September 17–21, 2026, with a potential listing date of September 24. Despite the valuation cut, the NSE remains one of the most valuable exchange groups in Asia, though analysts suggest the IPO size may not surpass the record set by Hyundai Motor India.
