NSE IPO: No more India’s biggest! From DRHP to RHP | Price, size to stake sale — Top 5 changes to know for investors

NSE IPO: Due to the reduction in the issue size, the public issue has become the second-largest IPO of India after Hyundai Motor India's ₹27,870-crore IPO in 2024.(Photo: AI-generated)AI Quick ReadNSE IPO latest news: The much-awaited initial public offering (IPO) of the National Stock Exchange (NSE) of India received SEBI's approval about a week ago, after nearly a decade of waiting. After the submission of a fresh DRHP in June 2026, the NSE has finally submitted its Red Herring Prospectus (RHP) with various changes. The most prominent change in the NSE IPO RHP is issue size. In the RHP, the NSE has reduced its Offer for Sale (OFS) from around 14.89 crore shares to 12,64,36,650 shares, reducing the NSE IPO size from ₹30,000 crore to ₹22,569 crore ( ₹1785 x 12,64,36,650). Hence, the NSE IPO is no longer India's biggest IPO. It has now shrunk to India's second-largest IPO, after Hyundai Motor India's ₹27,870 crore IPO in 2024.

1] NSE IPO size: As mentioned above, the NSE is no longer India's biggest IPO after the reduction in its OFS from around 14.89 crore shares to 12,64,36,650 shares. This led to a reduction in the issue size from the mega ₹30,000 crore to ₹22,569 crore, second-largest after Hyundai Motor India's ₹27,870 crore IPO in 2024.

2] NSE IPO price: At a ₹30,000 crore size, the NSE IPO price band was estimated in the range of ₹2,000 to ₹2,100 per equity share. However, the NSE IPO price band has been declared at ₹1700 to ₹1785 per equity share.

3] NSE IPO valuation: After the reduction in the OFS and the NSE IPO price band from around ₹2000- ₹2100 to ₹1700 to ₹1785, the valuation of the NSE has shrunk from the estimated ₹5 lakh crore to ₹4.20 lakh crore.

4] Selling shareholders revise selling plan: The NSE IPO size got reduced due to the changes in the selling shareholders' plan. The biggest selling shareholder, State Bank of India (SBI), reduced its proposed sale from 2.47 crore shares to 1.6 crore shares. MS Strategic (Mauritius) Ltd cut down its offer from 1.6 crore shares to 1.1 crore shares.

Similarly, Bank of Baroda reduced its proposed share sale from 1.09 crore to 76.9 lakh shares, while Stock Holding Corporation of India Ltd reduced its offer from 1.08 crore shares to 61.87 lakh shares. General Insurance Corporation of India slashed its proposed sale from 1.06 crore shares to 61.87 lakh shares, National Insurance Company Ltd reduced its offer from 60 lakh shares to 40 lakh shares, and Mahagony Ltd trimmed its offer size from 50 lakh to 30 lakh shares.

5] Emergence of new selling shareholder: The revised documents also have SBI Capital Markets Ltd as a selling shareholder, which was not part of the list in the NSE IPO DRHP.

The NSE IPO will open for subscription on September 17 and close on September 21, with anchor investor bidding scheduled for September 16. The most likely NSE IPO allotment date is 22 September 2026, and the most likely NSE IPO listing date is 24 September 2026.

According to market observers, the NSE shares are available at a premium of ₹218 in the grey market today, up ₹27 from yesterday morning's GMP of ₹191. Observers believe the rise in the NSE IPO GMP today can be attributed to greater clarity for investors following the announcement of the NSE IPO price band of ₹1700 to ₹1785 per equity share. They said that the NSE IPO GMP has risen despite selling pressure in the secondary market, which is praiseworthy. They predicted more upside in the NSE IPO GMP, once there is a trend reversal in the secondary market.

Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).

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