National Stock Exchange of India set for landmark IPO, impacting unlisted shares

The National Stock Exchange of India, the country’s dominant equities platform, is finally doing what it helps thousands of other companies do every year: going public. The IPO subscription window opens September 17 and closes September 21, 2026, with listing expected on the Bombay Stock Exchange around September 24. The numbers behind India’s biggest exchange going public The offering is structured as a pure offer-for-sale (OFS), meaning no new shares will be created. Instead, roughly 126.4 million existing shares held by institutional shareholders will be sold to the public. The price band sits between ₹1,700 and ₹1,785 per share. At the upper end, that puts NSE’s total valuation at approximately ₹4.42 lakh crore, or around $52 billion at current exchange rates. The IPO is expected to raise between ₹22,500 crore and ₹22,568 crore. The shareholder register already exceeds 230,000 names ahead of the offering. Major sellers include the State Bank of India and the Canada Pension Plan Investment Board. LIC, another marquee institutional holder, is reportedly sitting this one out. A decade of regulatory roadblocks, finally cleared NSE first explored going public around 2016. Then came ...