# LIC leads NSE IPO bidding with Rs 4,500 crore bid 2026-09-22T16:12:11+00:00 | Governance | Indian Opinion Desk Corroboration: 3 independent outlets State-run Life Insurance Corporation of India was the largest bidder in the National Stock Exchange's Rs 22,562 crore IPO, placing bids worth Rs 4,500 crore, according to sources. ICICI Prudential Asset Management and Quant Mutual Fund bid about Rs 2,000 crore each, while Norges Bank Investment Management and Mirae Asset Mutual Fund bid roughly Rs 1,000 crore each, thehindubusinessline.com reports. The IPO, entirely an offer for sale by existing shareholders, was subscribed 5.7 times overall. Retail participation was cautious at 1.3 times, while qualified institutional buyers bid 12.7 times their reserved portion. NSE priced shares at Rs 1,785 apiece, valuing the exchange at about 43 times fiscal 2026 earnings. The listing on BSE is set for September 24. NSE MD and CEO Ashishkumar Chauhan told livemint.com the issue size was reduced from an earlier estimate of nearly Rs 30,000 crore on merchant banker advice to lower the price, as some selling shareholders were unwilling to sell at the lower valuation. NSE's FY26 profit after tax declined to Rs 10,302 crore from Rs 12,188 crore in FY25, businesstoday.in notes. ## Indian Opinion Analysis All three sources report the same basic facts neutrally, but thehindubusinessline.com leads with the institutional-retail divide, flagging regulatory curbs on derivatives as a risk to NSE's revenue. Livemint.com's exclusive interview with the NSE MD focuses on why the IPO fell short of being India's largest, framing it as a strategic pricing decision. Businesstoday.in emphasises the anchor investor roster and NSE's declining profit margins. The balanced reading: strong institutional confidence coexists with retail caution and a dip in earnings. The listing price on September 24 will test whether institutional conviction can sustain valuation. ## Coverage - thehindubusinessline.com (neutral report) Straight reporting with no discernible slant - livemint.com (neutral report) Interview format, no editorial slant - businesstoday.in (neutral report) Straight reporting with no discernible slant Tags: Ashishkumar Chauhan, ICICI Prudential, LIC, Norges Bank, NSE Canonical: https://indianopinion.org/lic-leads-nse-ipo-bidding-with-rs-4500-crore-bid/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/lic-leads-nse-ipo-bidding-with-rs-4500-crore-bid/#story-in-brief