Archive · 16 Sep 2026
NSE IPO GMP Slips Ahead of September 17 Launch
The National Stock Exchange of India is offering some of its shares to investors.
The IPO will be open from September 17 to September 19.
Each share will cost between ₹1,700 and ₹1,785.
In the grey market, investors are indicating a possible price of about ₹1,952 after listing.
This suggests a possible gain, but it is not guaranteed.
Several brokerages recommend subscribing because NSE is profitable and has a very large share of trading activity.
They also warn that NSE depends heavily on trading volumes and could be affected by regulatory changes.
The money raised will go to existing shareholders selling their shares, not directly to NSE.
Shares are expected to list on the Bombay Stock Exchange on September 24.
The National Stock Exchange of India IPO opens September 17 and closes September 19.
Its price band is ₹1,700–₹1,785 for up to 12.64 crore shares.
The grey-market premium is ₹167, implying a potential ₹1,952 listing price, or 9.4% above the upper issue price.
Brokerages recommend subscribing, citing NSE’s market leadership, profitability, technology and valuation advantage.
The IPO is entirely an Offer for Sale, while 79% of revenue is linked to trading volumes.
- Who
- The National Stock Exchange of India and investors participating in its IPO.
- What
- A ₹22,561.57 crore IPO offering up to 12.64 crore shares through an Offer for Sale.
- When
- Subscription is scheduled for September 17–19; allotment is expected by September 22 and listing on September 24.
- Where
- The shares are expected to list on the Bombay Stock Exchange.
- Why
- Existing shareholders are selling stakes, while investors are assessing NSE’s growth potential, valuation and dependence on trading activity.
Reasons to Subscribe
Risks and Caution
Market position and valuation
Reasons to Subscribe
Brokerages highlight NSE’s approximately 93% cash-market share, roughly 99.8% equity-futures share, strong profitability and valuation below the cited peer multiple for Bombay Stock Exchange.
Risks and Caution
The IPO is priced at about 40.9x–42.9x FY26 diluted earnings, or around 42x adjusted FY26 earnings at the upper band, so investors must still assess whether the valuation adequately reflects future growth.
Business stability
Reasons to Subscribe
Geojit, Swastika Investmart and Ventura recommend subscribing, citing NSE’s asset-light model, cash generation, technology, brand and long-term capital-market growth potential.
Risks and Caution
About 79% of revenue is linked to trading volumes, while the article also notes declining derivatives volumes and exposure to regulatory changes, creating risks for earnings.
Potential listing gains
Reasons to Subscribe
The ₹167 grey-market premium indicates a potential 9.4% gain over the upper IPO price, according to the cited market indication.
Risks and Caution
The grey-market premium has moderated from earlier levels, and grey-market indications do not guarantee the actual listing price or investor returns.
- Issue size
- ₹22,561.57 crore at the upper price band
- Price band
- ₹1,700–₹1,785 per share
- Lot size
- Eight shares; minimum retail investment of ₹14,280 at ₹1,785
- Grey-market premium
- ₹167, implying a potential ₹1,952 listing price and 9.4% premium
- Share allocation
- 35% retail investors, 50% qualified institutional buyers and the remainder non-institutional investors
- Revenue exposure
- About 80% of revenue comes from trading, with 60% of that trading revenue coming from options
- Employee benefit
- Exchange employees are eligible for a ₹170 discount