Goldman Sachs, HSBC, Fidelity, and Eastspring back National Stock Exchange of India’s anchor book ahead of landmark IPO

The National Stock Exchange of India just got a very expensive vote of confidence. On September 16, 2026, NSE finalized its anchor book allocation ahead of its initial public offering, pulling in Rs 6,746 crore, roughly $703 million, from 189 institutional investors willing to commit capital before the general public gets a shot.

Goldman Sachs Asset Management, HSBC, Fidelity International, and Eastspring Investments all secured allocations, joining a roster of global heavyweights betting that India’s premier exchange is worth a premium price tag.

The numbers behind the anchor book

A total of 37.79 million shares were allocated at Rs 1,785 per share, at the top of the anticipated price band.

Foreign portfolio investors accounted for nearly 43% of the anchor allocation, translating to around Rs 2,883 crore. Sovereign wealth funds were well represented: GIC Singapore and the Abu Dhabi Investment Authority both participated.

Domestic mutual funds claimed about 37% of the book. Life Insurance Corporation of India walked away with the single biggest individual allocation at approximately Rs 450 crore.

Not everyone showed up, though. BlackRock and Capital Group reportedly passed on the anchor round, citing valuation concerns at the upper end of the price band.

What NSE is actually selling

The IPO is structured entirely as an offer-for-sale, meaning NSE itself isn’t raising fresh capital. Instead, existing shareholders are cashing out, targeting an overall amount of Rs 22,569 crore, approximately $2.4 billion. Public subscription is scheduled for September 17 through 21, with a likely listing date around September 24.

An OFS structure changes the investment calculus slightly. The proceeds flow to selling shareholders, not into the company’s balance sheet. NSE won’t have extra capital to deploy into new technology or expansion projects as a direct result of this offering.

For context, NSE is the world’s busiest derivatives exchange measured by trading volume.

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