NSE sets IPO price band at ₹1,700–₹1,785; public book opens September 17

National Stock Exchange of India Limited set a price band of ₹1,700 to ₹1,785 a share on September 11, 2026, for its long-awaited initial public offering — an entirely secondary sale that opens to the public on September 17 and closes September 21. Anchor bidding is scheduled for September 16, according to the SEBI abridged prospectus and same-day coverage of the band announcement.

Price band and issue size

The September 11 announcement set the floor at ₹1,700 and the cap at ₹1,785 per equity share of ₹1 face value. At those bookends, the OFS is estimated at about ₹21,494 crore at the floor and about ₹22,562 crore at the cap — placing the deal among India’s largest public offerings, behind Hyundai Motor India’s ₹27,870 crore 2024 issue on PTI’s ranking, but ahead of LIC’s 2022 raise.

CNBC-TV18 put the upper-end size at ₹22,561.57 crore and an implied market capitalization near ₹4.41 lakh crore at the ₹1,785 cap. Those valuation figures are book-building implications from the band and share count, not a completed Offer Price.

Shares will trade only after listing. The SEBI abridged prospectus warns that the floor, cap, and eventual Offer Price should not be treated as indicative of post-listing market prices, and that no assurance is given of active or sustained trading.

Timetable: anchors, public book, BSE listing

Anchor-investor bidding is scheduled for Wednesday, September 16, 2026 — one working day before the public book opens, consistent with SEBI ICDR practice. The Bid/Offer opens Thursday, September 17, and closes Monday, September 21.

Source: SEBI abridged prospectus for the Bid/Offer programme (anchor / open / close); CNBC-TV18 and PTI for the allotment–demat–listing sequence reported with the September 11 band announcement. Listing remains subject to exchange processes and finalisation of the basis of allotment.

Equity shares offered through the RHP are proposed to be listed on BSE Limited, which is also designated as the stock exchange for the Offer. NSE itself is the issuer going public; its shares are intended to debut on BSE rather than on its own platform.

Pure offer for sale — proceeds to sellers, not NSE

The Offer is entirely an offer for sale. Existing shareholders are selling up to 126,436,650 equity shares; there is no fresh issue, so NSE will not receive IPO proceeds. The abridged prospectus states the company does not have an identifiable promoter.

Among the top selling shareholders disclosed in the abridged prospectus, State Bank of India is the largest by share count (up to 15,969,410 shares), followed by Canada Pension Plan Investment Board (up to 11,874,060), Aranda Investments (Mauritius) Pte Ltd (up to 11,246,336), and MS Strategic (Mauritius) Limited (up to 11,000,000). Other named sellers include New India Assurance, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, and United India Insurance. PTI reporting on the RHP notes that LIC, which holds about 10.72% of NSE, is not selling in this OFS.

The objects of the Offer, as framed in the abridged prospectus, are to carry out that shareholder sale and to achieve the benefits of listing on BSE — including visibility and brand effects the company expects from a public listing — rather than to raise primary capital for operations.

Retail lot, reservations, and employee discount

The lot size is eight shares. At the ₹1,785 upper band, retail investors need a minimum of ₹14,280 for one lot and may bid in multiples of eight shares thereafter, according to CNBC-TV18 and RHP-based secondary reports.

Allocation reported with the band announcement reserves 50% for qualified institutional buyers, 35% for retail individual investors, and 15% for non-institutional investors. Eligible employees bidding in the employee reservation portion are offered a ₹170 per-share discount; PTI put the employee reservation at equity shares worth up to about ₹70 crore.

A long list of book running lead managers — including Kotak Mahindra Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital Markets, and others named in the abridged prospectus — is managing the book. SBI Capital Markets is both a BRLM (marketing only, under merchant-banker restrictions) and a selling shareholder.