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NSE IPO GMP hints 7% listing pop on Day 1: Issue booked 34% so far. Should you apply or not?
The NSE IPO opens for subscription on 17 September and closes on 21 September, priced between ₹1,700 and Rs1,785 per share. The listing is expected on 24 September, with a grey market premium of +145, though recent trends indicate declining interest.
The NSE IPO will open for subscription on Thursday, 17 September, and will close on Monday, 21 September. The NSE IPO price band has been set 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 bids can be placed in multiples of 8 shares thereafter.
NSE IPO GMP today, or grey market premium, is +125. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of NSE share price was indicated at ₹1,910 apiece, which is 7% higher than the IPO price of ₹1,785.
Considering trading activity over the past 14 sessions, the current IPO GMP trend shows a decline, indicating reduced grey market interest. Throughout this timeframe, the premium has fluctuated, ranging from a low of ₹125 to a high of ₹310, according to expert analysis.
The NSE IPO allotment basis is expected to be finalised on Tuesday, 22 September. The company is likely to begin processing refunds on Wednesday, 23 September, while shares are expected to be credited to the demat accounts of successful allottees on the same day.
NSE share price is likely to be listed on both the BSE and NSE on Thursday, 24 September.
NSE IPO subscription status was 12% on day 1, so far The retail portion is subscribed 15%, and the NII portion has been booked 20%; the QIBs portion is yet to receive bids.
The company has received bids for 1,07,31,672 shares against 8,86,42,911 crore shares, 10:34 IST, as per BSE data.
At the upper price band, 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 growing participation from global investors provide a favourable backdrop for the exchange. It identified NSE’s expansion into newer product categories, market leadership and revenue diversification, supported by its comprehensive technology platform, as key growth drivers. SBI Securities said NSE is well positioned to benefit from the structural growth of India’s capital markets.
Religare Broking, however, struck a more cautious note on valuations. 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. It highlighted regulatory developments, including SEBI measures related to options trading, as key factors that could influence 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. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, the brokerage assigned a Neutral rating.
Angel One took a more favourable view of the valuation. At the upper price band of ₹1,785, it 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. The brokerage also pointed to NSE’s dominant market position, higher revenue and profitability, strong market share in equity derivatives and the long-term structural growth potential of India’s capital markets.
Despite near-term regulatory headwinds for derivatives volumes, Angel One said NSE’s competitive position and earnings potential support a favourable entry point and recommended Subscribe to the IPO.
NSE has scaled back the size of its proposed IPO, cutting the number of shares on offer to 12.644 crore from the 14.89 crore planned earlier, according to its red herring prospectus filed in Mumbai late Thursday.
The revised offer represents around 5.1% of the company’s equity capital, compared with nearly 6% under the earlier plan. The issue will comprise entirely an offer for sale (OFS) of existing shares, with no fresh equity issuance.
As a result, proceeds from the IPO, after deducting offer-related expenses, will go to the selling shareholders. The issue is primarily intended to facilitate the OFS and enable the listing of NSE’s equity shares 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.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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