NSE IPO to open on September 18, list on September 25? Key details you need to know

Touted as India's largest initial public offering (IPO), the National Stock Exchange is expected to open for public subscription on September 18 and list on September 25, according to the Economic Times report. The IPO price band is likely to be announced on September 15, followed by the anchor book opening on September 17, sources said. The public issue is likely to be open for subscription on September 18, September 21 and September 22. The proposed timeline has been set so that NSE shares can be listed before the 16-day Pitru Paksha period begins on September 26, sources said. However, the National Stock Exchange (NSE) has not officially announced the IPO schedule yet. Moreover, Bank of Baroda is reportedly likely to sell 35% of its NSE holding, or 76,90,375 shares, through the IPO. The IPO is expected to raise around Rs 30,000 crore, making it bigger than Hyundai Motor India's Rs 27,870-crore IPO in 2024 and potentially the largest IPO in India. The NSE had filed its IPO papers, known as the DRHP (Draft Red Herring Prospectus), with SEBI on June 17, 2026, with Kotak Mahindra Capital Company as the coordinating lead manager.NSE's plans to go public were delayed due to regulatory issues. SEBI has recently cleared NSE's IPO by issuing an observation letter. The exchange is now expected to complete the remaining formalities before launching its IPO. The NSE IPO will be a 100% Offer for Sale (OFS), meaning existing shareholders will sell up to 14.89 crore shares, or nearly 6% of NSE's paid-up capital, while NSE itself will not receive any proceeds from the issue. Based on its unlisted-market valuation, the IPO could be worth around Rs 30,000 crore, while a valuation of around Rs 5 lakh crore could make it India's biggest-ever IPO, surpassing Hyundai Motor India's Rs 27,870-crore issue in 2024. The final issue size and valuation will depend on the price band. Major shareholders looking to sell include SBI Group (up to 2.475 crore shares), MS Strategic (1.60 crore), CPPIB (1.19 crore), Aranda Investments (1.12 crore), Bank of Baroda (around 1.10 crore) and Stock Holding Corporation of India (around 1.09 crore). Insurance companies including GIC Re, New India Assurance, National Insurance Company and United India Insurance Company are also among the selling shareholders. NSE had appointed a record 20 Book Running Lead Managers (BRLMs) or Merchant Bankers for its proposed IPO, underscoring the scale and significance of what is expected to be India's largest public issue. The IPO will allow ordinary investors to directly buy NSE shares, while existing shareholders will be able to sell part of their holdings. With SEBI's approval, NSE is now moving closer to its IPO, which could become India's largest-ever public issue if it achieves the expected valuation.