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NSE IPO Opens Amid Falling GMP and Mixed Brokerage Recommendations
The National Stock Exchange of India is offering some of its existing owners' shares to the public.
The IPO opens on September 17 and closes on September 21.
Each share costs between Rs 1,700 and Rs 1,785.
Investors must buy at least eight shares.
The exchange itself will not receive money from these sales because the offering is an offer for sale.
The unofficial grey market premium has fallen to about Rs 125 per share.
Some brokerages think long-term investors may consider applying, while another brokerage is more cautious.
NSE performed strongly in the first quarter of FY27 after a weaker FY26.
Trading volumes, regulation, technology problems and cybersecurity are important risks for investors.
The National Stock Exchange of India IPO opens September 17 and closes September 21, with shares scheduled to list on September 24.
The price band is Rs 1,700-Rs 1,785 per share, with a minimum lot of eight shares costing Rs 13,600-Rs 14,280.
The Rs 22,561.57-crore issue is entirely an offer for sale, so NSE itself will not receive IPO proceeds.
The grey market premium fell to about Rs 125, implying an indicative listing price near Rs 1,910, or a 7% premium at the upper band.
Angel One and Geojit recommended subscription for medium- to long-term investors, while Religare Broking gave a Neutral rating.
- Who
- The National Stock Exchange of India, its selling shareholders, prospective investors and participating brokerages.
- What
- NSE launched a Rs 22,561.57-crore initial public offering through an offer for sale of up to 12,64,36,650 shares.
- Where
- The shares are proposed to be listed on the BSE and NSE in India.
- When
- The IPO opens September 17, 2026, closes September 21, and is scheduled to list September 24.
- Why
- Existing shareholders are selling their shares; NSE itself will not receive proceeds from the offer.
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Cautious View
Investment recommendation
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Angel One and Geojit recommend subscribing for medium- to long-term investors, citing NSE's dominant market position, strong profitability, high margins and growth in capital-market participation.
Cautious View
Religare Broking rates the IPO Neutral, saying the valuation leaves limited room for earnings disappointments.
Growth prospects
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The exchange's strong position in equity derivatives, large investor base, scalable technology and asset-light model could support long-term earnings growth.
Cautious View
Future earnings could be affected by trading-volume changes, regulatory measures, dependence on transaction-based revenue and especially the options business.
Valuation and risks
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Angel One compared NSE's estimated post-issue P/E of 35.4 times with 54.2 times for BSE and viewed the valuation as supportive of subscription.
Cautious View
Religare estimated valuation at about 42.9 times P/E and highlighted regulatory, technology, cybersecurity and operational-disruption risks.
Key facts
- Price band
- Rs 1,700-Rs 1,785 per equity share
- Minimum lot
- Eight shares
- Minimum investment
- Rs 13,600 at the lower band and Rs 14,280 at the upper band
- Issue size
- Rs 22,561.57 crore through an offer for sale
- Anchor book
- Rs 6,746.2 crore raised from more than 150 anchor investors
- Grey market premium
- About Rs 125 per share, or an indicative 7% premium at the upper price band
- Q1 FY27 performance
- Revenue rose 13.1% year-on-year to Rs 4,560 crore and net profit reached Rs 3,121 crore
Sources
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