The National Stock Exchange of India’s Rs 22,561.57 crore IPO opened for subscription on September 17, with investors closely watching the sharp decline in its grey market premium (GMP). The issue is entirely an offer for sale, meaning NSE itself will not receive proceeds from the offering.
The price band is Rs 1,700–1,785 per share, with a lot size of eight shares. At the upper band, a retail application requires Rs 14,280. The issue closes on September 21, with allotment expected on September 22 and tentative listing on September 24.
The GMP stood at Rs 125 on September 17, down from Rs 218 on September 11, a decline of about 43%. At the upper issue price, the latest GMP implies an estimated listing price of around Rs 1,910, or a premium of roughly 7%. However, GMP is unofficial and does not guarantee listing gains.
NSE holds a dominant position in India’s capital markets, particularly derivatives. However, FY26 revenue declined to Rs 16,601.31 crore from Rs 17,140.68 crore, while profit after tax fell to Rs 10,302.06 crore from Rs 12,187.69 crore.
The company showed improvement in Q1FY27, with operating revenue rising 13.1% year-on-year to Rs 4,560.41 crore and profit after tax increasing 6.71% to Rs 3,120.08 crore.
Brokerage views differ, with some highlighting NSE’s market dominance and valuation relative to BSE, while others point to regulatory risks, derivatives dependence and limited room for earnings disappointments. Investors should assess the IPO based on their own risk tolerance and investment horizon rather than relying solely on GMP.
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