Archive · 18 Sep 2026
NSE IPO Sees 43% Subscription, Grey Market Signals 8% Pop
The National Stock Exchange of India is offering some of its existing shares to the public.
The IPO price is between ₹1,700 and ₹1,785 per share.
Investors must bid for at least eight shares.
After the first day, investors had requested 43% of the shares available.
The grey market suggested the shares could list around ₹1,927, but that estimate has been changing.
Some brokerages think NSE’s strong position and India’s growing capital markets make the IPO attractive.
Another brokerage warned that the valuation is high and that new trading rules could reduce activity.
The IPO closes on 21 September, with allotment expected on 22 September.
The money raised will mainly go to existing shareholders because this is an offer for sale.
The ₹22,569-crore NSE IPO was 43% subscribed after the first day of bidding, according to the report.
The price band is ₹1,700–₹1,785 per share, with a lot size of eight shares.
The latest grey-market premium of ₹142 implies an estimated listing price of ₹1,927, or about 7.96% above the upper price band.
Brokerages differed: SBI Securities, Angel One, Geojit Investments and Nirmal Bang were positive, while Religare Broking rated the issue Neutral.
The offer is entirely an offer for sale of 12.644 crore existing shares, with proceeds going to selling shareholders after expenses.
- Who
- The National Stock Exchange of India, its selling shareholders, investors and the brokerages reviewing the IPO.
- What
- A ₹22,569-crore initial public offering of NSE shares, consisting entirely of an offer for sale.
- When
- The IPO opened on Thursday, closes on Monday, 21 September, and allotment is expected on Tuesday, 22 September.
- Where
- The shares are being offered for listing on the BSE; the red herring prospectus was filed in Mumbai.
- Why
- To facilitate the sale of existing shareholder holdings and provide a route for NSE shares to be listed on the BSE.
Positive View
Cautious View
Valuation and market position
Positive View
Angel One said NSE’s post-issue P/E of 35.4x is attractive compared with BSE’s 54.2x. SBI Securities, Geojit Investments and Nirmal Bang also highlighted NSE’s market leadership, scale, technology and long-term capital-market growth potential.
Cautious View
Religare Broking said the valuation, cited at 42.9x FY26 P/E, leaves limited room for earnings disappointments and assigned a Neutral rating.
Regulatory and derivatives risks
Positive View
Angel One, Geojit Investments and Nirmal Bang said NSE’s competitive position, network effects and structural market growth could support long-term returns despite near-term pressures.
Cautious View
Religare Broking warned that regulatory measures related to options trading, competition and changes in derivatives activity could affect trading volumes and transaction-based income.
IPO recommendation
Positive View
Angel One, Geojit Investments and Nirmal Bang assigned Subscribe ratings, while SBI Securities described the growth backdrop favourably.
Cautious View
Religare Broking maintained a Neutral view, citing valuation concerns, regulatory uncertainty and the need for sustained trading activity.
- Issue size
- ₹22,569 crore
- Price band
- ₹1,700–₹1,785 per equity share
- Lot size
- 8 shares
- Subscription after first day
- 43% overall; retail 44%, NII 72%, QIB 19% and employees 98%
- Latest GMP
- ₹142, implying an estimated listing price of ₹1,927, or 7.96% above the upper band
- IPO closing date
- Monday, 21 September
- Issue structure
- Offer for sale of 12.644 crore existing shares; no fresh equity issue