NSE IPO Issue Size May Shrink to ₹25,000–₹27,000 Crore Amid OFS Reduction

The much-anticipated mega Initial Public Offering (IPO) of the National Stock Exchange of India (NSE) is expected to shrink in size to between ₹25,000 crore and ₹27,000 crore, down from an earlier estimate of ₹30,000 crore. According to market sources and agency reports, the reduction in size stems from a pull-back by existing shareholders in the Offer For Sale (OFS) segment. The OFS portion is now likely to be trimmed from 6% to around 5.2%–5.5% of the exchange's equity, as several institutional investors have chosen to retain their stakes in anticipation of higher post-listing valuations. Reports indicate that the IPO is slated to open for public subscription on September 18, 2026, with an expected price band of ₹1,700 to ₹1,785 per share. At the top end of this band, NSE would command an overall market valuation of roughly ₹4.4 lakh crore ($46.4 billion). Although the reduced issue size means NSE may fall slightly short of surpassing Hyundai Motor India's record ₹27,870 crore IPO, it remains one of the largest financial sector public listings in Indian corporate history. The move reflects institutional confidence in NSE's core market dominance, while giving prospective retail and institutional investors a structured entry valuation into India's premier equity venue.