NSE IPO closes with 5.71 times subscription, listing set for September 24

The initial public offering of the National Stock Exchange of India closed on September 21 with bids for 50.58 crore shares against 8.86 crore shares on offer, a subscription of 5.71 times, according to exchange data. The Rs 22,569 crore issue is India's second-largest public offering, behind Hyundai Motor India's Rs 27,870 crore IPO in 2024. Demand was led by qualified institutional buyers, whose quota was subscribed 12.68 times. Non-institutional investors subscribed 6.55 times, while the retail portion was booked 1.39 times and the employee portion about 2.40 times. The IPO was fully subscribed on the second day of bidding, on September 18. Total demand figures vary depending on whether anchor investments are included. One tally put demand at nearly Rs 90,300 crore against the issue size, while another put the total value of bids at Rs 96,476 crore including anchors, calculated at the upper end of the price band of Rs 1,700 to Rs 1,785 per share. On September 16, NSE raised Rs 6,746 crore from anchor investors, allocating 37,793,739 shares at Rs 1,785 each.