NSE completes $2.4 billion IPO with LIC biggest bidder
The National Stock Exchange of India (NSE) just wrapped up its massive $2.4 billion IPO, and LIC came out as the biggest bidder, putting in about ₹45 billion ($470 million).
Shares were priced at ₹1,785 each, giving NSE a pretty hefty valuation, 43 times its fiscal 2026 earnings.
NSE IPO saw 5.7 times demand
Big names like ICICI Prudential Asset Management Co. and Quant Mutual Fund also threw in major bids (₹20 billion each), while Norges Bank Investment Management and Mirae Asset Mutual Fund joined with around ₹10 billion apiece.
Retail investors played it safe, subscribing just 1.3 times their quota, but qualified institutional buyers went all in with 12.7 times their share.
Overall, demand hit 5.7 times the offer size, a strong showing despite some market jitters, with anchor investors like Goldman Sachs Asset Management and Abu Dhabi Investment Authority keeping things interesting ahead of NSE's BSE debut on September 24.