NSE’s Rs 22,569-cr IPO begins; subscribed 9 pc so far on Day 1

  The Rs 22,569-crore NSE IPO opened for subscription on Thursday and was 9 per cent subscribed within the first day. The issue, priced at Rs 1,700-1,785 per share, closes September 21, with listing expected on September 24 

New Delhi: The mega Rs 22,569-crore initial public offering of the National Stock Exchange of India (NSE) opened for subscription on Thursday, with the issue getting subscribed 9 per cent so far on the first day of bidding.

The IPO received bids for 81,99,336 shares against 8,86,42,911 shares on offer, as per BSE data till 10:16 am.

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The category for non-institutional investors was subscribed 15 per cent, and the portion for retail investors received 12 per cent subscription.

The NSE on Wednesday garnered Rs 6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.

Additionally, sovereign wealth funds GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management also participated in the anchor round.

The offering, which comprises an offer-for-sale (OFS) of up to 12.64 crore equity shares by existing shareholders, is India’s second-largest public issue after Hyundai Motor India’s Rs 27,870-crore IPO in 2024.

The exchange has fixed a price band of Rs 1,700-1,785 per equity share for the IPO. It will command a valuation of Rs 4.2 lakh crore to Rs 4.42 lakh crore at the upper end of the price band.

The issue will close on September 21.

The reduction in the OFS size from the earlier planned 14.9 crore shares has brought down the overall issue size from the initial estimate of around Rs 30,000 crore. At the lower end of the price band, the issue is estimated at around Rs 21,494 crore, while at the upper end it would amount to around Rs 22,569 crore.

The IPO surpassed the Rs 21,000-crore offering of LIC in 2022, but remains below Hyundai Motor India’s record issue.

Since the offering is entirely an OFS, the proceeds from the share sale will accrue to the existing shareholders and not to the NSE.

The public issue marks a significant milestone for NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.

NSE is expected to make its market debut on September 24.