The ₹22,568.94-crore initial public offering of the National Stock Exchange of India (NSE) was fully subscribed on the second day of bidding, with strong demand across institutional, non-institutional and employee categories. The retail portion, however, remained below full subscription at the close of day 2.
The issue has received bids for 10.26 crore shares against 8.86 crore shares on offer, translating into an overall subscription of 1.16 times.
The qualified institutional buyers (QIB) category was subscribed 1.53 times, receiving bids for 3.86 crore shares against 2.5 crore shares offered. The non-institutional investor (NII) category was subscribed 1.67 times, with bids for 3.16 crore shares against 1.89 crore shares reserved.
Within the NII category, the portion for applications above ₹10 lakh was subscribed 1.60 times, while the portion for applications between ₹2 lakh and ₹10 lakh was subscribed 1.83 times.
The employee category was subscribed 1.52 times, with bids for 0.66 million shares against 0.43 million shares offered.
Retail participation, meanwhile, remained below the full-subscription mark. The retail individual investor (RII) portion was subscribed 0.72 times, with bids for 3.18 crore shares against 4.41 crore shares reserved.
The NSE IPO, valued at around ₹22,562 crore, opened for subscription on September 17 and will close on September 21. The price band has been fixed at ₹1,700-₹1,785 per share, with a minimum application size of eight shares.
The issue is entirely an offer for sale (OFS) of about 12.64 crore shares, meaning the proceeds will accrue to existing shareholders rather than the stock exchange. NSE is scheduled to list on September 24, subject to the IPO process and allotment timeline.