The initial public offering (IPO) of the National Stock Exchange of India (NSE) will open for public subscription on Thursday, September 17, to raise Rs 22,568.94 crore from the primary market.
This will be the second highest public issue in the Indian stock market so far, with the bidding for anchor investors opening today.
NSE IPO price band is set at Rs 1,700 to Rs 1,785 per share, and the lot size is 8 shares. The issue is entirely an offer for sale (OFS) of 12.64 crore equity shares by existing shareholders. NSE will not issue any fresh shares in the IPO.
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The issue values NSE more than Rs 4.41 lakh crore, as compared to its listed peer BSE, which currently boasts a market capitalisation of over Rs 1.32 lakh crore.
The opening date for NSE IPO is September 17 and the closing date is September 21. The IPO allotment date is likely September 22, and the IPO listing date is expected to be on September 24. NSE shares will be listed on BSE.
Ahead of the issue opening, a look at the grey market premium (GMP) signals a bullish momentum for NSE shares.
NSE IPO GMP Today
NSE IPO GMP today is Rs 156 per share, according to websites tracking the grey market. This indicates that in the grey market, NSE shares are trading at Rs 1,941 apiece, which is at a premium of 8.74% premium to the IPO price of Rs 1,785 per share.
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Should you subscribe to NSE IPO?
NSE is India's leading exchange, with around 93% cash market and around 99.8% equity futures market share. The bourse's financial performance remained strong, although FY2026 witnessed moderation.
Its revenue from operations stood at Rs 16,601.31 crore in FY2026, compared with Rs 17,140.68 crore in FY2025 and Rs 14,780.01 crore in FY2024. Net profit declined to Rs 10,302.06 crore from Rs 12,187.69 crore. Operating EBITDA stood at Rs 11,097.90 crore versus Rs 12,646.88 crore, while EBITDA margin moderated to 66.85% from 73.78%.
NSE IPO is priced at 47.3x TTM earnings. BSE, the only listed comparable, trades higher at 48.9x — on a business less than a third of NSE's size, and on profits helped by the very options volumes NSE has lost.
According to Choice Broking, buyers are paying full price for the larger and stronger of the two, not a premium over it. “What that price buys is market infrastructure with no real substitute,” it said.
The brokerage firm noted that NSE runs the exchange, clears the trades, owns the Nifty indices and sells the data, so a single trade earns it money several times over and a new product costs almost nothing to add. More than nine-tenths of cash market turnover and almost all equity futures have gone through NSE every year since FY24, and neither share has been seriously challenged.
“Margins near 76% and a balance sheet with no borrowings come from that structure, not from one good year,” it said.
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However, the main concern is index options, where NSE has lost share since SEBI allowed each exchange only one weekly expiry day, while the higher transaction tax from April 2026 is likely to weigh on volumes further.
“That is a genuine setback in the fastest-growing part of the business. But it is one segment, the rest of the franchise is intact, and both revenue and profit grew again in Q1FY27. FY26 profit also looks worse than it really is, held down by a settlement charge the company has now paid. There is no other way to own Indian market infrastructure at this scale, and a first listing rarely comes cheap,” said Choice Broking.
Accordingly, it assigned ‘Subscribe' rating to NSE IPO.
Swastika Investmart said that at Rs 1,700-1,785, NSE trades at ~40.9x-42.9x FY26 diluted EPS versus peer BSE's 54.28x, leaving room for re-rating given NSE's larger scale.
It noted that NSE's 79% of revenue is linked to trading volumes, making earnings sensitive to market activity and regulatory changes.
However, the brokerage firm recommended ‘Subscribe' for both long-term investing and minor listing gains, supported by NSE's leadership and valuation advantage.
Religare Broking has assigned a ‘Neutral' rating to the NSE IPO, given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations.
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