NSE’s Rs 22,562-Crore Mega IPO Sees Muted Start: Subscribed 36% on Day 1, GMP Signals Strong Listing

The initial public offering (IPO) of the National Stock Exchange of India (NSE) opened for subscription today on September 17. The company's public issue is slated to close for subscription on September 21.  On the first day of subscription, trends in grey market premium (GMP) for the company’s shares continued to remain high.

NSE IPO Subscription

NSE’s public issue has been subscribed 36 per cent so far on the first day of subscription. Applicants across categories placed bids for approximately 31.7 million shares against the net offer of 88.6 million shares available for subscription.

Employees of the company have a reserved quota of 4.33 lakh shares. So far, employees of NSE have applied for 3.58 lakh shares, booking their quota 83 per cent.

Retail individual investors (RIIs) booked their quota 38 per cent on the first day of subscription. Retail investors applied for 16.6 million shares compared to the 44.1 million shares reserved for the category.

Non-institutional investors (NIIs) subscribed their quota 54 per cent, as they applied for 10.16 million shares compared to 18.9 million shares reserved for them. As many as 25.2 million shares have been reserved for Qualified institutional buyers (QIBs). So far QIBs have applied for 4.53 million shares leading to the issue being subscribed 18 per cent.

NSE IPO GMP

Shares of NSE are currently commanding a grey market premium (GMP) of Rs 148 above the upper end of the price band. Based on the upper price band of Rs 1,785 and the current GMP trends, the shares are expected to list at Rs 1933 apiece, indicating an estimated listing premium of 8.29 per cent. However, investors must note that GMP is an unofficial market indicator and does not guarantee actual listing performance.

NSE IPO: Anchor Investors

The exchange platform NSE has raised Rs 6,746.18 crore from anchor investors. The anchor investment round took place on September 16. NSE has allotted 37.8 million equity shares to anchor investors at Rs 1,785 apiece, the upper end of its price band.

NSE IPO Offer Size, Listing Date, Price Band

The NSE IPO issue size aggregates to Rs 22,561.57 crore and is entirely an offer for sale (OFS) of 126.4 million shares.

The price band has been fixed at Rs 1,700 to Rs 1,785 per share. Retail individual investors (RIIs) can apply for the exchange's public issue by placing bids for 8 shares or 1 lot, aggregating to a minimum investment of Rs 14,280 at the upper price band.

NSE will finalise the share allotment status of the public issue on September 22. Successful applicants will receive shares of NSE in their demat accounts on September 23. Refunds will be issued for unsuccessful applicants on September 23 as well. Shares of NSE will tentatively list on the BSE on September 24.

NSE: Key Financials

NSE’s total income for the fiscal year ended March 31, 2026, stood at Rs 18,713.37 crore, down by 2 per cent compared to Rs 19,176.83 crore in the preceding fiscal. The company posted a profit after tax of Rs 10,302.06 crore for the same period, compared to a profit of Rs 12,187.69 crore in the preceding fiscal. The net worth of the company grew to Rs 31,869.72 crore compared to Rs 30,165.05 crore in the preceding fiscal.

NSE IPO: Objective

As the public issue is purely an Offer for Sale, the company will not receive any proceeds from the IPO. All net proceeds will go directly to the selling shareholders in proportion to the equity shares they offer. The selling shareholders include State Bank of India (SBI), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), New India Assurance, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, United India Insurance Corporation, Crown Capital, Oriental Insurance Co, National Insurance Co, Mahagony, ICICI Lombard General Insurance Co, TA Asia Pacific Acquisitions, Soach Global Strategic Holdings, Indian Bank, and Be-In Eight S.R.L.

About NSE

National Stock Exchange of India (NSE) is one of the two exchanges in India and a data platform providing trading services in equity, derivatives, and debt securities. The company operates on scalable and resilient technology infrastructure. The market infrastructure institution (MII) facilitates robust market operations, clearing services, index management, and data analytics.