NEW DELHI, Sept 21: The initial public offering of the National Stock Exchange of India (NSE) entered its final day of subscription on Monday, marking one of the biggest events in India’s primary market this year as several other companies prepare to raise funds through public issues.
The NSE IPO, valued at around ₹22,569 crore, opened for subscription on September 17 and is scheduled to close on September 21. The issue is entirely an offer for sale, meaning the money raised will go to existing shareholders selling their stakes rather than directly to NSE.
By the end of the second day, the issue had received bids for 1.16 times the 8.86 crore shares offered. The retail investor portion had received bids equivalent to 72% of the shares reserved for the category, while the non-institutional investor segment was subscribed 1.68 times.
The price band for the issue has been fixed at ₹1,700 to ₹1,785 per share, with a lot size of eight shares. At the upper end of the price range, a retail investor would need ₹14,280 to apply for one lot.
NSE’s public offering comes at a time when activity in India’s primary market remains high despite continued volatility in the secondary market. According to market data reported on September 21, as many as 20 IPOs are scheduled to open between September 21 and September 25, with the combined fundraising target estimated at more than ₹4,150 crore.
Seven of these are mainboard issues, while 13 are from the small and medium enterprise segment. Among the larger offerings, Elevate Campuses is scheduled to launch a ₹2,100-crore issue during the week. Other companies are also preparing to access public markets as businesses seek funds for expansion and existing investors look to monetise their holdings.
The week will also bring a series of stock-market listings. Manika Plastech is scheduled to make its debut on September 21, while SS Retail, Hero Motors and Jindal Supreme India are expected to list on September 23. NSE and Sonaselection India are scheduled for listing on September 24.
The NSE issue has attracted considerable attention because of its size and the importance of the exchange to India’s financial markets. The offering represents a major opportunity for existing shareholders to sell part of their holdings while giving public-market investors an avenue to participate in the country’s largest stock exchange.
However, the structure of the IPO means NSE itself will not receive the proceeds from the issue. Existing shareholders are selling their shares through the offer for sale route, with the proceeds going to those investors.
Market participants are also monitoring the unofficial grey market premium associated with the issue. On the final day of bidding, reports put the premium at around ₹48 over the upper end of the price band. Such grey market indications are not official and do not guarantee the eventual listing price.
The NSE share allotment is expected to be completed on September 22, with the company’s shares scheduled to debut on the BSE on September 24.
The broader primary market activity reflects continued corporate interest in public fundraising. While stock-market conditions have remained sensitive to crude oil prices, global interest rates and geopolitical developments, companies across sectors have continued to pursue listings.
The busy IPO calendar is also providing investors with a wide range of issues across established businesses and smaller companies. Alongside the NSE offering, SME companies are entering the market with comparatively smaller fundraising plans, creating a broad pipeline of new listings.
The strong flow of public issues comes even as India’s benchmark equity indices have experienced pressure in recent weeks. Investors are therefore watching both subscription trends and listing performance closely as companies seek to tap market liquidity.
For NSE, the September 21 closing date marks the end of the subscription process for an IPO that has been closely followed by institutional and retail investors. The next major stages will be share allotment and the market debut later in the week.
The developments will also offer an indication of how investors respond to large public offerings amid changing global financial conditions and continuing volatility in Indian equities.