The Rs 22,568.94 crore initial public offering (IPO) of the National Stock Exchange of India (NSE) opens for subscription on September 17 and will close on September 21. Ahead of the commencement of the bidding, the trend for NSE shares in the unlisted market remain upbeat, as indicated by the grey market premium (GMP).
NSE IPO GMP today stood at Rs 125 per share, indicating an estimated listing gain of nearly 7%.
Note: GMP is entirely unofficial, based on speculative unlisted market demand, and does not guarantee the actual listing price.
Investors considering the NSE IPO should keep these key details in mind before subscribing.
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NSE IPO Expected Listing Price
According to InvestorGain website, the latest NSE IPO GMP today was at Rs 125 per share. With the upper price band of Rs 1,785, the estimated listing price of the IPO is Rs 1,910 (cap price + today's GMP). This implies a strong potential listing premium of 7% over the issue price.
NSE IPO Details
NSE IPO is a book build issue of Rs 22,568.94 crore. The issue is entirely an offer for sale of 12.64 crore shares. The issue price band is set between Rs 1,700 and Rs 1,785 per share.
Retail investors were required to bid for a minimum lot size of 8 shares, translating to a minimum investment of Rs 14,280 at the upper end of the price band.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
For more details on the IPO, check the red herring prospectus here: National Stock Exchange of India Ltd. RHP
NSE IPO Key Dates
Bidding window opens: Sept. 17
Bidding window closes: Sept. 21
Allotment finalisation: Sept. 22
Refund initiation: Sept. 23
Credit of Shares to Demat accounts: Sept. 23
Listing date: Sept. 24
NSE IPO: Use Of Proceeds
The National Stock Exchange of India Ltd.'s IPO is a 100% Offer for Sale (OFS), so the company will not receive any funds and the entire IPO proceeds will go to the selling shareholders.
Company Financials
The revenue of National Stock Exchange of India Ltd. decreased by 2% year-on-year (YoY) and profit after tax (PAT) dropped by 15% YoY in the financial year ending with March 31, 2026.
For FY26, NSE reported:
Total income: Rs 18,713.37 crore, compared with Rs 19,176.83 crore in FY25
Profit after tax (PAT): Rs 10,302.06 crore, up from Rs 12,187.69 crore
EBITDA: Rs 14,519.09 crore versus Rs 16,021.36 crore a year earlier
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About National Stock Exchange of India Ltd.
NSE is India's largest stock exchange by total turnover in cash market and equity derivatives (notional turnover for equity options) from Fiscal 2001 to Fiscal 2026, and the largest in exchange-traded currency derivatives from Fiscal 2009 to Fiscal 2026, according to the Redseer Report.
Globally, per the World Federation of Exchanges, it was the largest multi-asset class exchange in Fiscal 2026 by number of trades, holding an 11.38% share in cash equity trades and 51.18% in equity derivatives contracts traded.
NSE has grown its Unique Registered Investors base at a 26.93% CAGR, from 30.87 million (March 2020) to 129.09 million (March 2026), while Market Capitalisation of Listed Entities on its platform grew at a 24.13% CAGR over the same period.
Disclaimer: Investments in IPOs are subject to market risks. Investors should read the red herring prospectus carefully and consult a financial adviser before making investment decisions.
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