NSE IPO Listing Live: GMP Signals Modest Gains; Track Listing Price, Share Movement And More

Derivatives remain central to NSE's business. The exchange was the world's largest by number of derivative contracts traded in calendar 2025. Index options accounted for 53% of NSE's total revenue, while options contributed 77% of transaction-charge revenue in FY26.

Within transaction charges, options generated Rs 9,996 crore in FY26, or 77% of the Rs 13,057 crore total. Cash equities contributed Rs 1,555 crore, while futures contributed Rs 1,370 crore.

NSE had 106.2 lakh active individual futures and options traders in FY25, with 34.3 lakh new entrants. Options premium turnover grew 14%, according to the supplied data.

The dependence on options also leaves the exchange exposed to changes in trading patterns and regulation. NSE's options premium market share fell to 74.71% in FY26 from 96.86% in FY24, due to weekly expiry rationalisation that shifted volumes towards BSE's expiry day. NSE's cash-market share, however, remained at 93-94%.

NSE’s revenue grew at a 24.3% CAGR between FY21 and FY26, while EBITDA and PAT grew at CAGRs of 24.7% and 23.4%, respectively. In comparison, BSE recorded significantly higher growth, with revenue, EBITDA and PAT rising at CAGRs of 52.1%, 68% and 77.3%, respectively.

Despite the lower growth rates, NSE maintained a higher average EBITDA margin of 77.89% during FY21-FY26, compared with 46.5% for BSE.

On valuations, BSE’s FY26 price-to-earnings (PE) multiple stood at 54.3x, compared with 42.9x for NSE.

(Source: NDTV Profit Research)

Here's an overview of NSE as a company, with key strengths and weaknesses: 
Strength    

• Monopoly control in equity futures and options   
• Strong institutional backing    
• IPO valuations fairly priced   
• Strong brand power    

Weakness   

• Heavy regulatory oversight   
• IPO is an OFS-no fresh capital infusion    
• High dependence on options trading    
• Heavy reliance on transaction revenue   

Opportunity    

• Structural growth story-rise in retail participation   
• Foraying into non-F&O products/product diversification   
• Building strategic offshore footprints   
• Strong network effects in the industry   

Threat    

• Rise of competition-in more exchanges (MSEI, NCDEX)   
• Competition from new products being launched
• Other exchanges may focus on Demat 2.0   
• Tech and Cybersecurity risks 

Source: NDTV Profit Research

NSE Slated to become the world's seventh most valuable listed exchange operator:

NSE IPO received strong demand from investors during its bidding period from September 17 to September 21. The IPO allotment status was finalised on September 22.

The long-awaited NSE IPO was subscribed by 5.71 times in total, as the issue received bids for 50,58,11,384 equity shares as against 8,86,42,911 shares on the offer. The total amount of bids received amounted to Rs 90,287.33 crore.

Qualified Institutional Buyers (QIBs) led the demand for the issue, subscribing 12.68 times. The Non-Institutional Investors (NIIs) category was subscribed 6.55 times, while retail investors booked their quota 1.39 times.

The Grey market trends pointed to a muted premium for NSE's market debut. The GMP, last updated at 11:37 p.m., stood at Rs 40, implying gains of approximately 2.24% per share. The estimated listed price for NSE stands at Rs 1,825 ahead of its much awaited debut. 

Hello, and happy NSE Day to all the lovely primary market enthusiasts and investors. I am Khushi, and I will be taking you through all the key updates regarding the listing price, early market trends, and share price movement for one of the most awaited listings in Indian equity market history. 

Grab a cup of coffee and stay tuned!