India's NSE eyes IPO price cut to 1,700-1,785 rupees

Corporate Action
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Summary · why it matters

India's National Stock Exchange (NSE) is likely to price its initial public offering (IPO) at 1,700-1,785 rupees per share, lower than the previously planned range of 2,000-2,100 rupees, and may reduce the stake on offer from 6% to about 5.5% of total capital after some shareholders withdrew. If priced at the top of the range, the sale of a 5.5% stake would raise about 243 billion rupees, or $2.6 billion, lower than the record 279 billion rupees raised by Hyundai Motor India in 2024, and would give NSE a valuation of about 4.42 trillion rupees, down from the earlier target of 5.26 trillion rupees. The downsizing reflects concerns that India's primary market may not be able to handle multiple large deals at once, with Jio Platforms also preparing a large IPO. According to Bloomberg data, since the start of 2026, Indian companies have raised nearly $10 billion through IPOs, compared with over $20 billion per year in the previous two years. NSE is expected to announce the IPO price range within this week and open for subscription in the week starting September 14. All shares are an offer for sale (OFS), and SEBI approved the draft prospectus on September 4. Selling shareholders include Morgan Stanley, Temasek, State Bank of India, and others.

Impact on stocks 3

Financials▲ · 2 stocks
Morgan Stanley
MS
± MixedCapitalrelevance

Morgan Stanley is listed as a selling shareholder in NSE's downsized IPO, but the article gives no detail on its stake or proceeds.

State Bank of India GDR
SBID
± MixedCapitalrelevance

State Bank of India is named as a selling shareholder in NSE's IPO, with no specifics on its stake or impact.

Defense & Geopolitical Fragmentation▼ · 1 stocks
NSE SA
ALNSE
▼ NegativeCapitalrelevance

NSE is cutting its IPO price range to 1,700-1,785 rupees and reducing the stake on offer, lowering its targeted valuation to about 4.42 trillion rupees.

Off-coverage companies 2

Temasek Holdings (Private) LimitedPrivate± Mixed
Capitalrelevance

Temasek is listed as a selling shareholder in NSE's IPO, but the article provides no detail on its stake or proceeds.

Jio Platforms LimitedPrivate± Mixed
relevance

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