Author: Aadarsh Patel | EQMint
September 11, 2026: India’s much-awaited National Stock Exchange (NSE) IPO is finally set to hit the market next week, but the issue has been trimmed by more than 15% ahead of its launch.
The NSE is seeking a valuation of up to ₹4.42 lakh crore ($46.31 billion) through the IPO, which could make it one of India’s biggest-ever stock market listings. The IPO will open for subscription on September 17 and close on September 21, with the shares expected to list around September 24.
NSE IPO Size Cut by Over 15%
The NSE has reduced the number of shares being offered by existing shareholders to 126.4 million, compared with the earlier plan to sell around 148.91 million shares.
The IPO will be an offer for sale (OFS), meaning NSE itself will not issue new shares or receive money from the offering. Instead, existing investors will sell part of their holdings.
Among the shareholders selling shares are State Bank of India (SBI) and the Canada Pension Plan Investment Board, while Morgan Stanley-linked MS Strategic (Mauritius) has also reduced its planned sale.
NSE Sets IPO Price Band
NSE has set a price band of ₹1,700 to ₹1,785 per share.
At the upper end of the price band, the exchange would be valued at approximately ₹4.42 lakh crore, or around $46.31 billion.
However, the pricing is lower than some investors had expected. Sources cited by Reuters said some shareholders believe they could receive a better valuation by holding on to their shares and selling them after the NSE lists. Unlisted NSE shares have recently traded in the informal market at around ₹2,000–₹2,100.
Why Did Investors Reduce Their Share Sale?
The reduced IPO size comes against the backdrop of weaker options trading volumes and tighter regulations affecting India’s derivatives market.
More than 60% of NSE’s revenue comes from options transaction charges, making activity in the derivatives segment particularly important to its financial performance.
Regulatory measures, including tighter restrictions on retail participation in options trading, limits on bank funding and higher taxes on derivatives trading, have affected trading activity.
NSE’s options turnover fell by more than 12% year-on-year in August, adding pressure to the valuation investors are willing to place on the exchange.
NSE Still Reports Strong Financial Growth
Despite the pressure on trading volumes, NSE continues to report growth in its financial performance.
For the quarter ended June 30, the exchange reported a 6.7% increase in net profit to ₹3,120 crore, while revenue from operations rose 13% to ₹4,560 crore.
The strong financial performance is one of the key factors investors will be watching as the NSE prepares to enter the public markets.
Why the NSE IPO Matters
The NSE is India’s largest stock exchange by trading volumes and has a dominant position in the country’s derivatives market.
Its IPO comes at a time when India’s primary market is experiencing renewed activity after a slower start to 2026. Several IPOs are scheduled around the same period, adding to what is shaping up to be a busy month for India’s capital markets.
The NSE listing could also provide investors with their first opportunity to directly own shares in one of India’s most important market infrastructure institutions.
EQMint Take on NSE IPO
The NSE IPO is significant not simply because of its size, but because of what the listing represents for India’s capital markets.
The exchange is entering the public market with a valuation of up to ₹4.42 lakh crore, but the decision by existing shareholders to reduce their stake sale shows that valuation expectations remain a key point of debate.
For investors, the bigger question may be whether NSE can maintain its strong profitability as regulatory changes reshape India’s derivatives market.
The IPO opens on September 17, giving investors the next few days to assess the valuation, financial performance and longer-term growth prospects of India’s largest stock exchange.
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