NSE Sets IPO Price Band After Downsizing Offer

The National Stock Exchange of India has set a price band of Rs 1,700 to Rs 1,785 per share for its long-delayed initial public offering, which will open for bidding on September 17 and close on September 21, 2026, according to the exchange's red herring prospectus filed on September 10. Bidding for anchor investors is scheduled for September 16, with listing expected on the BSE on September 24. Investors can apply for a minimum of eight shares, putting the minimum bid at Rs 14,820 at the upper end of the band. The offering is entirely an offer for sale of 12,64,36,550 equity shares, roughly a 5.11 percent stake, by existing shareholders including State Bank of India, Canada Pension Plan Investment Board and Aranda Investments Mauritius. NSE will receive no proceeds from the sale. At the upper end of the price band, the issue is valued at about Rs 22,568.92 crore, down from an initial estimate of around Rs 30,000 crore. Per the prospectus, SBI reduced its proposed sale to about 1.60 crore shares from 2.47 crore, while MS Strategic Mauritius cut its portion to 1.1 crore shares from 1.6 crore.