India's National Stock Exchange launches $2.35bn IPO, second biggest in country

September 17, 2026 at 01:13 PM2 min

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India's National Stock Exchange launched its initial public offering on Wednesday, seeking to raise up to 225.69 billion rupees ($2.35 billion) in the country's second-biggest share sale. The listing ends a decade-long wait for the exchange, which operates the market where most Indian shares are traded. The IPO comes even as rising oil prices, a weaker rupee and foreign-investor withdrawals weigh on Indian shares.

Key Facts

The National Stock Exchange is offering shares priced between 1,700 and 1,785 rupees each, aiming to raise up to 225.69 billion rupees ($2.35 billion).
The IPO would be India's second-biggest share sale, behind the 2024 listing of Hyundai's Indian unit.
The NSE cut the number of shares on offer by 15% last week after existing owners decided to sell less of their holdings.
The sale involves existing investors, including the State Bank of India, insurance companies and investment funds, reducing their stakes; the NSE is not issuing new shares and will not receive any proceeds.
The Nifty 50, the NSE's benchmark index of 50 leading Indian companies, has fallen by more than 11% this year.

The IPO

The National Stock Exchange launched its initial public offering on Wednesday, ending a decade-long wait for one of India's most closely watched stock-market listings. The exchange hopes to raise as much as 225.69 billion rupees ($2.35 billion), which would make it India's second-biggest share sale behind the 2024 listing of Hyundai's Indian unit. The shares are priced at between 1,700 and 1,785 rupees each, and the sale involves existing investors reducing their stakes. The NSE is not issuing new shares and will not receive any of the proceeds.

Market Context

The listing comes as the Nifty 50, the NSE's benchmark index of 50 leading Indian companies, has fallen by more than 11% this year. Rising oil prices, a weaker rupee and foreign-investor withdrawals are weighing on Indian shares. Those pressures have already affected the sale: the NSE cut the number of shares on offer by 15% last week after existing owners decided to sell less of their holdings, probably because its valuation was lower than expected. Despite the current market weakness, analysts expect strong interest in the IPO, as investors may see it as a way to benefit from India's investment boom.

Future Listings

The NSE listing comes ahead of another eagerly awaited Indian IPO, Jio Platforms. Gaurav Dua of Standard Chartered Securities told the BBC that the large listings could put short-term pressure on the wider market by absorbing money that investors might otherwise spend on shares already being traded. They could also revive India's IPO market after a slow first half of the year, when volatility and geopolitical tensions prompted some companies to delay their plans. Analysts believe major listings such as the NSE and Jio Platforms could push the amount raised this year above last year's total.