National Stock Exchange of India IPO Day 3: Subscribed 5.71x; QIB surges 1912% intraday
- National Stock Exchange of India IPO subscribed 5.71 times on Day 3
- QIB demand surges 1912% to 12.68x, leading all categories
- NII bHNI segment reaches 7.78x subscription multiple
- Retail investors subscribe 1.39x, up from 0.66x earlier in the day
- Issue priced between ₹1700.00000 and ₹1785.00000
*this image is generated using AI for illustrative purposes only.
National Stock Exchange of India IPO is subscribed 5.71 times on Day 3, with Qualified Institutional Buyers surging 1912% intraday to reach 12.68x. Non-Institutional Buyers lead at 7.78x for bHNI, while Retail stands at 1.39x.
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 5.71x by 20:16 IST. Qualified Institutional Buyers (QIB) emerged as the standout category, racing ahead from 0.63x to 12.68x, representing a 1912.7% increase in just nine hours. Non-Institutional Buyers (NII) also picked up pace, with the bHNI segment reaching 7.78x and sHNI at 4.09x. Retail subscriptions ticked up to 1.39x.
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 | 12.68x | 7.78x | 4.09x | 1.39x | 5.71x |
Category-wise Breakdown
Non-Institutional Buyers remain the strongest segment overall, with the bHNI category subscribed 7.78 times and sHNI at 4.09 times. Employee subscriptions are at 2.4 times. Qualified Institutional Buyers have now crossed the initial public offer threshold significantly, standing at 12.68 times. Retail investors have subscribed 1.39 times.
Intra-day Timeline
Data for Day 3 reflects the status at 20:16 IST, showing a sharp acceleration in demand across all categories, particularly in the final hours.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.63x | 1.85x | 0.66x | 0.94x |
| 12:15 | 2.42x | 2.70x | 0.96x | 1.84x |
| 13:15 | 3.72x | 2.95x | 1.01x | 2.36x |
| 14:15 | 7.72x | 3.30x | 1.08x | 3.75x |
| 15:15 | 7.72x | 3.30x | 1.08x | 3.75x |
| 16:15 | 7.72x | 3.30x | 1.08x | 3.75x |
| 17:15 | 10.71x | 3.92x | 1.23x | 4.97x |
| 20:16 | 12.68x | 4.09x | 1.39x | 5.71x |
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 massive oversubscription by QIBs signal institutional confidence in NSE's future revenue growth despite recent flatlining in FY 2026 profits?
What impact could the listing of NSE on the BSE have on the competitive dynamics and market share between India's two major stock exchanges?
Given that nearly 80% of NSE's revenue depends on trading volumes, how vulnerable is the post-listing valuation to potential market downturns or regulatory caps on transaction charges?
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