NSE IPO subscribed 5.7 times as bidding ends, shares to list on September 24

The Rs 22,569-crore initial public offering of the National Stock Exchange of India (NSE), India's second-largest public issue, was subscribed 5.71 times by the end of the final day of bidding on Monday, with institutional investors driving demand, according to BSE data.The IPO received bids for 50.58 crore shares against 8.86 crore shares on offer, according to BSE data. The issue generated nearly Rs 90,300 crore of demand against its Rs 22,568-crore issue size.The IPO was fully subscribed on the second day of bidding on Friday.NSE shares are scheduled to begin trading on Thursday, September 24, marking the culmination of a decade-long effort by India's biggest stock exchange operator to enter the public markets.Strong institutional demandThe qualified institutional buyers' (QIB) category was subscribed 12.68 times, while the portion reserved for non-institutional investors was subscribed 6.55 times. The retail investors' portion was booked 1.39 times.NSE had raised Rs 6,746 crore from anchor investors on Wednesday last week. The anchor book included state-owned Life Insurance Corporation of India, Goldman Sachs and Fidelity, along with sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority and Norges Bank.Eastspring and HSBC Global Asset Management also participated in the anchor round, PTI reported.Second-largest Indian IPOThe NSE offering is worth Rs 22,569 crore and ranks as India's second-largest public issue after Hyundai Motor India's Rs 27,870-crore IPO in 2024. It has surpassed Life Insurance Corporation of India's Rs 21,000-crore issue in 2022 but remains below Hyundai Motor India's record public offer.The IPO comprises an offer for sale of up to 12.64 crore equity shares by existing shareholders. Since it is entirely an OFS, the proceeds from the share sale will go to the existing shareholders rather than the NSE.At the upper end of the Rs 1,700-1,785 price band, the exchange will command a valuation of up to Rs 4.42 lakh crore.The size of the OFS was reduced from an earlier plan to sell 14.9 crore shares, bringing down the overall issue size from an initial estimate of around Rs 30,000 crore.Decade-long listing effortThe public issue marks a major step in the NSE's long-running effort to list its shares.Its listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.The shares are now expected to make their market debut on September 24.Get the latest Business News and Live updates. Download the TOI app.