# NSE IPO fully subscribed on day 2, retail demand lags

2026-09-18T16:46:52+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 3 independent outlets

The Rs 22,568 crore initial public offering of the National Stock Exchange of India was fully subscribed on the second day of bidding, with overall subscription reaching 1.16 times. Non-institutional investors and qualified institutional buyers drove demand, subscribing 1.68 times and 1.53 times respectively. The employee category was subscribed 1.52 times, while retail individual investors subscribed only 72 per cent of the shares reserved for them. The issue is entirely an offer for sale of up to 12.64 crore shares by existing shareholders, with a price band of Rs 1,700 to Rs 1,785 per share. NSE raised Rs 6,746 crore from anchor investors including LIC, Goldman Sachs and Fidelity before the IPO opened. The issue closes on September 21, and NSE shares are expected to begin trading on September 24.

## Indian Opinion Analysis

All three sources report the same subscription figures neutrally, but businesstoday.in frames the IPO through broker endorsements: Nirmal Bang and Sparks give 'subscribe' ratings citing structural growth. The Hindu Business Line leads with retail demand lagging below full subscription, a detail businesstoday.in omits entirely. Times of India foregrounds the IPO ranking as India's second-largest, behind Hyundai. The balanced reading: institutional demand is robust, but retail caution tempers the enthusiasm. The listing on September 24 will test whether anchor investor conviction holds in secondary trading.

## Coverage

- businesstoday.in (neutral report) <https://www.businesstoday.in/markets/ipo-corner/story/nse-ipo-nirmal-bang-and-sparks-say-subscribe-cites-structural-growth-potential-556365-2026-09-18?utm_source=rssfeed>
  Leads with broker subscribe ratings, omits retail subscription data
- timesofindia.indiatimes.com (neutral report) <https://timesofindia.indiatimes.com/business/india-business/nse-ipo-subscribed-1-16-times-on-day-2-led-by-non-institutional-investors-qibs/articleshow/134338877.cms>
  Straight subscription data, ranks IPO size historically
- thehindubusinessline.com (neutral report) <https://www.thehindubusinessline.com/markets/nse-ipo-fully-subscribed-on-day-2-retail-demand-remains-below-1x/article71481150.ece>
  Leads with full subscription but flags retail below 1x

Tags: BSE, IPO, Nirmal Bang Securities, NSE, SEBI
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