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NSE IPO GMP Plunges Over 60% Despite Strong Subscription
The National Stock Exchange of India is offering its shares to the public.
Many investors have already applied for the shares.
However, unofficial traders expect a smaller extra price when the shares begin trading.
This expected extra price fell from ₹218 to ₹84 between September 11 and September 19.
The IPO’s price range is ₹1,700 to ₹1,785 per share.
The shares are expected to begin trading on September 24.
Existing shareholders are selling the shares, so NSE itself will not receive money from the sale.
The grey market estimate can change and does not guarantee the actual listing price.
The National Stock Exchange of India IPO’s grey market premium fell to ₹84 by 2 pm on September 19.
The latest GMP is 61.46% below its peak of ₹218 recorded on September 11.
Based on the ₹1,785 upper price band, the GMP implies an estimated listing price of about ₹1,869.
The ₹22,569-crore IPO was fully subscribed on its second bidding day, with bids for 10.28 crore shares against 8.86 crore available.
The offer is entirely a sale by existing shareholders, while NSE’s FY26 operating revenue declined more than 3% year-on-year.
- Who
- The National Stock Exchange of India and its existing shareholders are involved, alongside IPO investors.
- What
- NSE’s ₹22,569-crore IPO was fully subscribed, while its unofficial grey market premium fell more than 60% from its peak.
- Where
- The shares are expected to list on India’s stock exchanges, with grey market activity tracked ahead of the Dalal Street debut.
- When
- The IPO opened on September 17, the GMP was reported at ₹84 on September 19, and the shares are expected to list on September 24.
- Why
- The GMP declined amid the IPO process, although the issue received enough bids to be fully subscribed; the articles do not state a specific cause for the fall.
Positive IPO Demand
Cautious Grey-Market Signal
Investor interest
Positive IPO Demand
The IPO was fully subscribed on its second day, receiving bids for 10.28 crore shares against 8.86 crore available.
Cautious Grey-Market Signal
The grey market premium fell sharply to ₹84 from a peak of ₹218, indicating weaker unofficial expectations for a premium listing.
Potential listing price
Positive IPO Demand
At the upper price band of ₹1,785, the latest GMP suggests an estimated listing price of about ₹1,869.
Cautious Grey-Market Signal
The GMP is unofficial, can change rapidly, and does not guarantee that the shares will list at a premium.
Company finances
Positive IPO Demand
The IPO is expected to give NSE a market capitalisation of approximately ₹4.42 lakh crore at the upper price band.
Cautious Grey-Market Signal
NSE’s operating revenue declined more than 3% in FY26, while revenue from transaction charges fell around 4%.
Key facts
- IPO size
- ₹22,569 crore
- Price band
- ₹1,700–₹1,785 per share
- Latest GMP
- ₹84 at 2 pm on September 19
- Peak GMP
- ₹218 on September 11
- Subscription status
- Fully subscribed on the second day
- Expected listing date
- September 24
- FY26 operating revenue
- ₹16,601.31 crore, down from ₹17,140.67 crore in FY25
Sources
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