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NSE IPO opens today; latest GMP price, subscription status, allotment and listing date; market debut prediction
NSE IPO: The NSE IPO date for subscription is Thursday, 17 September, and the issue will remain open until Monday, 21 September. NSE IPO GMP today, or grey market premium, is +145. The IPO comprises an Offer for Sale (OFS) of up to 12.64 crore equity shares
NSE IPO: The much-awaited ₹22,569-crore NSE IPO is finally set to open for subscription today, 17 September, putting the spotlight firmly on the National Stock Exchange’s much-anticipated market debut. The NSE IPO date for subscription is Thursday, 17 September, and the issue will remain open until Monday, 21 September.
The NSE IPO price band has been fixed at ₹1,700– ₹1,785 per equity share, with the cap price at 1,785 times the face value. The NSE IPO lot size is 8 equity shares, with investors able to bid in multiples of 8 thereafter.
As part of the NSE IPO details, up to 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and at least 35% for retail investors.
NSE IPO GMP today, or grey market premium, is +145. 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 ₹1,930 apiece, which is 8.12% higher than the IPO price of ₹1,785.
The IPO comprises an Offer for Sale (OFS) of up to 12.64 crore equity shares, each with a face value of Re 1. The issue does not include any fresh issuance of shares by the company.
Prasenjit Paul, Fund Manager at 129 Wealth and Head of Research at Paul Asset, said NSE is a fundamentally strong, cash-generating business with a clear competitive advantage. However, he emphasised that investors should remain mindful of the price they are paying for its earnings.
At ₹1,785, NSE’s valuation works out to around 43 times its FY26 earnings, which Paul considers justified, although not inexpensive. He said future growth could be driven by deeper capital-market participation, higher cash-market activity, new products, data and indices, as well as opportunities in GIFT City, rather than relying solely on further gains in market share.
According to Paul, the key risk remains NSE’s dependence on derivatives, with options transaction fees contributing significantly to its revenue. After listing, investors should track earnings growth, cash-market volumes, options activity and recurring profitability rather than focusing only on headline turnover numbers.
Choice Equity Broking said the setback in NSE’s fastest-growing business segment is a genuine concern, but noted that it remains limited to one part of the overall franchise. The brokerage highlighted that NSE’s revenue and profit continued to grow in Q1FY27, while FY26 profitability was impacted by a settlement charge that has since been paid.
The brokerage also pointed out that there is no other way to gain exposure to Indian market infrastructure at NSE’s scale, although it acknowledged that a first-time listing rarely comes at a cheap valuation.
Based on these factors, Choice Equity Broking has assigned a “SUBSCRIBE” rating to the NSE IPO.
2. Strong Innovation & Integrated Market Infrastructure
3. Technology Leadership & Platform Resilience
4. Experienced leadership with strong governance
NSE continues to expand its product portfolio, introducing electronic gold receipts, 10-gram gold futures, Brent crude oil futures, electricity futures and Indian natural gas futures. It has also entered into a strategic collaboration with S&P Global Energy for Platts benchmark derivatives, including Dated Brent Crude Oil Futures. These initiatives have significantly broadened NSE’s commodity and energy offerings while strengthening its presence across diversified asset classes.
As of Fiscal 2026, NSE held market shares of 92.99% in the cash market, 99.79% in equity futures, 74.71% in equity options, 99.48% in currency futures, 100% in currency options and 85.65% in corporate bond trade value, according to the Redseer Report.
Its “one-stop platform” model, supported by cross-segment margin fungibility, helps optimise capital utilisation and reduce funding requirements for market participants across segments, thereby improving overall market efficiency.
BSE has been considered as the listed peer company, as it operates as a comparable multi-asset stock exchange with a presence across the cash market, equity derivatives, mutual funds and other segments, including exchange traded derivatives and the wholesale debt market, similar to those of the Company. BSE Limited also exhibits a broadly similar revenue mix, with income streams comprising transaction charges, listing services, data related services and charges, and other exchange-related revenues.
• Derivatives Concentration Risk: ~69% of FY26 revenue was generated from F&O trade transaction charges, indicating high reliance on derivatives trading volumes.
Geojit Investments said that at the upper price band of ₹1,785, NSE is valued at around 42 times its FY26 adjusted EPS on a post-issue basis, which is lower than its peer.
According to the brokerage, NSE benefits from its dominant position across India’s equity and derivatives markets, supported by strong network effects, a large investor ecosystem and scalable technology infrastructure.
Geojit Investments also highlighted NSE’s asset-light business model, which supports consistently high margins and strong cash generation. The brokerage expects rising capital market participation and increasing financialisation of savings to provide a long-term growth runway for the company.
Based on these factors, Geojit Investments has assigned a “SUBSCRIBE” rating to the NSE IPO for medium- to long-term investors.
Uday Patil, Executive Director – Investment Banking at PL Capital, said the NSE IPO is a significant event for the Indian capital market and is likely to attract attention from investors globally.
According to Patil, as one of the most valued market infrastructure intermediaries in India, NSE is expected to generate strong investor interest. He added that the IPO could also encourage many new entities and individuals to enter the capital market through their first investment in NSE.
“Of course, the NSE IPO would attract strong investor interest, given NSE’s position in India’s capital markets,” Patil said.
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.
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.
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.
NSE IPO subscription status was 15% on day 1, so far The retail portion is subscribed 19%, and the NII portion has been booked 23%; the QIBs portion is yet to receive bids. The employee portion has been subcribed 38%.
The company has received bids for 1,30,04,504 shares against 8,86,42,911 crore shares, 10:56 IST, as per BSE data.
State Bank of India (SBI) is the largest selling shareholder in the NSE IPO, offering up to 1.59 crore equity shares through the offer for sale (OFS). Canada Pension Plan Investment Board will sell 1.18 crore shares, followed by Aranda Investments (Mauritius) with 1.12 crore shares, MS Strategic (Mauritius) with 1.10 crore shares, and New India Assurance Company with 1.05 crore shares.
According to the red herring prospectus (RHP) filed on September 10, SBI, MS Strategic (Mauritius), Bank of Baroda, Stock Holding Corporation of India and General Insurance Corporation of India have reduced the number of shares they plan to sell through the OFS.
Meanwhile, the proposed share sale by Canada Pension Plan Investment Board, Aranda Investments (Mauritius), New India Assurance Company and United India Insurance Company remains unchanged.
National Insurance Company is no longer participating in the OFS. SBI Capital Markets has been added to the list of selling shareholders and will offer 87.8 lakh equity shares through the issue.
The selling shareholders include State Bank of India, General Insurance Corporation of India Ltd. and Canada Pension Plan Investment Board. However, SBI, Morgan Stanley, Bank of Baroda and General Insurance Corporation have reduced the number of shares they plan to sell in the IPO.
Swastika Investmart said NSE is India’s leading stock exchange, with an estimated 93% share of the cash market and around 99.8% share of the equity futures market.
At the IPO price band of ₹1,700–1,785, NSE is valued at around 40.9–42.9 times its FY26 diluted EPS, compared with BSE’s P/E of 54.28 times. According to the brokerage, the valuation gap leaves scope for re-rating, supported by NSE’s larger scale and market leadership.
However, around 79% of NSE’s revenue is linked to trading volumes, making its earnings sensitive to changes in market activity and the regulatory environment.
Swastika Investmart has recommended subscribing to the NSE IPO for both long-term investment potential and possible listing gains, citing the exchange’s dominant market position and valuation advantage.
NSE remains exposed to risks from a decline in transaction volumes or values, which could weigh on transaction-based revenue and overall growth. Its significant reliance on transaction charges, particularly income from the options segment, makes earnings sensitive to changes in trading activity.
The exchange also depends heavily on its technology infrastructure, leaving it vulnerable to system disruptions, cybersecurity incidents and challenges in adopting new technologies. Reliance on third-party service providers and market intermediaries may further expose NSE to operational and fraud-related risks.
Regulatory changes involving trading products, market structure or transaction activity could also affect trading volumes and revenue. Such changes may have an adverse impact on NSE’s financial performance and future growth prospects.
India’s capital markets offer substantial growth potential, driven by rising investor participation, increasing market capitalisation, expanding mutual fund assets and growing adoption of passive investment products. NSE’s unique registered investor base more than quadrupled from 30.87 million in March 2020 to 132.37 million by June 2026, while India’s mutual fund assets under management (AUM) stood at ₹82.22 trillion as of June 2026.
The continued growth of passive funds and index-based investing could create additional opportunities for NSE across trading, index services, market data and clearing. Rising fund mobilisation, broader financial inclusion and increasing participation from investors across the country’s postal codes are also expected to support the exchange’s long-term growth.
NSE continued to report strong financial performance, although key profitability metrics moderated in FY2026. Revenue from operations declined to ₹16,601.31 crore from ₹17,140.68 crore in FY2025, compared with ₹14,780.01 crore in FY2024.
Profit after tax (PAT) fell to ₹10,302.06 crore from ₹12,187.69 crore a year earlier, while operating EBITDA declined to ₹11,097.90 crore from ₹12,646.88 crore. Consequently, the operating EBITDA margin narrowed to 66.85% from 73.78%, while the PAT margin eased to 50.98% from 55.30%.
Return ratios also moderated during the year, with ROE declining to 32.98% from 44.87% and ROCE falling to 42.80% from 52.11%. The figures point to a moderation in profitability and returns in FY2026, despite NSE continuing to maintain strong overall earnings.
Addressing a press conference in New Delhi on September 15, NSE Managing Director and CEO Ashish Chauhan said demand for the exchange’s IPO had been “unexpectedly large”, despite the relatively smaller size of the anchor book. He noted that the number of investors seeking shares far exceeded the shares available for allocation.
“There is a large number of investors seeking a large number of shares,” Chauhan said, adding that the exchange had a limited number of shares to distribute despite strong investor interest.
He said the IPO allocation would be carried out under a fixed framework, with separate categories for domestic mutual funds, non-mutual fund investors and foreign portfolio investors (FPIs). Each category would receive shares within its prescribed allocation limits.
National Stock Exchange of India (NSE) has been India’s largest stock exchange by total turnover in the cash market and equity derivatives since FY2001, and in exchange-traded currency derivatives since FY2009.
Incorporated in 1992, NSE operates as a vertically integrated exchange, providing trading, clearing through NSE Clearing (NCL) and NSE IFSC Clearing Corporation (NSEICC), listing, and data and licensing services across cash equities, F&O, currency and commodity derivatives, mutual funds and wholesale debt.
Globally, NSE ranked as the largest multi-asset exchange by the number of cash equity trades and equity derivatives contracts traded in FY2026. It accounted for approximately 11.4% of global cash-equity trading and 51.2% of global equity-derivatives trading.
As of June 30, 2026, NSE had 132.37 million unique registered investors and 3,005 listed entities.
Market Leadership: Commands around 93% of the cash market, 99.8% of equity futures and 74.7% of equity options, maintaining its position as a global derivatives leader for seven consecutive years.
Growing Investor Base: Investor participation expanded at a 26.2% CAGR to 132.37 million, supporting liquidity and strengthening its market presence.
Strong Regulatory Framework: Maintains close engagement with SEBI and IFSCA, backed by robust surveillance systems and investor-protection measures.
Diversified Offerings: Operates across cash equities, futures and options, currencies, commodities, debt and mutual funds.
Technology-Driven Infrastructure: Runs an in-house, high-speed technology platform, with continued investments in IT infrastructure and the adoption of AI and GenAI.
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.