NSE IPO Leads Market Surge
India Primary Market Prepares For Busy Week Led By Massive NSE IPO
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Key Points
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The NSE offering was reduced to 12.64 crore shares from the 14.9 crore shares proposed in its draft prospectus, and its allotment is expected to be finalized on September 22. Because NSE itself is the issuer, the shares are likely to list only on the BSE.
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NSE’s mutual-fund transaction platform, NSE MF Invest, has seen revenue rise from ₹11 crore in FY24 to ₹32 crore in FY26. Since its revamped launch in August 2025, year-on-year transaction growth has exceeded 90%, while peak daily volumes rose from 1.36 million to 2.74 million.
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The Indian IPO calendar includes detailed terms for the other mainboard offerings: Hero Motors is seeking ₹1,000 crore, SS Retail up to ₹500 crore, Jindal Supreme ₹125 crore and Sonaselection approximately ₹142 crore at the upper end of its price band. Hero Motors’ issue combines a ₹600 crore fresh issue with a ₹400 crore offer for sale.
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Holtec Nuclear is pursuing more than a conventional nuclear-services story: its businesses include spent-fuel storage and transportation, small modular reactor development, plant restarts, and solar and energy-storage technologies. Its Palisades project in Michigan is described as the first US attempt to restart a previously shuttered nuclear plant, with support from a US Department of Energy loan-guarantee facility of up to $1.5 billion.
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US IPO conditions are being shaped by broader market pressure: the IPO Index fell 4% during the week, August inflation came in at 3.4%, oil rose above $100 a barrel and 10-year Treasury yields approached 5%. Separately, the anticipated Anthropic filing was pushed from an expected near-term launch toward a possible S-1 filing at the end of September and listing in late October.
India's IPO market is entering a busy week with eleven offerings lined up, headlined by the National Stock Exchange's ₹22,562 crore secondary listing opening September 17. Business Today reports that the NSE IPO comprises 12.64 crore shares priced at ₹1,700–₹1,785 per share, with allotment expected September 22. Four other mainboard companies—Hero Motors, SS Retail, Jindal Supreme, and Sonaselection India—are also launching offerings this week.
The NSE's mutual-fund platform NSE MF Invest has fueled investor interest ahead of the listing. Revenue jumped from ₹11 crore in FY24 to ₹32 crore in FY26, while daily transaction volumes nearly doubled from 1.36 million to 2.74 million since its August 2025 relaunch. NDTV Profit notes that year-on-year transaction growth has exceeded 90%, adding momentum to India's primary market.
NSE Offering Scaled Back Before Public Launch
The NSE reduced its share offering from 14.9 crore shares in its draft prospectus to 12.64 crore shares. News Bytes reports that SBI, the largest selling shareholder, stands to make roughly ₹2,851 crore by selling 15.97 million shares originally acquired at just ₹0.80 per share. At the upper price band of ₹1,785, the NSE offering could raise over ₹17,035 crore.
Because NSE itself is the issuing entity, regulatory rules mandate that its shares list only on the Bombay Stock Exchange (BSE), not on its own platform. NDTV Profit indicates that this listing structure reflects India's regulatory framework governing self-listing by stock exchanges. Grey market premiums suggest investors expect an 11% gain from listing prices.
Hero Motors Leads ₹1,000 Crore Mainboard Race
Hero Motors opens its ₹1,000 crore IPO on September 16, combining a ₹600 crore fresh issue with a ₹400 crore offer for sale. The company, promoted by O.P. Munjal Holdings, will use ₹190 crore of proceeds to pay down debt and ₹200 crore to expand manufacturing capacity at its Gautam Buddha Nagar facility in Uttar Pradesh. Managing Director Amit Gupta stated that profitability has improved as the company's higher-margin powertrain solutions business has grown faster than legacy alloy metallurgy operations.
Three other mainboard offerings are also launching this week: SS Retail (seeking up to ₹500 crore), Jindal Supreme (₹125 crore), and Sonaselection India (approximately ₹142 crore at the upper end). Grey market activity shows Hero Motors trading at a 23–29% premium, indicating strong retail demand. Business Today notes that while Hero Motors faces an overall revenue CAGR of just 5.7%, the rapid scaling of its EV powertrain division offsets weakness in legacy components.
U.S. Fall IPO Market Opens Cautiously With Nuclear Focus
The U.S. IPO market is opening with just three offerings this week, signaling caution amid broader economic headwinds. Holtec Nuclear is targeting $825 million across 50 million shares priced at $15–$18 per share. The company controls 90% of the U.S. wet spent-fuel storage market and 75% of dry-storage capacity. Its Palisades plant restart in Michigan represents the first-ever U.S. attempt to reopen a permanently shuttered commercial nuclear facility, backed by a $1.5 billion U.S. Department of Energy loan-guarantee facility.
Orion180 Insurance Group is seeking $320 million, while American Savings Bank plans a $120 million all-secondary sale. The IPO Index fell 4% during the week as August inflation came in at 3.4%, oil rose above $100 a barrel, and 10-year Treasury yields approached 5%. Analysts say uncertain market conditions and weak trading among recent IPOs are encouraging companies to delay. AI firm Anthropic has postponed its S-1 filing from near-term launch to late September, targeting a listing in late October.
Market Dynamics: India Bullish, U.S. Selective
India's IPO calendar reflects robust liquidity expansion tied to exchange monetization and EV supply-chain growth. Mint reports that Religare Broking assigned a 'Neutral' rating to the NSE IPO, citing the exchange's strong market position and long-term growth opportunities alongside valuation and regulatory concerns. Investor appetite remains solid across the eleven offerings scheduled this week.
The U.S. market is heavily defensive, with capital gravitating exclusively toward federally backed infrastructure plays like Holtec while speculative tech megadeals face delays. The contrast reflects divergent economic conditions: India's primary market is energized by platform growth and EV adoption, while U.S. investors are demanding proven cash flow and government support amid inflation and rising rates.
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