NSE IPO GMP: On the last day of the National Stock Exchange of India (NSE) initial public offering (IPO), its grey market premium or GMP was hovering around 3%. Today is the final day of subscription with investors continuing to show steady interest. The GMP points to expectations of a moderate gain when the shares list.By the end of Day 2, the issue had received bids for 1.16 times the 8.86 crore shares on offer. The retail portion, which had 4.41 crore shares reserved for individual investors, was subscribed 72%.The entire Rs 22,569-crore issue comprises an offer for sale (OFS) of 12.64 crore shares by existing shareholders. Since it is completely an OFS, NSE will not receive any money raised through the IPO. The proceeds will accrue to the shareholders selling their stakes.The price band for the issue has been set at Rs 1,700-1,785 per share, while each lot consists of eight shares.For a retail investor applying at the upper end of the price band, the minimum application amount is Rs 14,280. At the same price, NSE’s post-issue market capitalisation is estimated at around Rs 4,41,788 crore.The IPO is scheduled to close on September 21, while NSE shares are expected to make their debut on the BSE on September 24. The allotment of NSE IPO shares is expected to be completed on September 22, 2026.
NSE IPO Subscription Status
The NSE issue maintained steady demand through the second day, when the IPO’s overall subscription reached 1.16 times the 8.86 crore shares available.
- Retail Individual Investors (RIIs): The category received subscriptions for 72% of the 4.41 crore shares reserved for retail investors.
- Non-Institutional Investors (NIIs): The portion reserved for NIIs was subscribed 1.68 times, against 1.89 crore shares on offer.
- Qualified Institutional Buyers (QIBs): QIBs bid for 1.53 times the 2.52 crore shares allocated to the category.
NSE IPO GMP today
The grey market premium for the NSE IPO stood at around Rs 48, or about 3%, above the upper end of the Rs 1,785 price band, according to an ET report.Based on this GMP, the estimated listing price works out to approximately Rs 1,833 per share, indicating expectations of a moderate listing gain.
Should you subscribe to the NSE IPO?
Brokerages have largely taken a positive view of the NSE IPO. NSE is India’s largest stock exchange and operates a vertically integrated platform covering trading, clearing, listing, data services and index licensing. Its offerings include the cash market, futures and options, mutual funds, commodity derivatives, currency derivatives, the wholesale debt market and interest rate futures.The exchange has remained India’s leading platform in terms of cash market turnover and equity derivatives turnover from FY01 through FY26. As of June 2026, NSE had 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities. The market capitalisation of companies listed on the exchange stood at about Rs 474.1 trillion.NSE’s most significant advantage is its overwhelming share of the market. As of June 2026, it accounted for about 93% of cash market activity, 99.7% of equity futures and 68.5% of equity options based on premium turnover.But, NSE’s dependence on transaction charges is one of the key risks. These charges accounted for 78.7% of the exchange’s FY26 revenue, while options alone contributed 60.2% of revenue from operations during the year.This dependence makes regulatory changes affecting derivatives an important factor to monitor. YES Securities pointed out that NSE’s share of the equity options market by premium turnover has declined from 96.86% in FY24 to 74.71% in FY26 and further to 68.48% in the June 2026 quarter.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
