Archive · 18 Sep 2026
NSE IPO Fully Booked Day Two, Analysts Expect Modest Gains
The National Stock Exchange is selling shares to investors through an IPO.
On the second day, investors placed enough bids to cover all the shares being offered.
Big institutions and wealthy individual investors showed stronger demand than ordinary retail investors.
Employees also had strong demand and received a discount of Rs 170 per share.
The shares can be bought between Rs 1,700 and Rs 1,785 each.
In unofficial grey-market trading, the shares were priced as if they might list near Rs 1,906.
Analysts think the shares could rise by about 6% to 8% when trading begins, but this is not guaranteed.
The grey market is informal and can change quickly.
Bidding ends on September 21, and the shares are expected to list on BSE by September 24.
The NSE IPO was subscribed 1.16 times on day two, with bids for 10.28 crore shares against 8.86 crore shares offered.
Qualified institutional buyers subscribed 1.53 times, non-institutional investors 1.68 times, employees 1.53 times and retail investors 0.72 times.
The issue has a price band of Rs 1,700–Rs 1,785 and is entirely an offer for sale of 12.64 crore shares.
The grey-market premium fell to Rs 121, implying a potential listing price of Rs 1,906, or nearly 7% above the upper price band.
Analysts expect listing gains of about 6%–8%, while the IPO is scheduled to close on September 21 and list on BSE by September 24.
- Who
- The National Stock Exchange of India is offering shares, with institutional, non-institutional, retail and employee investors placing bids.
- What
- The NSE IPO reached 1.16-times subscription on its second bidding day, while analysts forecast modest listing gains.
- When
- Bidding opened on September 17 and is scheduled to close on September 21; allotment is expected by September 22, refunds and shares by September 23, and listing by September 24.
- Where
- The shares are expected to list on BSE in India.
- Why
- The IPO is entirely an offer for sale in which existing investors are selling 12.64 crore shares.
Cautious View
Positive View
Expected listing performance
Cautious View
Analysts’ expectations are limited to modest gains of around 6%–8%, while the grey-market premium has declined from Rs 147 on day one to Rs 121 on day two.
Positive View
The grey-market indication still points to a potential listing price of Rs 1,906, nearly 7% above the upper price band.
Market and valuation outlook
Cautious View
Geojit Investments said volatile markets, price-sensitive investors and valuation expectations may have influenced existing shareholders to reduce their planned stake sales. The grey market is also informal, unregulated and vulnerable to manipulation.
Positive View
Globe Capital Markets said NSE’s market leadership, operating margins and valuation discount to BSE support a 6%–8% listing gain and a compelling risk-reward profile. Angel One cited NSE’s post-issue P/E of 35.4x versus BSE’s 54.2x.
Investment horizon
Cautious View
Investors face near-term regulatory headwinds in index options, according to the brokerage commentary.
Positive View
Globe Capital Markets advised investors to look beyond near-term regulatory concerns and hold shares over a medium-to-long-term period.
- Issue size
- Reported as Rs 22,562 crore in the day-two article and Rs 22,652 crore in the day-one article.
- Price band
- Rs 1,700–Rs 1,785 per share
- Day-two subscription
- 1.16 times, with 10.28 crore shares bid for against 8.86 crore shares offered
- Category demand
- QIBs 1.53x, NIIs 1.68x, employees 1.53x and retail investors 0.72x
- Grey-market premium
- Rs 121, implying a potential Rs 1,906 listing price at the upper band
- Analyst listing estimate
- Approximately 6%–8% gains
- Employee benefit
- Rs 170 discount per share
- Minimum bid
- Eight shares and in lots thereafter
