The equity shares of National Stock Exchange of India Ltd (NSE) are set to make their Dalal Street debut on Thursday, after its initial public offering (IPO) received strong demand from investors.
The bidding for the NSE IPO was open from September 17 to September 21, and the IPO allotment status was finalised on September 22. NSE IPO listing date is September 24, and the shares will be listed on its rival BSE.
The public issue was heavily oversubscribed and attracted bids worth more than Rs 90,000 crore.
According to the data available on BSE, NSE IPO was subscribed by a strong 5.71 times in total, as the issue received bids for 50,58,11,384 shares as against 8,86,42,911 shares on the offer. The total amount of bids received amounted to Rs 90,287.33 crore.
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The public issue was booked 1.39 times in the Retail Individual Investors category, and 6.55 times in the Non-Institutional Investors (NII) segment. The Qualified Institutional Buyers (QIB) category received 12.68 times subscription.
Ahead of the NSE IPO listing tomorrow, investors watch out for the trends in the grey market premium in order to gauge the estimated listing price of the shares. Here's a look at NSE IPO GMP today:
NSE IPO GMP Today
NSE IPO GMP has been showing a declining trend. According to websites tracking the unlisted market, NSE IPO GMP today has dropped to Rs 43 per share on September 23.
This indicates that in the grey market, NSE shares were trading higher by Rs 43 apiece than their IPO price.
NSE IPO GMP today signals that the estimated listing price of the stock would be Rs 1,828 apiece, which is at a premium of 2.41% to the issue price of Rs 1,785 per share.
Ahead of the issue opening, NSE IPO GMP was Rs 145 apiece, signalling a premium of more than 8% to its IPO price.
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NSE IPO Details
NSE IPO price band was set at Rs 1,700-1,785 per share. At the upper-end of the price band, the company raised Rs 22,568.94 crore from the public issue, which was entirely an offer for sale (OFS) of 12.64 crore equity shares by existing shareholders, with no fresh issue.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd noted that at Rs 1,700–1,785, the NSE IPO is valued at around 40.9x–42.9x FY26 diluted EPS, at a discount to BSE's 54.28x, offering valuation support.
“However, around 79% of revenue is linked to trading activity, making earnings sensitive to market volumes and regulatory changes. We expect minor listing gains, but the IPO remains suitable for a long-term investment play, supported by NSE's strong market position, scale and relative valuation advantage,” said Nyati.
NSE operates across equity cash, equity derivatives, currency derivatives, commodity derivatives and debt markets, with transaction charges forming the core revenue stream at 78.65% of Fiscal 2026 revenue from operations, of which options alone contributed 60.22%.
The exchange maintains a dominant position across key segments, with FY26 market share of 92.99% in cash market, 99.79% in equity futures, 74.71% in equity options by premium turnover and 99.48% in currency futures. Equity options premium market share moderated to 68.48% in Q1FY27.
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