The initial public offering (IPO) of the National Stock Exchange of India (NSE) will enter its third and final day of bidding on Monday. The issue was fully subscribed on its second day of bidding on Friday, September 18.
NSE IPO opened for public subscription on September 17 and will close today, 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. On September 16, NSE had raised Rs 6,746.18 crore from anchor investors by allotting 3.78 crore shares at Rs 1,785 apiece.
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Here's a look at NSE IPO Subscription Status, GMP, and other key details:
NSE IPO Subscription Status On Day 2
NSE IPO was subscribed 1.16 times on the second day of bidding, according to BSE's cumulative demand data.
The Retail Individual Investors segment was booked 72% or 0.72 times, and the Non-Institutional Investors (NII) portion was subscribed 1.35 times. The Qualified Institutional Buyers (QIB) category was subscribed 1.53 times, and the employee reserved portion was booked 1.53 times.
On the first day of the bidding, the NSE IPO was subscribed 43%.
NSE IPO GMP Today
The grey market premium (GMP) for the NSE IPO remains higher. NSE IPO GMP today is Rs 48 per share, according to investorgain.com.
This indicates that in the grey market, NSE shares are trading at Rs 1,785 apiece, which is at a premium of nearly 2.69% 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.
Thomas J. Priju, Portfolio Manager, Karma Capital, sees NSE as a structural growth story, underpinned by the continued evolution of India's capital markets.
“In our view, the exchange has the potential to emerge as a steady compounder over the long term and can be a meaningful long-term holding in a portfolio. In the near term, a resolution of the issues around the new closing auction mechanism (CAS) could provide an additional catalyst for the stock,” said Priju.
He expects some selling in NSE shares on the listing day as certain pre-IPO investors, including eligible AIFs, can monetise their holdings. Other pre-IPO shareholders remain subject to a six-month lock-in period.
“This could create some temporary supply and provide a buying opportunity for long-term investors. Given that QIB participation typically builds towards the end of the issue period, we would expect subscription levels to strengthen as the IPO progresses,” Priju added.
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.
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