MUMBAI, SEPTEMBER 15, 2026 — In the most anticipated capital market event of the decade, the National Stock Exchange of India Limited (NSE) has formally announced the price band for its mega initial public offering (IPO) at ₹1,700 to ₹1,785 per equity share, setting up India’s second-largest public issue to open for subscription on Thursday, September 17, 2026.
The issue will see institutional and existing shareholders tender up to 12.64 crore equity shares via a 100% Offer for Sale (OFS), aggregating to approximately ₹22,562 crore. At the upper end of the price band, the exchange commands an implied market valuation of approximately ₹4.42 lakh crore ($53 billion). The issue will close for public bidding on Monday, September 21, 2026, with shares proposed to be listed on the BSE in compliance with SEBI’s cross-listing regulations.
NSE IPO: Key Dates & Calendar Milestones
| IPO Milestone | Exact Calendar Date |
|---|---|
| Anchor Investor Bidding Window | Wednesday, September 16, 2026 |
| Public Subscription Opens | Thursday, September 17, 2026 |
| Public Subscription Closes | Monday, September 21, 2026 |
| Basis of Allotment Finalization | Tuesday, September 22, 2026 |
| Refunds & Demat Share Credit | Wednesday, September 23, 2026 |
| Tentative Listing Date on BSE | Thursday, September 24, 2026 |
Issue Structure & Valuation Metrics
| Parameter | Verified Valuation Metric |
|---|---|
| Price Band | ₹1,700 to ₹1,785 per equity share |
| Total Issue Size | ₹22,562.00 Crore |
| Nature of Issue | 100% Offer for Sale (OFS) |
| Market Capitalization (Upper Band) | ₹4,42,000 Crore (~$53B) |
| Trailing P/E Ratio (FY26 Est.) | 38.5x |
| Cross-Listing Mandate | BSE Limited (SEBI Regulations) |
Why NSE Lists Exclusively on BSE
Under SEBI’s Stock Exchanges and Clearing Corporations (SECC) Regulations, no recognized stock exchange is permitted to list its own securities on its own trading platform to mitigate structural conflicts of interest. Consequently, just as the BSE listed its shares on the NSE in February 2017, the NSE will list exclusively on the BSE.