The National Stock Exchange (NSE) IPO reached a 0.52x subscription level by its second day. With a ₹22,569 crore offer for sale, the issue is seeing steady interest amid an 8% grey market premium. Investors are assessing the valuation relative to peer BSE as the subscription window heads toward its September 21 close.
The National Stock Exchange of India (NSE) initial public offering (IPO) has seen subscription levels reach 0.52 times by the second day of bidding. Data indicates that investors have placed bids for 4.62 crore shares against the total offer of 8.86 crore shares. Among investor categories, non-institutional investors have shown the highest interest so far at 0.91 times, followed by retail investors at 0.54 times and qualified institutional buyers at 0.19 times.
The public offering is priced between ₹1,700 and ₹1,785 per share, aiming to raise ₹22,569 crore. It is important for investors to note that this is an offer for sale (OFS). In an OFS, existing shareholders sell their stakes, meaning the proceeds from the issue do not go to the company’s treasury to fund future business growth or projects, but rather to the selling shareholders.
Regarding valuation, the NSE IPO is priced at approximately 40.9x to 42.9x of its estimated earnings for the 2026 financial year. When compared to the listed peer BSE, which trades at a higher valuation of around 54.28x, the NSE issue appears to be positioned differently in terms of price-to-earnings multiples. While lower valuations can sometimes attract investor interest, analysts point out that the exchange's performance is closely tied to market conditions.
The exchange depends heavily on trading volumes for its revenue, with approximately 79% of its income coming from activities related to market trading. This means that a decline in market activity or significant regulatory changes in how exchanges operate could directly affect the company's financial performance. Investors should consider these factors, as the business is sensitive to market volatility and government policies that govern the financial sector.
The IPO window for bidding remains open until Monday, September 21. Following the close of the bid period, the company is scheduled to conclude the allotment process on September 22. Investors can expect their demat accounts to be credited with shares by September 23, with the stock expected to begin trading on the exchange by September 24. A large consortium of twenty-one lead managers, including names like Morgan Stanley India, Citigroup, and HDFC Bank, is overseeing the process.