NSE IPO likely to open on September 18, list on September 25

MUMBAI: India’s biggest stock market listing is moving closer to the starting line. The nearly Rs 30,000 crore initial public offering of the National Stock Exchange (NSE) is likely to open for public subscription on September 18 and list on September 25, according to sources cited by PTI.

The proposed IPO calendar could make NSE the country’s largest-ever public issue, overtaking Hyundai Motor India’s Rs 27,870 crore offering in 2024.

According to the sources, NSE is expected to announce the price band on September 15, followed by the anchor book on September 17. The public issue is likely to remain open for three days, on September 18, September 21 and September 22.

There has been no official announcement from NSE confirming the proposed issue calendar.

The IPO is expected to comprise an offer for sale of up to 148.9 million equity shares with a face value of Rs 1 each. The shares represent nearly 6 per cent of NSE’s paid-up equity capital.

Importantly, the issue will not include a fresh share sale. This means NSE itself will not receive proceeds from the IPO, with the money raised going to existing shareholders selling their holdings.

The proposed timeline has also been structured around the Hindu lunar calendar. Sources said the listing is being targeted before the 16-day Pitru Paksha period begins on September 26.

NSE’s public-market debut has been nearly a decade in the making. The exchange received a crucial regulatory clearance from the Securities and Exchange Board of India earlier this month, removing a key hurdle for its long-awaited IPO.

The proposed listing will put one of India’s most important financial-market institutions directly in the public markets.

NSE is India’s largest stock exchange by trading activity and operates the benchmark Nifty 50 index. It is also the world’s most active derivatives exchange by the number of contracts traded.

The exchange’s IPO is therefore expected to attract significant attention from institutional and retail investors, particularly given its dominant position in India’s capital markets.

Bank of Baroda is expected to be among the shareholders looking to reduce their stake through the offer.

According to reports, the state-owned lender could divest around 35 per cent of its holding in NSE, equivalent to 7,690,375 shares, through the IPO.

The proposed sale will give existing shareholders an opportunity to monetise their investments while creating a public market for NSE shares for the first time.

If the issue size reaches around Rs 30,000 crore, NSE will comfortably surpass Hyundai Motor India’s 2024 IPO and set a new record for the largest IPO in India.

For an exchange that has spent years waiting for its own market debut, the countdown to September 18 could finally mark the beginning of NSE’s next chapter as a listed company.