New Delhi : The much-anticipated IPO of the National Stock Exchange of India (NSE) opens for subscription today, September 17, with investors looking at one of the country’s biggest public offerings. While GMP is unofficial and does not guarantee the actual listing price, a sharp fall can indicate that the expected listing premium has narrowed.
The Rs 22,561.57 crore NSE IPO is a pure offer for sale (OFS), with 12.64 crore shares being offered by existing shareholders. NSE itself will not receive any proceeds from the issue. The price band has been fixed at Rs 1,700-1,785 per share. The lot size is eight shares, meaning a retail investor applying at the upper end of the price band will need Rs 14,280. But while the IPO has attracted huge interest, its grey market premium has fallen sharply.
At the upper price band of Rs 1,785, this implies an estimated listing price of around Rs 1,910, or a 7% premium to the issue price.
That means the GMP has fallen Rs 93, or around 43%, from Rs 218 on September 11 to Rs 125 on the morning the IPO opens. The estimated listing premium has consequently fallen from more than 12% last week to around 7% now. It is worth remembering that GMP is an unofficial market indicator and does not guarantee the listing price or returns. The IPO is a book-built issue with a price band of Rs 1,700-1,785 per share. The total issue size is Rs 22,561.57 crore and comprises entirely an OFS of up to 12.64 crore equity shares.
NSE has also already received strong anchor participation. Shares worth Rs 6,746 crore were allocated to anchor investors on Wednesday at Rs 1,785 apiece, the upper end of the price band. According to Angel One’s IPO note, NSE had 261.36 million registered investor accounts and 132.37 million unique registered investors as of June 30, 2026. It had 1,328 trading members and 3,005 listed entities, with the market capitalisation of listed entities at Rs 474.08 trillion.
The exchange’s market share is particularly strong in derivatives. In FY26, NSE had a 92.99% share of the cash market, 99.79% in equity futures, 74.71% in equity options by premium turnover and 99.48% in currency futures, according to Angel One. Its business also extends beyond trading. The exchange operates across equity cash, derivatives, currencies, commodities and debt markets, while its ecosystem includes clearing, indices, market data and analytics and international exchange operations.
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