NSE cuts IPO price range, giving up shot at India's top listing

NSE has cut its IPO price band to Rs 1,700-1,785 per share from the earlier Rs 2,000-2,100 range and trimmed the offered stake to about 5.5% from the planned 6%, after some selling shareholders pulled back at the lower price. At the top of the revised band, the deal would raise about Rs 24,300 crore at a valuation of up to Rs 4.42 lakh crore, falling short of Hyundai Motor India's record Rs 27,900 crore IPO in 2024. The downsizing reflects valuation concerns amid slowing growth, regulatory scrutiny of options trading, and weak broader market sentiment, with the Nifty 50 down 10% this year versus a 25% gain in the MSCI Emerging Markets Index.