The National Stock Exchange of India’s ₹22,569-crore initial public offering received strong demand on the final day of bidding on September 21, with the issue subscribed 5.71 times.

According to BSE data, the IPO received bids for 50.58 crore shares against 8.86 crore shares on offer. The total demand was valued at nearly ₹90,300 crore.

Qualified institutional buyers led the subscription, with their portion booked 12.68 times. The non-institutional investor category was subscribed 6.55 times, while the retail portion received 1.39 times subscription.

The NSE IPO was fully subscribed on the second day of bidding. The exchange had also raised ₹6,746 crore from anchor investors, with participants including LIC, Goldman Sachs, Fidelity, GIC Singapore, ADIA and Norges Bank.

The IPO comprises an Offer for Sale of up to 12.64 crore equity shares by existing shareholders. With a price band of ₹1,700-₹1,785 per share, the issue values NSE at up to ₹4.42 lakh crore at the upper end.

Since the offering is entirely an OFS, the proceeds will go to existing shareholders rather than the exchange.

NSE shares are expected to debut on the stock exchanges on September 24, marking a major milestone after years of delays to its listing plans.