The National Stock Exchange of India (NSE) is preparing for its IPO with an expected price range of ₹1,700 to ₹1,785 per share. This is significantly lower than the ₹2,000 to ₹2,045 levels seen in recent unlisted market trades, and more than 25% below historical peaks of ₹2,400.
At the upper end of the price band, the exchange would be valued at approximately ₹4.42 lakh crore, which is about 43 times the previous fiscal year's earnings. The IPO is structured as a pure offer-for-sale (OFS) of approximately 14.89 crore shares, representing around 5.5% of the equity, down from an earlier plan of 6%.
Total proceeds from the offering are expected to be around ₹24,300 crore. Since the deal is a pure OFS, all funds will go to the selling shareholders rather than the company's own treasury.
SEBI granted approval for the IPO process in early September 2026. The offering is tentatively scheduled for mid-September, with a listing target set for late September 2026. The repricing reflects cautious feedback from institutional investors regarding the valuation multiples.
