5 hrs ago
NSE IPO Opens as Grey Market Premium Signals Weaker Gains
The National Stock Exchange of India is offering shares to the public.
The shares cost between ₹1,700 and ₹1,785 each.
The IPO received some investor interest on its first day.
In unofficial trading, called the grey market, the extra amount people may pay for the shares has fallen.
A ₹125 premium would suggest a possible listing price of about ₹1,910.
However, grey-market prices are not official and may not accurately predict the real listing price.
The IPO shares are being sold by existing shareholders, not by NSE itself.
NSE also reported that its revenue and transaction-charge revenue fell in FY26 compared with FY25.
The NSE IPO opened with a price band of ₹1,700–₹1,785 per share and will remain open until September 21, 2025.
The issue attracted 0.30-times subscription by 1:20 p.m. on its first day, with reported issue values of ₹22,569 crore and approximately ₹22,561.57 crore.
The grey market premium was reported at ₹125 before recovering to about ₹148 by 3 p.m., remaining below recent levels.
At the upper price band, a ₹125 GMP implies a potential listing price of about ₹1,910 and an estimated gain of roughly 7%.
The IPO is an offer for sale by existing shareholders, while NSE reported declines in FY26 operating revenue and transaction-charge revenue.
- Who
- The National Stock Exchange of India, its existing shareholders, investors, market observers, stock market experts, and CEO-MD Ashishkumar Chauhan.
- What
- NSE’s IPO opened while its grey-market premium declined from recent levels and later partially recovered.
- Where
- India’s primary market and the unofficial grey market; the opening was reported from Mumbai.
- When
- The IPO opened on Thursday and is scheduled to close on September 21, 2025; GMP figures were reported from September 11 through September 17 and during Thursday trading.
- Why
- Existing shareholders are selling shares through the IPO, while NSE itself did not offer shares because Chauhan said it did not need to raise money.
Potential Listing Upside
Reasons for Caution
Grey-market signal
Potential Listing Upside
A ₹125 GMP points to an estimated listing price of about ₹1,910 and a potential gain of roughly 7% over the upper price band.
Reasons for Caution
Experts say GMP is unofficial, can be fabricated or influenced by parties interested in the IPO’s success, and does not guarantee a premium listing.
Direction of investor sentiment
Potential Listing Upside
The GMP’s partial recovery to about ₹148 by 3 p.m. suggests some improvement during Thursday trading.
Reasons for Caution
The GMP remained well below recent levels, falling from reported levels of ₹218 on September 11 and ₹160 on September 15 to ₹125 on September 17 before recovering.
IPO valuation and performance
Potential Listing Upside
The IPO offers investors access to shares in a major exchange, and the reported grey-market premium indicates some expected listing demand.
Reasons for Caution
Shareholders were reportedly reluctant to offer shares at what they considered a low price, while NSE’s FY26 operating revenue and transaction-charge revenue declined from FY25.
Key facts
- IPO price band
- ₹1,700 to ₹1,785 per equity share
- IPO closing date
- September 21, 2025
- First-day subscription
- 0.30 times by 1:20 p.m.
- Grey-market premium
- Reported at ₹125, later recovering to about ₹148 by 3 p.m.; another report described ₹125 as the day’s GMP
- Indicative listing price
- About ₹1,910 using the ₹1,785 upper price band and ₹125 GMP
- Issue structure
- Entirely an offer for sale, with proceeds going to existing shareholders
- Reported FY26 revenue
- ₹16,601.31 crore, compared with ₹17,140.67 crore in FY25
Quotes
Ashishkumar Chauhan
CEO-MD of the National Stock Exchange
“When we were in the pre-IPO phase, we had to persuade our shareholders to offer their shares in the NSE IPO because we had to offer at least 4.25% of the total NSE shares. Most of our shareholders were of the view that the NSE IPO price is very low, and they were reluctant to offer their shares at such a lower price.”
livemint.com
“NSE didn't require money, so we decided not to offer our shares in the NSE IPO.”
livemint.com
Sources
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