NSE IPO 2026: Date, Price Band, GMP and Details

Dates, price band, lot size, financials and full details of the National Stock Exchange of India Limited (NSE) IPO, sourced from the company's Red Herring Prospectus (RHP).

NSE IPO at a glance

National Stock Exchange of India Limited, known as NSE, is bringing a Book Built Mainboard IPO of approximately ₹22,562 crore. The issue is entirely an Offer for Sale (OFS) of up to 12,64,36,650 shares, with no fresh issue, so the company will not receive any proceeds. The IPO is open from 17 September to 21 September 2026 and is proposed to list on the BSE.

NSE IPO Details

NSE IPO Timelines

Dates are tentative and may change.

NSE IPO GMP

GMP stands for Grey Market Premium. It is the extra amount some traders are willing to pay for IPO shares in an informal market before listing, on top of the issue price. This market runs outside the stock exchanges, so the figure is unregulated, unverified, and can move sharply within a single day. A high GMP does not confirm a listing gain, and a low one does not rule it out, because it tracks short-term sentiment rather than the worth of the business. A steadier read on the IPO comes from the company's financials, its business, its valuation, and the risk factors set out in the Red Herring Prospectus (RHP).

About National Stock Exchange of India Limited

Incorporated in November 1992, National Stock Exchange of India Limited (NSE) is India's largest stock exchange by total turnover in the cash market and equity derivatives, a position it has held from Fiscal 2001 to Fiscal 2026. It operates businesses spanning equity and derivatives trading, clearing and settlement, market data, indices, and related market infrastructure. NSE does not have an identifiable promoter and is a professionally managed company.

As of 30 June 2026, it had 132.37 million unique registered investors covering more than 99% of Indian postal codes, and 3,005 entities were listed on its platforms (including 565 SMEs). In FY 2026, per the Redseer Report, it held market shares of 92.99% in the cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in exchange-traded currency futures, and 100% in exchange-traded currency options. Its registered and corporate office is at Exchange Plaza, Bandra Kurla Complex, Mumbai.

What are the Key Strengths of NSE (as stated in the RHP)

• Market leader in India, offering a liquid market for all stakeholders.
• Well positioned to benefit from India's structural growth tailwinds, which drive strong network effects for NSE.
• Strong brand synonymous with trust, efficiency, and transparency, across its trading platform as well as its clearing services.
• Track record of comprehensive and innovative offerings delivered through a vertically integrated business model.
• Technology platform built for scale and resilience.

What are the Objects of the Issue

The IPO is a 100% Offer for Sale, so NSE will not receive any of the proceeds. The entire amount, after expenses, goes to the selling shareholders in proportion to the shares they offer. The company's objects are to achieve the benefits of listing its shares on the BSE and to carry out the Offer for Sale by the selling shareholders.

The top selling shareholders include State Bank of India (the largest, offering up to 1,59,69,410 shares), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, and United India Insurance Company.

What are the Company Financials of NSE

Restated consolidated figures, in ₹ crore.

2-Yr Compound Annual Growth Rate (CAGR) is calculated from FY 2024 to FY 2026. Revenue, total income, and profit were lower in FY 2026 than in FY 2025, mainly reflecting the effect of SEBI's regulatory measures on equity derivatives (its equity-options market share fell from 96.86% in FY 2024 to 74.71% in FY 2026).

Who Can Apply

The offer is split across investor categories as follows:

A portion is also reserved for eligible NSE employees, who receive a ₹170 per share discount.

How to Apply for the NSE IPO

You can apply online through your broker app or through your bank's net banking using the Application Supported by Blocked Amount (ASBA) facility.

1. Log in to your broker app or your bank's net banking.
2. Open the IPO section and select NSE IPO.
3. Enter the number of lots and your bid price, or select the cut-off price.
4. Enter your Unified Payments Interface (UPI) ID, or confirm your bank account for the ASBA route.
5. Submit the application form.
6. Approve the mandate request in your UPI app to block the funds until allotment.

How to Check Allotment Status

The basis of allotment is expected to be finalised on 22 September 2026. Once it is out, you can check your allotment status in three ways. You will need your PAN, application number, or DP/Client ID.

• On the registrar's website, MUFG Intime India, at the public issues page.
• On the BSE website under the IPO allotment section.
• Inside your broker app, under orders or IPO history.

Key Risk Factors

The RHP lists several risk factors. A few of the key ones are summarised below. Please read the full RHP for the complete list.

• It operates in a highly regulated industry, primarily overseen by SEBI, and regulatory changes can materially affect it.
• Its revenue depends heavily on trading volumes, especially in equity derivatives, which are sensitive to regulatory measures; its equity-options market share fell from 96.86% in FY 2024 to 74.71% in FY 2026.
• Its technology infrastructure is critical to its operations, and failures or interruptions could harm the business.
• Its risk management systems may not always be adequate, which could result in financial losses, regulatory action, and reputational harm.
• It relies on third parties for aspects of its critical system infrastructure and software.
• Its statutory auditors have included certain emphasis-of-matter paragraphs in their examination report on the restated financials.
• Some of its subsidiaries have incurred losses in recent periods and may continue to do so.
• Its public responsibilities as a stock exchange and Market Infrastructure Institution (MII) may at times conflict with the commercial interests of its shareholders.
• There are outstanding legal proceedings involving the company, its subsidiaries, directors, and key management personnel.
• The company will not receive any proceeds from the offer, as it is entirely an Offer for Sale.

Frequently Asked Questions (FAQs)

1. When does the NSE IPO open and close?

The IPO opens on 17 September 2026 and closes on 21 September 2026.

2. What is the price band of the IPO?

The price band is ₹1,700 to ₹1,785 per share. Eligible employees get a discount of ₹170 per share.

3. What is the lot size?

One lot is 8 shares. Applications are made in multiples of 8 shares.

4. What is the minimum investment for retail investors?

The minimum investment is ₹14,280 at the upper price band (1 lot of 8 shares).

5. Is this IPO a fresh issue?

No. It is entirely an Offer for Sale of up to 12,64,36,650 shares, so NSE receives no proceeds. The money goes to the selling shareholders.

6. When is the allotment date?

The allotment is expected to be finalised on 22 September 2026, with shares credited to demat accounts by 23 September 2026.

7. When is the listing date?

The shares are proposed to be listed on the BSE on 24 September 2026 (tentative).

8. What does NSE do?

NSE operates India's largest stock exchange by turnover, running equity and derivatives trading, clearing and settlement, market data, and indices.

9. What is the GMP of the NSE IPO?

GMP, or Grey Market Premium, is an informal pre-listing price that sits outside the stock exchanges and is neither regulated nor verified. It shifts with day-to-day sentiment and does not confirm how the shares will list. A more reliable picture comes from the company's financials, valuation, and the risks in the RHP.

Read the full Red Herring Prospectus (RHP): View the full RHP filed with SEBI and the exchanges.

Disclaimer: This page is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any securities. All figures are sourced from the company's Red Herring Prospectus and public filings and may change. Investments in securities are subject to market risks. Please read all offer documents carefully and consult a registered financial advisor before making any investment decision.