The Securities and Exchange Board of India (SEBI) has approved the National Stock Exchange's (NSE) draft offer document for an initial public offering (IPO) expected to raise approximately Rs 30,000 crore. This development has led to a significant rise in IFCI shares, which jumped to Rs 107.36 apiece on Monday morning, reflecting investor optimism linked to the NSE's upcoming IPO.
The IPO will include an offer-for-sale (OFS) of up to 14.89 crore equity shares. Although the NSE has not yet announced the IPO price band or issue date, sources suggest the issue could open around September 18, with a listing expected by September 25. The Economic Times reports that the IPO is likely to be priced at around Rs 1,800 per share.
IFCI, which owns over a 50% stake in Stock Holding Corporation of India (SHCIL), benefits from an indirect exposure to NSE due to SHCIL's over 4% stake in the exchange. This connection has made IFCI's stock particularly sensitive to developments related to the NSE IPO.
“The valuation at which the offering is priced will be critical to how the market responds.”
Manan Doshi, co-founder of Unlisted Arena
The grey market premium (GMP) for NSE shares surged to Rs 250-280 per share following the regulatory nod, up from Rs 150-180 earlier in the day. This indicates strong investor interest ahead of the listing.
IFCI shares have delivered a remarkable 100% return in 2026 so far, with a 43% increase in the past month alone. Over the longer term, the stock has provided returns of more than 500% in three years and 850% in five years, with a market capitalisation nearing Rs 28,700 crore.
The technical outlook for IFCI remains positive, with the stock in an uptrend and trading above key moving averages. Analysts suggest that as long as IFCI sustains above its immediate support zone of Rs 96–95.5, the uptrend is likely to continue.
Background
The NSE's IPO marks the culmination of a long listing process initiated in December 2016, when the exchange first filed its DRHP for a Rs 10,000-crore issue. The recent approval by SEBI has heightened investor interest, as reflected in the rising grey market premium.
Looking ahead, investors will be closely monitoring the final pricing and timing details of the NSE IPO. The offering's valuation will be crucial in determining market response and investor participation.
