NSE likely to price IPO around Rs 1,800, list by September 25: Sources

The National Stock Exchange is likely to price its IPO at around Rs 1,800 per share or slightly above, people familiar with the matter said, as India’s largest bourse moves closer to its long-awaited market debut after receiving Sebi approval. The company will likely announce the price band on September 15, according to a person aware of the development.

If everything goes as per the schedule, the IPO is likely to open around September 18, while listing may occur around September 25, the people said. The final dates and price band will be announced after the company files its red herring prospectus.

In the unlisted market, NSE shares are currently trading around Rs 1,975 apiece, implying a valuation of nearly Rs 4.9 lakh crore. That suggests the IPO pricing may come at a marginal discount to the prevailing unlisted market price, though the final issue price will depend on investor feedback and book-building demand.


Sebi approval clears key hurdle

Sebi has cleared NSE's IPO plan, bringing the exchange’s listing closer after years of regulatory delays. The exchange filed its draft red herring prospectus with the regulator on June 17, reviving a listing process that had been held up since 2016 because of regulatory scrutiny and legacy issues.

The clearance comes soon after the Supreme Court accepted settlement terms between Sebi and NSE in the co-location and dark fibre cases, removing a key regulatory hurdle for the listing.

NSE's IPO is expected to be among the biggest public issues in India. Reports have pegged the potential issue size at around Rs 30,000 crore, which would place it among the country’s largest-ever listings.

The listing is being closely tracked because NSE is central to India’s capital markets ecosystem, with a dominant position in equity derivatives and a large share in cash market trading. Its public issue is expected to draw strong demand from institutional and retail investors because of the exchange’s scale, profitability and market infrastructure role.

NSE has also been preparing investor roadshows for the issue. The exchange had pitched the IPO to more than 30 global investors as a play on the deepening of India’s capital markets.

The issue comes at a time when India’s IPO market has sharply revived after a slow first half of 2026. More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 issues seen in the first half of the year.

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