The National Stock Exchange of India (NSE) is set to go public after nearly a decade of regulatory and legal hurdles. The much-anticipated NSE IPO will open for subscription on September 17 and close on September 21, with anchor investor bidding on September 16. Shares are expected to list on or around September 24.
IPO Details
The price band has been set at Rs 1,700 to Rs 1,785 per share. The offer comprises 126.4 million existing shares through a complete offer for sale. NSE will not raise fresh capital; instead, existing shareholders will sell part of their holdings. At the upper end of the price band, the IPO values NSE at approximately USD 46 billion.
Why the NSE IPO Was Delayed for Nearly a Decade
NSE first pursued a public listing in 2016, but the process was halted by regulatory investigations. The core issue involved the exchange’s co-location system, which allowed trading firms to place servers near NSE’s trading systems. Regulators examined allegations that some brokers had unfair access to NSE’s trading infrastructure.
In 2019, the Securities and Exchange Board of India (SEBI) passed orders against NSE regarding the co-location matter. NSE challenged parts of SEBI’s findings, and the case moved through the Securities Appellate Tribunal and eventually the Supreme Court. Additional questions over dark fibre connections also prolonged the regulatory scrutiny, keeping the NSE listing in limbo.
Legal Settlement Clears Path for IPO
In 2025, NSE renewed efforts to resolve the long-running disputes by filing settlement applications with SEBI covering both the co-location and dark fibre cases. The exchange proposed a settlement payment of Rs 1,491 crore to close the pending matters. In July 2026, SEBI granted in-principle approval for the settlement, contingent on payment. The Supreme Court dismissed the regulator’s case in early September after the settlement process advanced, ending a regulatory dispute that had lasted around a decade and removing a major legal barrier to the NSE IPO.
Investor Considerations
After several existing shareholders reduced their planned share sales, the final offer size of 126.4 million shares is more than 15% lower than the earlier proposal. At the upper price of Rs 1,785 per share, selling shareholders could receive approximately Rs 22,500 crore. NSE itself will not receive any proceeds from the offer.
NSE remains India’s largest stock exchange by trading activity. It has more than 2,200 listed companies and controls about 95% of India’s cash equity market, according to its disclosures. NSE also holds roughly 75% of the equity derivatives market and ranks as the world’s largest derivatives exchange by the number of contracts traded.
For the financial year ended March 2026, NSE reported a profit of Rs 103 billion, down 15% from the previous year. Revenue reached approximately Rs 187 billion, more than double its 2019 level. Transaction charges generate over 80% of NSE’s total income, with derivatives trading contributing a significant portion.
The NSE IPO is now poised for its public debut after years of regulatory investigations, appeals, and settlement talks. The offer opens on September 17, bringing India’s largest stock exchange closer to a listing it first pursued in 2016.