The NSE had fixed a price band of Rs 1,700-1,785 per share, valuing the exchange at up to about Rs 4.42 lakh crore at the upper end.The much-awaited initial public offering (IPO) of the National Stock Exchange of India (NSE) closed on Monday with the issue receiving bids worth around Rs 90,000 crore, reflecting strong demand from institutional and high-net-worth investors. The IPO was subscribed about 5.7 times overall, with investors bidding for more than 50 crore equity shares against around 8.86 crore shares on offer, according to data available on the exchanges.The issue attracted about 38.5 lakh applications, underlining the broad investor interest in the country’s largest stock exchange and one of the most closely watched listings in the Indian capital market.The non-institutional investor (NII) portion was subscribed 6.55 times, while retail investor portion was subscribed around 1.4 times. The employee quota was subscribed about 2.4 times.Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 12.68 times. QIBs placed bids for around 31.97 crore shares, compared with about 2.52 crore shares reserved for the category.At the upper end of the price band of Rs 1,785 a share, the NSE IPO was estimated at Rs 22,562 crore when the issue was announced. The final offer, however, comprised about 8.86 crore shares, translating into an offer value of roughly Rs 15,823 crore at the upper price band.Also Read | NSE IPO: Why shareholders cut stake sales despite strong listing expectationsThe NSE had fixed a price band of Rs 1,700-1,785 per share, valuing the exchange at up to about Rs 4.42 lakh crore at the upper end. The IPO is entirely an offer for sale (OFS), meaning the proceeds will go to existing shareholders selling their stakes and not to the NSE.The selling shareholders include State Bank of India, SBI Capital Markets, Bank of Baroda, and the Stock Holding Corporation of India. The exchange had also raised Rs 6,746 crore from anchor investors before the issue opened.Story continues below this adThe listing marks the culmination of a long-delayed attempt by the exchange to enter the public markets. The exchange has been seeking a listing since 2016, when it first filed IPO papers, but the process was held up by regulatory proceedings.The NSE’s public issue comes at a time when India’s IPO market has regained momentum after a relatively subdued first half of the year. The primary market has seen a surge in large issues in recent months, with investors showing strong appetite for established companies and large offerings.Its shares are expected to be listed on the BSE on September 24. The listing will give investors direct ownership exposure to the country’s largest stock exchange, which has a strong position across several segments of the capital market.George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More Tags:IPO market