NSE Expected to Price IPO at ₹1,700-₹1,785 and Reduce Stake, Bloomberg Says

According to a Bloomberg News report on Wednesday, the National Stock Exchange of India is expected to set the price for its long-delayed initial public offering at ₹1,700–₹1,785 per share, considerably lower than the ₹2,000–₹2,100 band it had earlier marketed, a move that could make it difficult for the country's largest-ever listing to materialize.

Citing people familiar with the matter, Bloomberg reported that NSE may also trim the stake it plans to sell to about 5.5% of total equity from the initially planned 6%, following the withdrawal of some shareholders who were unwilling to sell at the reduced price.

Discussions remain ongoing, and the eventual price band, offering size, and schedule may still be subject to change.

At the upper end of the suggested band, selling a 5.5% stake would generate roughly ₹243 billion ($2.6 billion), falling short of the ₹279 billion that Hyundai Motor India raised in 2024, the current record for an Indian IPO.

This would place NSE's valuation at up to ₹4.42 trillion ($46.6 billion), a decline from the earlier targeted valuation of ₹5.26 trillion.

The smaller deal reflects worries about whether India's primary market can accommodate a spate of sizable offerings concurrently. Jio Platforms Ltd. is also advancing an IPO that could be among the largest in the country's history, placing additional pressure on investor funds.

According to Bloomberg data, Indian IPOs have raised near $10 billion thus far in 2026, versus over $20 billion in each of the prior two years, both of which were record-setting periods for initial offerings.

NSE operates the world's largest derivatives exchange by trading volume. Per the people cited, the exchange is projected to unveil its IPO price band this week and launch the subscription window in the week of September 14. It submitted its draft prospectus in June for a share sale comprising entirely secondary shares, so NSE will not directly receive the proceeds.

The Securities and Exchange Board of India approved the IPO prospectus on September 4, removing a significant obstacle for the long-delayed listing.

According to the filing, the selling shareholders comprise Morgan Stanley, Temasek, State Bank of India, Stock Holding Corporation of India, General Insurance Corp. of India, New India Assurance, National Insurance Co., and Oriental Insurance.

The suggested valuation also sits far beneath the levels NSE had pursued earlier in its listing efforts.

Bloomberg had earlier reported that NSE was targeting a valuation of up to ₹5.26 trillion, making the new suggested band a substantial recalibration amid investor scrutiny of the IPO pipeline and India's capacity to handle several big deals.