Mumbai, 16 September 2026 – India’s National Stock Exchange is preparing a public share offering that will test how investors value an established market operator after tighter derivatives regulation weakened its earnings momentum. The approximately US$2.3 billion transaction offers access to a major financial-market franchise, but its investment case depends on the durability of trading revenue rather than the size of the listing alone.
Anchor bidding is scheduled for 16 September, followed by public subscriptions from 17 to 21 September. The indicated price band is INR1,700 to INR1,785 per share, implying a valuation of about US$46 billion at the reported offering terms. The transaction is an offer for sale by existing shareholders, so it will not provide fresh capital to the exchange itself.
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