The National Stock Exchange (NSE) attracted demand worth around Rs 90,000 crore for its initial public offering (IPO), setting a new subscription benchmark among India’s five largest IPOs, with qualified institutional buyers (QIBs) driving bidding on the final day.
The Rs 22,561.57 crore public issue, the second-largest IPO in India by issue size after Hyundai Motor India, received bids for 50,58,11,384 shares against 8,86,42,911 shares on offer. This translated into an overall subscription of 5.71 times at the close of the bidding window, according to NSE data.
QIBs led the subscription, with their reserved portion subscribed 12.68 times. Non-institutional investors (NIIs) subscribed 6.55 times their allocated quota, while retail individual investors (RIIs) subscribed 1.39 times.
The strong response puts the NSE issue ahead of the other four largest IPOs in India in terms of overall subscription, based on data from Prime Database.
The Hyundai Motor India IPO, which raised Rs 27,858.75 crore in October 2024, was subscribed 1.93 times. Life Insurance Corporation of India's Rs 20,557.23 crore issue in May 2022 was subscribed 2.05 times, while One 97 Communications' Rs 18,300 crore IPO in November 2021 was subscribed 1.48 times. Tata Capital's Rs 15,511.87 crore offering in October 2025 was subscribed 1.65 times.
