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# NSE’s $2.3 billion IPO reaches full subscription on second day
- URL: https://www.theglobalbanker.com/nses-2-3-billion-ipo-reached-full-subscription-on-second-day/
- Published: 2026-09-19T11:29:05.000Z
- Updated: 2026-10-02T01:30:50.000Z
- Description: India’s National Stock Exchange drew bids above the 88.6 million shares offered on the IPO’s second day, with the entirely secondary sale expected to raise about $2.3 billion.
- Author: TGB Editorial Team
- Tags: Banking News, Asia-Pacific

India’s National Stock Exchange IPO was fully subscribed on its second bidding day, according to Bloomberg and the Financial Express. A end-of-day exchange data put bids at 102.8 million shares against 88.6 million offered, or 1.16 times the available stock. The offer remains open through 21 September. 

The price band is 1,700 to 1,785 rupees a share, valuing the transaction at roughly 225.6 billion rupees at the top end. The sale is entirely an offer by existing shareholders, so NSE will not receive proceeds. Reuters valued the transaction at about $2.3 billion. The timetable reported by Financial Express points to allotment on 22 September and a BSE debut on 24 September.

#### DEMAND BROADENS ACROSS INVESTOR GROUPS

By the end of Friday’s bidding, qualified institutional buyers had bid for 1.53 times their allocation and non-institutional investors for 1.68 times theirs. Retail demand stood at 72% of that quota, while the employee portion was fully subscribed. 

Reuters reported that NSE had allocated shares worth about $703 million to anchor investors before the issue opened. The public issue had received more than 2 million applications by the end of the second day. Eligible employees receive a discount of 170 rupees per share.

#### LISTING TEST FOLLOWS A LONG WAIT

NSE operates India’s largest stock exchange, and the listing follows a decade-long process shaped by regulatory and legal delays.