India's NSE lists in $2.37B IPO, the country's second-largest ever
What's the deal? The National Stock ExchangeDealroom has a profile for this one. Try Dealroom → of India (NSE) completed its initial public offering, raising US$3.06B (roughly $2.37 billion), making it the country's second-largest IPO on record. Law firm Khaitan & CoDealroom has a profile for this one. Try Dealroom → advised the book-running lead managers on the offering, which it called the largest IPO by a stock exchange in Asia.
The details: The issue was entirely an offer for sale of up to 12.64 crore shares, priced between US$23.1 and US$24.2 each, so proceeds went to existing shareholders rather than NSE. Bidding ran from September 17 to 21, 2026, with shares listing on rival exchange BSEDealroom has a profile for this one. Try Dealroom → on September 24.
Why now? The listing ends a long wait for one of India's most anticipated public offerings and lands amid a resurgent primary market. The deal accounted for more than half of September 2026 mainboard fundraising, and IPO proceeds hit a record for the first nine months of the year despite weaker broader equities.
By the numbers: Demand was strong, with the issue subscribed about 5.7 times, led by institutions. A syndicate of 20 banks managed the offering, including Kotak Mahindra Capital, JM FinancialDealroom has a profile for this one. Try Dealroom →, Morgan Stanley, Citigroup, J.P. Morgan, and Axis CapitalDealroom has a profile for this one. Try Dealroom →.
The signal: NSE's debut — behind only Hyundai Motor IndiaDealroom has a profile for this one. Try Dealroom →'s 2024 IPO in size — underscores how India's exchanges are tapping public markets just as issuance accelerates. With peers like SBI Funds Management also going public, the listing marks a milestone for the infrastructure underpinning the country's record IPO run.
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