The initial public offering (IPO) of National Stock Exchange of India (NSE) enters is second day of bidding process on Friday after receiving decent demand on the first day.
NSE IPO opened for public subscription on September 17 and will close on September 21. The IPO price band is Rs 1,700-1,785 per share.
The Rs 22,568.94 crore NSE IPO is entirely an offer for sale (OFS) of 12.64 crore shares by existing shareholders, with no fresh issue.
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Ahead of the IPO, NSE had raised Rs 6,746.18 crore from anchor investors on September 16 by allotting 3.78 crore shares at Rs 1,785 apiece.
Here's a look at NSE IPO Subscription Status, GMP, and other key details:
NSE IPO Subscription Status on Day 1
NSE IPO has been subscribed 43% on the first day of bidding, led by strong demand from retail and non-institutional investors. The issue received bids for 3,83,94,696 equity shares against the 8,86,42,911 equity shares on the offer, according to data available on the stock exchanges.
The Retail Individual Investors segment was booked 44% and the Non-Institutional Investors (NII) portion was subscribed 72%. The Qualified Institutional Buyers (QIB) category was subscribed 19%, and employee portion booked 98%.
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NSE IPO GMP Today
The grey market premium (GMP) for the NSE IPO remains higher. NSE IPO GMP today is Rs 142 per share, according to websites tracking the grey market.
This indicates that in the grey market, NSE shares are trading at Rs 1,927 apiece, which is at a premium of nearly 8% to the IPO price of Rs 1,785 per share.
Should you subscribe to NSE IPO?
NSE has a market share of around 93% in the cash market and around 99.8% in equity futures. The bourse's financial performance remained strong, although FY2026 witnessed moderation.
Most brokerages have given a “Subscribe” rating to NSE IPO, citing the exchange's dominant market position, strong liquidity franchise and exposure to India's structural financialization opportunity.
Yes Securities noted that at the upper price band of Rs 1,785, the offer is valued at 42.9x Fiscal 2026 diluted earnings and 12.5x June 2026 net asset value of Rs 142.40, implying a market capitalisation of Rs 4,417.88 billion. After deducting treasury investments of Rs 681,980.37 million, enterprise value stands at Rs 3,740.87 billion, equivalent to 33.7x Fiscal 2026 Operating EBITDA and 29.6x on a normalised basis.
BSE Limited, the only listed domestic industry peer, trades at 54.3x, meaning the offer is available at a 21% discount to the only domestic comparable.
“Given NSE's dominant position in the cash market and equity futures, the lack of any meaningful competitive challenge, its largely fixed-cost business model, the long-term growth in financial participation, debt-free balance sheet and a Fiscal 2026 earnings base weighed down by charges that are now behind the reported numbers, we recommend investors Subscribe,” said Yes Securities.
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