MUMBAI, 23 September 2026 — National Stock Exchange of India’s IPO attracted combined demand of 5.71 times the shares in its public subscription table. The exchange’s final displayed update is dated 21 September at 19:00 IST; this article analyses that closing demand, not a new bidding session.
Institutions account for most of the demand
The combined category table in NSE’s issue data records bids for 505,811,384 shares against 88,642,911 offered. Qualified institutional buyers submitted bids for 319,715,504 shares, approximately 63.2% of total demand by share count, calculated by CapKet.
| Investor category | Subscription multiple |
|---|---|
| Qualified institutional buyers | 12.68 times |
| Non-institutional investors | 6.55 times |
| Retail individual investors | 1.39 times |
| Employees | 2.40 times |
| Total | 5.71 times |
Why the denominator matters
These multiples use the combined subscription table, not the separate venue-only bid graph. Comparing a venue-only count with a combined offered-share figure would understate demand. The total offer size also includes components such as anchor allocation, so it should not be substituted for the subscription table’s denominator.
Demand is not an allotment probability
A 1.39-times retail subscription does not automatically give each applicant a 1-in-1.39 chance. Valid application counts, lot sizes, category rules and rejected bids determine allocation. Share demand and the number of successful applicants answer different questions.
Applicants can use the official verification service and registrar records to check their own status. This report does not establish that an individual application has been allotted shares.
Keep demand and valuation separate
Strong institutional bidding demonstrates participation during the offer; it does not establish fair value or guarantee a premium after listing. Readers assessing the business still need the offer document’s financial statements, risk factors and shareholder-sale disclosures.
This is a separate demand analysis following CapKet’s earlier post-bidding report. That historical article remains unchanged. General information only, not an IPO recommendation.