The mega ₹22,569-crore initial public offering of the National Stock Exchange of India (NSE) opened for subscription on Thursday, with the NSE IPO subscription status showing that the issue was 43% subscribed on the first day of bidding.
The NSE IPO will close on Monday, 21 September. The NSE IPO price band has been fixed at ₹1,700– ₹1,785 per equity share, with a face value of Re 1 per share. The NSE IPO lot size is 8 equity shares, and investors can place bids in multiples of 8 shares thereafter.
The NSE IPO allotment is expected to be finalised on Tuesday, 22 September. The company is likely to initiate NSE IPO refunds on Wednesday, 23 September, while shares are expected to be credited to the demat accounts of successful allottees on the same day.
NSE IPO GMP today
NSE IPO GMP today, or grey market premium, is +142. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the NSE share price was indicated at ₹1,927 apiece, which is 7.96% higher than the IPO price of ₹1,785.
The IPO GMP has remained volatile, moving within a range of ₹168 and fluctuating across different levels without establishing a clear trend. The latest GMP is ₹142, indicating a shift in grey-market expectations.
Based on the current GMP, the estimated listing price is around ₹1,927. However, recent volatility suggests that the estimate could change depending on further grey market activity.
NSE IPO subscription status
NSE IPO subscription status was 43% on day 1. The retail portion is subscribed 44%, and the NII portion has been booked 72%; the QIBs portion received 19% bids. The employee portion received 98% bids.
The company has received bids for 3,83,94,696 shares against 8,86,42,911 crore shares, 19:00 IST, as per BSE data.
NSE IPO review
SBI Securities: NSE’s market leadership supports growth prospects
At the upper price band of ₹1,785, SBI Securities said NSE is valued at a FY26 price-to-earnings (P/E) multiple of 42.9x. The brokerage said India’s deepening capital markets and rising participation from global investors provide a favourable backdrop for NSE.
According to SBI Securities, NSE’s expansion into newer product categories, strong market leadership and revenue diversification, supported by its comprehensive technology platform, are key growth drivers. The brokerage added that NSE is well positioned to benefit from the structural growth of India’s capital markets.
Religare Broking: Valuations leave limited room for disappointment
Religare Broking adopted a more cautious stance on NSE’s valuation. At a P/E multiple of 42.9x, the brokerage said the valuation reflects NSE’s established market position and future growth potential, but leaves limited room for earnings disappointments.
The brokerage highlighted regulatory developments, including SEBI measures related to options trading, as key factors that could affect trading volumes and transaction-based income. While Religare Broking remains positive on the long-term growth opportunity in India’s capital markets, it said the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation.
Balancing the structural growth opportunity against regulatory uncertainties and valuation considerations, Religare Broking assigned a “Neutral” rating to the IPO.
Angel One: Valuation attractive versus BSE
Angel One took a more favourable view of NSE’s valuation. At the upper price band of ₹1,785, the brokerage said NSE is valued at a post-issue P/E of 35.4x, compared with 54.2x for BSE, making the issue attractive relative to its key listed peer.
Angel One also highlighted NSE’s dominant market position, higher revenue and profitability, strong share in equity derivatives and the long-term structural growth potential of India’s capital markets.
Despite near-term regulatory headwinds for derivatives volumes, the brokerage said NSE’s competitive position and earnings potential support a favourable entry point and recommended a “Subscribe” rating for the IPO.
Geojit Investments: Strong network effects and scalable model
Geojit Investments said NSE is valued at around 42x FY26 adjusted EPS on a post-issue basis at the upper price band of ₹1,785, which is lower than its peer.
The brokerage highlighted NSE’s dominant position across India’s equity and derivatives markets, supported by strong network effects, a large investor ecosystem and scalable technology infrastructure. Its asset-light business model also enables high margins and strong cash generation, while rising capital-market participation and increasing financialisation provide a long-term growth runway.
Based on these factors, Geojit Investments assigned a “Subscribe” rating to the NSE IPO for medium- to long-term investors.
Nirmal Bang Securities: Strong franchise supports long-term outlook
Nirmal Bang Securities said NSE’s strong franchise, significantly larger scale and established market ecosystem provide a solid base to navigate the evolving derivatives landscape.
The brokerage noted that NSE is valued at 35.4x Q1FY27 annualised P/E, factoring in both its market leadership and near-term pressure from increasing competition in options.
Given the structural growth potential of India’s capital markets, Nirmal Bang Securities assigned a “Subscribe” rating to the IPO, with a positive long-term outlook.
NSE IPO details
NSE has reduced the size of its proposed initial public offering, bringing down the number of shares on offer to 12.644 crore from the 14.89 crore shares planned earlier, according to the red herring prospectus filed in Mumbai late Thursday.
The revised issue will represent around 5.1% of NSE’s total equity capital, compared with nearly 6% under the earlier plan. The IPO will consist entirely of an offer for sale (OFS) of existing shares, with no fresh issue of equity.
Since the offering is entirely an OFS, the proceeds, after accounting for offer-related expenses, will accrue to the selling shareholders. The IPO is primarily intended to facilitate the OFS and provide a route for NSE’s equity shares to be listed on the BSE.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
