NSE IPO Opening Date: Shares Likely To List on September 25, Says Report; Check Details

NSE IPO: The National Stock Exchange (NSE) is targeting a stock market listing on September 25, according to a CNBC-TV18 report. The report said the Securities and Exchange Board of India (Sebi) is likely to approve the NSE’s initial public offering (IPO) next week.

The exchange is targeting September 25 for its listing, although the timeline is subject to regulatory approvals and other formalities. CNBC-TV18 said it had reached out to Sebi for a response and was awaiting confirmation.

NSE IPO 2026: Key Dates

The NSE IPO has not yet received final Sebi approval, and the exact issue dates have not been announced.

NSE is likely to file an updated Draft Red Herring Prospectus (DRHP) with SEBI next week following the approval, CNBC-TV18 reported.

NSE IPO: Price Band and Valuation

The NSE is also likely to

announce the price band for its IPO on September 11, according to CNBC-TV18.

According to reports, the proposed NSE IPO is being considered at a valuation of around Rs 5.2 lakh crore to Rs 5.3 lakh crore, with the shares likely to be priced in the range of Rs 2,100 to Rs 2,300 apiece.

At a valuation of Rs 5.3 lakh crore, the sale of around 6 per cent stake could raise around Rs 31,500 crore, making the NSE IPO significantly larger than Hyundai Motor India’s Rs 27,870-crore issue in 2024, currently the country’s biggest IPO.

NSE IPO GMP

The NSE IPO grey market premium (GMP) is not available yet because the final price band and issue dates have not been officially announced. GMP is an unofficial indicator of investor sentiment towards an IPO and should not be treated as a guaranteed listing gain.

NSE IPO: Offer for Sale

According to the draft prospectus, existing shareholders plan to sell up to 148.9 million shares, equivalent to around 6 per cent of the exchange. The list of selling shareholders has undergone changes during the IPO preparation process, including the addition of SBI Capital Markets Ltd.

Key shareholders associated with the proposed sale include Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, State Bank of India, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, and United India Insurance Company.

LIC, the single largest shareholder in NSE with a 10.72 per cent stake, is not selling shares in the proposed IPO. SBI owns around 3.23 per cent of NSE, while SBI Capital Markets holds around 4.33 per cent. Stock Holding Corporation of India owns around 4.44 per cent.

NSE IPO: Global Roadshow

NSE has already held a substantial part of its global investor roadshow ahead of the IPO. According to a Bloomberg report citing people familiar with the matter, the exchange held investor meetings in Boston, New York, San Francisco, London, Singapore and Hong Kong.

The meetings involved around 120 large global investors, including BlackRock, Capital Group, GQG Partners, Janus Henderson Group and Allspring Global Investments. The exchange still has meetings in the Middle East to complete, according to the report.

The roadshow is aimed at generating investor interest ahead of what is expected to be one of the largest public offerings in India’s history.

NSE Could Rank Among World’s Biggest Listed Exchanges

At a valuation of around Rs 5.3 lakh crore, NSE would rank among the world’s largest publicly listed exchange operators by market value.

According to Bloomberg, at the top end of the proposed valuation range, NSE would rank around sixth globally, narrowly behind London Stock Exchange Group and ahead of Nasdaq.

CME Group and Intercontinental Exchange currently rank among the largest global exchange operators, with market values of around $97 billion and $86.9 billion, respectively, according to the report.

The comparison, however, is based on the proposed valuation for NSE and the prevailing market values of listed global exchange operators, which can change with share prices and currency movements.

Why Has the NSE IPO Been Delayed?

NSE’s IPO journey has been unusually long. The exchange had first filed draft offer documents in 2016, proposing an OFS of shares held by existing investors. However, Sebi withheld approval amid concerns surrounding governance and the co-location case.

The exchange subsequently made several representations to the regulator and undertook governance and compliance measures. A major hurdle was the long-running co-location matter, in which certain brokers were accused of receiving preferential access to NSE’s trading systems.

NSE filed a settlement application with Sebi in June 2025 and subsequently offered to pay around Rs 1,388 crore to settle the matter.

In January 2026, Sebi Chairman Tuhin Kanta Pandey said the regulator had granted “in-principle” approval to NSE’s settlement application in the unfair market access case.

NSE’s board had subsequently approved the proposed IPO after receiving Sebi’s no-objection certificate.

NSE IPO: Financial Performance

NSE remains one of India’s most profitable financial-market businesses, although its FY26 profit declined from the previous year. The exchange reported a 15 per cent decline in profit after tax (PAT) to Rs 10,302 crore in FY26, compared with Rs 12,188 crore in FY25.

Its total income stood at Rs 18,713 crore in FY26, marginally lower than Rs 19,177 crore in the previous fiscal.

In the June 2026 quarter, NSE’s profit after tax increased 6.7 per cent YoY to Rs 3,120 crore in Q1 FY27 from Rs 2,924 crore in Q1 FY26. Its total income rose 9.5% YoY to Rs 5,252 crore in Q1 FY27 from Rs 4,798 crore in the corresponding quarter last year.

NSE IPO: 20 Investment Banks Appointed

NSE has appointed 20 banks to manage the proposed public issue. The investment banks include Kotak Mahindra Capital Company, JM Financial, Morgan Stanley, HSBC Holdings and Citigroup, among others. The large syndicate reflects the scale and international investor interest expected for the IPO.