NSE IPO tests demand at ₹1,785 upper band

National Stock Exchange of India Limited's IPO opened for subscription on September 17, 2026, with a price band of ₹1,700 to ₹1,785 per share. The issue size is about $2.3 billion, making it one of India's largest IPOs. The key issue is that the IPO is an offer for sale, so NSE itself will not receive fresh capital from the transaction. At the same time, derivatives trading volumes, a major revenue source, have been affected by regulatory changes, with volumes reported below their 2024 peak. That makes subscription data only one part of the analysis. Investors also need to track whether NSE can diversify revenue through newer products and whether derivatives activity stabilises. The next immediate trigger is the final subscription response through September 21 and subsequent listing behaviour. View: NSE's IPO offers a direct market valuation reference, but future earnings depend heavily on derivatives activity and successful revenue diversification.