Mainboard IPO Roundup: NSE and Sonaselection India

Two mainboard IPOs concluded their bidding window on 21 September 2026: market infrastructure institution National Stock Exchange of India Limited and Rajasthan-based textile manufacturer Sonaselection India Limited. Both public offers are currently in the allotment stage and are scheduled to list on 24 September 2026. Investors who submitted bids during the open window between 17 and 21 September 2026 can track allotment status on the respective registrar portals ahead of market debut. Here is a comprehensive breakdown of the issue structures, anchor placement details, final subscription figures, key financial metrics and grey market updates for both offerings.

National Stock Exchange of India Limited

National Stock Exchange of India Limited operates the largest equity exchange in India by cash and derivatives trading volume, connecting over 13 crore registered investor accounts. The landmark Rs 22,568.94 crore public offer is structured entirely as an offer for sale of 12.64 crore equity shares by existing institutional shareholders, including LIC, Abu Dhabi Investment Authority and State Bank of India. Because the entire public issue is an offer for sale, all net proceeds go to selling holders rather than the exchange balance sheet.

Ahead of the public opening, the exchange allocated 3.77 crore equity shares to anchor investors at Rs 1,785 per share on 16 September 2026, raising Rs 6,746.18 crore. The public offer reserves 35 percent of net offer shares for retail individual investors, 15 percent for non-institutional investors, and 50 percent for qualified institutional buyers. At the close of bidding on 21 September 2026, the issue was subscribed 5.70 times overall across all investor categories. Because SEBI regulations prohibit a stock exchange from self-listing on its own trading platform, the equity shares will list exclusively on the Bombay Stock Exchange (BSE).

For the fiscal year ended 31 March 2026, the exchange generated total revenue of Rs 18,713.37 crore and a profit after tax of Rs 10,302.06 crore, maintaining a net profit margin of 55.05 percent. Revenue has expanded alongside trading volume growth over recent fiscal cycles, rising from Rs 16,352.06 crore in FY24 to Rs 19,176.83 crore in FY25. Operational strengths stem from its leading market liquidity in equity cash and derivatives, diversified transaction fee income, and automated nationwide trading infrastructure. Key risk factors highlighted in the red herring prospectus include high sensitivity to market trading volume fluctuations, earnings concentration in equity derivatives trading charges, and continuous regulatory oversight as a systemically important market institution.

Sonaselection India Limited

Sonaselection India Limited is an integrated fabric manufacturing and textile processing enterprise headquartered in Bhilwara, Rajasthan. The company manufactures 100 percent cotton textiles, cotton-lycra stretch fabrics and synthetic blends, combining direct fabric sales with job-work processing for domestic garment manufacturers. The Rs 141.57 crore issue consists entirely of a fresh issue of 1.43 crore equity shares at a price band of Rs 94 to 99 per share. At the upper price band of Rs 99, a single retail lot of 150 shares requires a minimum application amount of Rs 14,850.

The company secured Rs 42.47 crore from anchor investors on 16 September 2026 by allocating 42.90 lakh shares at Rs 99 per share. Net proceeds from the public offer are earmarked for prepaying Rs 80 crore of existing bank credit facilities and deploying Rs 50.61 crore toward capital expenditure for new plant machinery at its Hamirgarh facility in Bhilwara. Promoter holding will adjust from 86.21 percent pre-issue to 64.52 percent post-issue upon share allotment.

At the close of bidding on 21 September 2026, the offer achieved an overall subscription of 2.01 times, with the retail category subscribed 2.50 times and the non-institutional category reaching 1.99 times. For the fiscal year ended 31 March 2026, the company reported revenue of Rs 517.60 crore and profit after tax of Rs 34.02 crore, growing from revenue of Rs 121.31 crore and PAT of Rs 13.10 crore in FY24. Operational strengths center on its location within the Bhilwara textile cluster and integrated chemical processing capabilities. Key risk factors flagged in the prospectus include single-location manufacturing concentration in Hamirgarh, price volatility in raw cotton, and a debt-to-equity ratio of 2.48 prior to debt reduction from issue proceeds.

This article is for information only and is not investment advice. Evaluate the prospectus documents carefully and conduct independent research before making an IPO bidding decision.