NSE IPO 2026 Alert: SBI And Key Investors Slash Stake Sale; Check New Issue Size, GMP, Price Band & More

The National Stock Exchange of India is finally going to hit the primary market next week, nearly a decade after the exchange first initiated plans to go public. The NSE IPO will open for subscription on September 17th and close on September 21, 20 with the shares expected to list on the BSE on September 24.

The IPO has attracted enormous attention because NSE is India's largest stock exchange by trading volumes and the issue could value the exchange at around Rs. 4.42 lakh crore, the upper end of the price band.

The anchor book will open a day before the public issue, post which the three-day public subscription window will open.

NSE IPO's overall issue size was trimmed to around Rs. 21,494 crore from an earlier estimate of close to Rs. 30,000 crore. State Bank of India is the largest seller in the issue, offering around 15.97 million shares, down from the 24.75 million shares it had proposed earlier, with its subsidiary SBI Capital Markets also joining the list of sellers.

MS Strategic (Mauritius), a fund affiliated with Morgan Stanley, has also trimmed its stake sale by 31% to about 11 million shares from 16 million earlier.

Other public sector entities paring down their offers include Bank of Baroda, which cut its sale to 7.69 million shares from 10.99 million, Stock Holding Corporation of India, down to 6.19 million shares from 10.89 million, and General Insurance Corporation of India, also reduced to 6.19 million shares from 10.66 million. National Insurance Company, Mahogany Ltd and Indian Bank have similarly put back their respective offers, while Canada Pension Plan Investment Board (CPPIB) also features among the selling shareholders.

In all, these entities are offloading around 126.4 million shares which is about 5.1% of NSE's equity, down from the 6% stake originally planned to be sold.

Since the issue is entirely an offer for sale, NSE will not receive any proceeds from the listing; the entire consideration will flow to these selling shareholders.

NSE IPO Price Band, Size And Valuation

The NSE IPO price band has been fixed at Rs. 1,700 to Rs.1,785 per equity share. At the upper end of Rs. 1,785, the offering is valued at roughly Rs. 22,561 crore,

The IPO is also set to rank among the country's biggest public offerings, although it will remain below Hyundai Motor India's Rs. 27,870 crore IPO, which holds the record for India's largest IPO.

NSE IPO Lot Size And Minimum Investment

The NSE IPO lot size is 8 shares. At the upper price band of Rs. 1,785, a retail investor would need a minimum investment of Rs. 14,280.

NSE IPO GMP Today

The NSE IPO is very high in demand and has been attracting major attention ahead of the issue opening.

As per data from the Investorgain website, the NSE IPO GMP is currently around Rs. 227 per share, and the estimated listing price is approximately Rs. 2012, with gains expected to be around 12.72%

NSE IPO: Should You Apply?

The NSE IPO is likely to attract substantial interest because of the exchange's dominant position in India's capital markets and its strong brand. However, investors should not make a decision based solely on the NSE IPO GMP today or the expected listing premium.

According to Sarvam Goel, Founder, Pocketful, "the NSE IPO could be a good opportunity for investors with a long-term perspective. Investors who receive an allotment may consider holding the shares for long-term gains. At the same time, those who miss out on the IPO can also look at buying NSE shares after listing, depending on the post-listing valuation and market conditions."