National Stock Exchange of India IPO
National Stock Exchange of India IPO is a mainboard IPO raising ₹22,561 Cr at ₹1,700 – ₹1,785 a share. It listed on 24 Sept 2026 and trades at ₹1,738 today, −2.6% against its issue price of ₹1,785. It was subscribed 5.71× in total.
5.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
100% of this issue is existing shareholders cashing out. Only ₹0 Cr reaches the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs1785 + fresh by subtraction from exchange total Rs22561 Cr. Checked: exchange issue size Rs22561 Cr vs derived Rs22568.9 Cr (0.0% apart).
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 21% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| BSE Limited | 54.28× | 45% | ₹60.61 |
| This issue | 42.9× | 33.21% | ₹41.62 |
derived: cut-off price Rs1785 / stated EPS Rs41.62 (FY2026 (year ended March 31, 2026), diluted, restated consolidated; basic equals diluted because the Group has no outstanding dilutive potential equity shares (Ind AS 33)). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.