NSE IPO GMP today stood at around 3% on September 21, the last day for bidding in the NSE IPO. The ₹22,561.57-crore public issue witnessed a 1.75x subscription up to 11:40 am on Monday, according to NSE data.

The issue is an Offer for Sale (OFS), which means the proceeds from the share sale will go to the existing shareholders selling their shares, while the National Stock Exchange itself will not receive the IPO proceeds, apart from issue-related expenses.

The NSE IPO opened for subscription on September 17 and will close on September 21. Investors are also tracking the grey market premium (GMP), with the proposed listing scheduled for September 24, 2026. The latest market update indicated an NSE IPO GMP of around 3% at the upper end of the price band.

Investors should note that the GMP is an unofficial market indicator and the actual NSE IPO listing price may differ from the grey market indication.

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NSE IPO Subscription Status on Day 3

As many as 12,89,85,128 shares had been bid for against 8,86,42,911 shares on offer through the public issue by 11:40 am on September 21. This translated into an overall subscription of 1.75x.

Non-Institutional Investors (NIIs) subscribed 2.89x, while Qualified Institutional Buyers (QIBs) subscribed 2.29x. The retail investor portion was subscribed to 95% at the same time.

The IPO had already received full subscription on Day 2. Therefore, September 21 is the final day for new applicants to place bids for NSE IPO shares.

NSE IPO GMP Today and Expected Listing Price

The NSE IPO GMP today has come down to around 3%, according to a market update on the final day of bidding. Another update indicated a GMP of around ₹48 against the upper end of the IPO price band of ₹1,785 per share.

Based on the ₹48 grey market premium, the indicative price works out to around ₹1,833 per share at the upper price band.

However, the GMP is not an official NSE or stock exchange figure. It is an unofficial market indicator, and the actual listing price on the stock exchange can be different.

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NSE IPO Price Band, Lot Size and Valuation

The NSE IPO price band has been fixed at ₹1,700 to ₹1,785 per equity share. The minimum lot size is 8 shares. Therefore, a retail investor applying at the upper end of the price band would need to invest ₹14,280 for one lot.

The public issue comprises an Offer for Sale of up to 12.64 crore equity shares by existing shareholders. Since the issue is an OFS, NSE will not receive the IPO proceeds. Except for issue-related expenses, the money will go to the shareholders selling their shares through the offer.

If the shares are sold at the upper price band of ₹1,785 per equity share, the valuation of NSE will stand at around ₹4.42 lakh crore.

According to Moneycontrol, Angel One estimated NSE’s post-issue P/E ratio at 35.4, compared with 54.2 for BSE, based on the figures mentioned in its IPO note.

NSE IPO Anchor Investors

On September 16, the exchange raised a total of ₹6,746.2 crore from anchor investors. A total of 3.77 crore shares were allocated to 189 investors at the highest end of the price band.

NSE IPO Allotment and Listing Date

The allotment of NSE IPO shares is expected to take place on September 22, 2026. The listing of NSE shares is scheduled on the BSE on September 24, 2026.

The public issue has attracted significant investor attention due to NSE’s position in India’s financial markets. For the three-month period ended June 2026, the cash market witnessed a 93.05% market share on NSE, while NSE had a 99.72% share in equity futures and 68.48% in equity options, according to the cited report.

Factors Influencing NSE Earnings

NSE’s earnings are closely linked to trading volumes, particularly derivatives activity. Religare Broking highlighted regulatory changes and trading activity as important factors for NSE’s future earnings.

Prasenjit Paul of 129 Wealth also discussed the impact of derivatives on NSE’s income and highlighted the importance of options transaction fees for the exchange’s earnings. The views expressed by the analysts are their personal opinions.

Investors considering the NSE IPO should note that the issue is an OFS and that the GMP is only an unofficial and indicative figure. The actual listing price may differ from the grey market indication.

Source: Moneycontrol, NSE data and cited market sources.

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