National Stock Exchange of India IPO Day 2: Subscribed 1.13x; QIB surges 705% to 1.53x
- National Stock Exchange of India IPO subscription reached 1.13x on Day 2.
- Qualified Institutional Buyers surged 705.3% to 1.53x.
- Non-Institutional Buyers (bHNI) climbed 48.3% to 1.75x.
- Retail demand increased by 29.6% to 0.70x.
- Issue closes on September 21, 2026.
*this image is generated using AI for illustrative purposes only.
National Stock Exchange of India IPO is subscribed 4.97 times on Day 3, with Qualified Institutional Buyers surging 1600% intraday to reach 10.71x. Non-Institutional Buyers lead at 7.23x for bHNI, while Retail stands at 1.23x.
Subscription Status
The National Stock Exchange of India IPO witnessed explosive momentum on Day 3, with total subscription jumping from 0.94x at 11:15 IST to 4.97x by 17:15 IST. Qualified Institutional Buyers (QIB) emerged as the standout category, racing ahead from 0.63x to 10.71x, representing a 1600.0% increase in just six hours. Non-Institutional Buyers (NII) also picked up pace, with the bHNI segment reaching 7.23x and sHNI at 3.92x. Retail subscriptions ticked up to 1.23x.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 17-09-2026 | 0.19x | 0.89x | 0.58x | 0.42x | 0.41x |
| Day 2 | 18-09-2026 | 1.53x | 1.75x | 1.50x | 0.70x | 1.13x |
| Day 3 | 21-09-2026 | 10.71x | 7.23x | 3.92x | 1.23x | 4.97x |
Category-wise Breakdown
Non-Institutional Buyers remain the strongest segment overall, with the bHNI category subscribed 7.23 times and sHNI at 3.92 times. Employee subscriptions are at 2.26 times. Qualified Institutional Buyers have now crossed the initial public offer threshold significantly, standing at 10.71 times. Retail investors have subscribed 1.23 times.
Intra-day Timeline
On Day 2 (18-09-2026), subscription figures picked up pace after midday, with QIB demand surging between 12:15 and 13:15 IST before stabilizing towards the close.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.19x | 1.18x | 0.54x | 0.52x |
| 12:15 | 0.19x | 1.30x | 0.58x | 0.57x |
| 13:15 | 2.37x | 1.83x | 0.79x | 1.40x |
| 14:15 | 2.37x | 1.94x | 0.83x | 1.44x |
| 15:15 | 0.13x | 1.14x | 0.47x | 0.50x |
| 16:15 | 1.32x | 1.67x | 0.69x | 1.04x |
| 17:15 | 1.53x | 1.75x | 0.70x | 1.13x |
Offer Details
The National Stock Exchange of India IPO is priced between ₹1700.00000 and ₹1785.00000. The issue size ranges from 12920 to 500000. The minimum bid quantity is 8 shares. The IPO opened on 2026-09-17 and closes on 2026-09-21.
About the Company
National Stock Exchange of India operates as India's largest stock exchange and a vertically integrated multi-asset class platform. It provides trading, clearing, listing, and settlement services across cash markets, futures, options, mutual funds, commodity derivatives, and debt markets. The company has been the largest stock exchange in India in terms of total turnover in cash market and equity derivatives from Fiscal 2001 to Fiscal 2026. As of June 30, 2026, it serves 132.37 million Unique Registered Investors across over 99% of Indian postal codes.
Financial Highlights
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 16601.31 | 17140.68 | 14780.01 |
| Profit After Tax (₹ crores) | 10302.06 | 12187.69 | 8305.74 |
| Total Assets (₹ crores) | 87937.44 | 69466.64 | 65463.98 |
Objects of the Issue
- Offer for Sale by Selling Shareholders: Up to 126,436,650 Equity Shares by certain Selling Shareholders.
- Achieve Benefits of Listing on BSE: Enhance visibility, brand image, and provide liquidity to shareholders.
Risk Factors
- Significant Dependence on Trading Volume: 79.44% of revenue comes from transaction charges, with options contributing 60.17%.
- Regulatory Oversight: Subject to strict SEBI oversight, with settlement amounts totaling ₹14,912.07 million paid for colocation matters.
- Technology Risks: Past system failures led to trading halts and penalties; technology expenses represent 8.01% of revenue.
- Cybersecurity Vulnerabilities: Risks include DDoS attacks and potential penalties under the Digital Personal Data Protection Act.
What's Next
The IPO closes on 2026-09-21. Allotment and listing dates will be announced subsequently.
How might the heavy QIB subscription of 1.53x influence the listing price premium and initial volatility compared to historical NSE IPO benchmarks?
Given that 79% of revenue comes from transaction charges, how could potential regulatory caps on brokerage or trading volumes impact NSE's long-term profitability post-listing?
What are the implications of the top ten trading members contributing 47% of revenue for NSE's business resilience and diversification strategy?
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