National Stock Exchange of India IPO Day 2: Subscribed 1.40x; QIB surges 1147% to 2.37x
- National Stock Exchange of India IPO subscription reached 1.40x on Day 2.
- QIB demand surged 1147.4% to 2.37x, driving the overall oversubscription.
- NII (bHNI) rose to 1.83x, while Retail increased to 0.79x.
- The issue remains open until September 21, 2026.
*this image is generated using AI for illustrative purposes only.
National Stock Exchange of India IPO subscription surged to 1.40x on Day 2, crossing the fully subscribed threshold. Qualified Institutional Buyers (QIB) drove the momentum, rising sharply to 2.37x, while Non-Institutional Buyers (bHNI) reached 1.83x.
Subscription Status
Demand for the National Stock Exchange of India IPO accelerated significantly on Day 2, with the overall subscription moving from 0.41x on Day 1 to 1.40x on Day 2. The QIB segment witnessed the most dramatic increase, reflecting strong institutional interest in the final trading day before the issue closes on September 21, 2026.
| 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 | 2.37x | 1.83x | 1.34x | 0.79x | 1.40x |
Category-wise Breakdown
Qualified Institutional Buyers emerged as the dominant force on Day 2, with subscriptions jumping +1147.4% to reach 2.37x from 0.19x earlier in the day. Non-Institutional Buyers (bHNI) also showed robust growth, increasing by +55.1% to 1.83x. The sHNI segment rose to 1.34x, up from 0.91x. Retail participation ticked up by +46.3% to 0.79x. The total subscription jumped +169.2% to 1.40x.
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.
| 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 |
Offer Details
- Company: National Stock Exchange of India
- Price band: ₹1700.00000 - ₹1785.00000
- Issue size: 12920 - 500000
- Min bid qty: 8
- Open: 2026-09-17 09:00:00
- Close: 2026-09-21 19:00:00
About the Company
National Stock Exchange of India operates as India's largest stock exchange and vertically integrated multi-asset class platform. It provides trading, clearing, listing and settlement services across cash market, futures, options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market and interest rate futures. 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 |
| Total Profit (₹ 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: The company is conducting an Offer for Sale of up to 126,436,650 Equity Shares of face value of ₹1 each by certain Selling Shareholders.
- Achieve Benefits of Listing on BSE: The company aims to enhance visibility and brand image, provide liquidity to Shareholders and establish a public market for the Equity Shares in India.
Risk Factors
- Significant Dependence on Trading Volume and Transaction Charges: The company derives 79.44% of revenue from transaction charges, with options business contributing 60.17% of total revenue.
- Concentration Risk from Top Trading Members: The company derived 47.00% of revenue from its top ten trading members in the three months ended June 30, 2026.
- Extensive Regulatory Oversight and Enforcement Actions: The company operates under strict SEBI oversight and has been subject to enforcement actions and monetary penalties.
- Technology Infrastructure and System Disruption Risks: Past system failures have led to trading halts lasting over 5 hours and financial penalties of ₹60.40 million.
- Cybersecurity and Data Protection Vulnerabilities: The company faces cybersecurity risks including distributed denial of service attacks experienced in 2025.
Will the dominant QIB subscription on Day 2 indicate a final oversubscription ratio that significantly impacts the listing price premium?
How might the heavy reliance on transaction charges and options revenue expose NSE to volatility if market trading volumes decline post-IPO?
What is the expected timeline for the BSE listing process, and how will dual-listing affect shareholder liquidity and brand visibility?
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