NSE IPO Subscription Status Today: GMP, Price Band, Listing Date and Brokerage Views
The initial public offering (IPO) of the National Stock Exchange (NSE) is set to close today, September 21, after receiving a 1.15-times subscription so far. The ₹22,561.57-crore issue has received bids for 10.16 crore shares against the 8.86 crore shares offered.
The retail investor portion has been subscribed 0.69 times, while the non-institutional investor (NII) category has recorded 1.46 times subscription.
The three-day NSE IPO opened on September 17. The price band has been fixed at ₹1,700 to ₹1,785 per equity share. Since the issue is completely an offer for sale (OFS), NSE itself will not receive the proceeds from the share sale.
NSE IPO Price Band, Lot Size and Listing DateEach NSE equity share has a face value of ₹1, with the IPO price band set between ₹1,700 and ₹1,785.
The minimum application is for eight shares, with bids allowed in multiples of eight. At the upper price of ₹1,785, one lot requires an investment of ₹14,280. At ₹1,700, the minimum investment works out to ₹13,600.
The OFS involves up to 12,64,36,650 equity shares being sold by existing shareholders. These include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), The New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company.
NSE shares are proposed to be listed on both BSE and NSE on Thursday, September 24.
NSE IPO GMP Today and Anchor Investor DetailsThe NSE IPO’s grey market premium (GMP) moderated to around ₹48 per share on Monday, according to market observers. This was down sharply from the ₹142 GMP recorded on the second day of bidding on Friday.
Based on the upper issue price of ₹1,785, a GMP of ₹48 indicates an estimated listing price of around ₹1,833. This represents an indicative premium of approximately 2.69% over the issue price.
However, grey market premiums are unofficial and can change before listing. They should not be treated as a guarantee of the actual listing price.
Before the IPO opened, NSE raised ₹6,746.2 crore through its anchor book. According to a BSE filing, more than 3.77 crore shares were allocated to 150 anchor investors at ₹1,785 per share, the upper end of the price band.
The anchor book included major domestic and international investors such as LIC, Goldman Sachs, Fidelity, GIC Singapore, Abu Dhabi Investment Authority (ADIA), Norges Bank, Eastspring and HSBC Global Asset Management.
Foreign portfolio investors contributed around 43% of the anchor book, investing approximately ₹2,883 crore. More than 20 foreign long-only funds from the US, Europe and Asia participated.
What Brokerages Say About the NSE IPOBrokerages have given different views on the NSE IPO. Angel One and Geojit have recommended subscribing for investors with a medium- to long-term horizon, while Religare Broking has taken a Neutral view.
Angel One: SubscribeThe brokerage highlighted the exchange’s Q1 FY27 performance, during which revenue increased 13.1% and operating EBITDA rose 14.84%. The operating EBITDA margin also improved to 78.81%.
At ₹1,785 per share, Angel One estimates NSE’s post-issue P/E valuation at 35.4 times, compared with 54.2 times for BSE.
The brokerage pointed to NSE’s leading position in equity derivatives and the structural expansion of India’s capital markets as factors supporting its long-term earnings outlook. It also acknowledged that regulatory changes could affect derivatives trading volumes.
Religare Broking: NeutralReligare Broking has adopted a more cautious position and assigned a Neutral rating to the IPO.
The brokerage said NSE’s FY26 performance was affected by regulatory changes and slower trading activity, although operational indicators remained resilient because of growing investor participation, fund mobilisation and market presence.
Religare estimates the IPO valuation at approximately 42.9 times P/E. It said the valuation reflects NSE’s established market position and future growth opportunities but provides limited room for earnings disappointments.
Trading volumes, regulatory developments and changes in market participation are among the factors the brokerage expects investors to monitor.
It also highlighted NSE’s reliance on transaction-based revenue, particularly its options business, along with technology infrastructure, cybersecurity, operational disruptions and regulatory changes as key risks.
Geojit has also given a Subscribe rating to the IPO for medium- to long-term investors. At ₹1,785 per share, the brokerage values NSE at about 42 times FY26 adjusted earnings.
The brokerage highlighted NSE’s leading position across India’s equity and derivatives markets, its extensive investor ecosystem, network effects and scalable technology infrastructure.
Geojit also pointed to NSE’s asset-light model, high margins and cash-generation capabilities.
NSE began operations in 1994 and was India’s first exchange to introduce electronic, screen-based trading. Today, it operates across several parts of the capital-market ecosystem, including listings, trading, clearing and settlement, indices, market data and analytics.
The exchange also has an international presence through NSE International Exchange in GIFT City.
According to the Redseer report cited in the IPO documents, NSE accounted for 92.99% of India’s cash-market turnover and 99.79% of equity futures turnover in FY26. Its share of equity options based on premium turnover stood at 74.71%.
According to Futures Industry Association data, NSE was the world’s largest derivatives exchange by the number of contracts traded in calendar 2025.
NSE’s unique registered investor base increased at a CAGR of 26.23%, rising from 30.87 million in March 2020 to 132.37 million in June 2026. The market capitalisation of companies listed on the platform also increased at a CAGR of 25.89% over the same period.
As of June 30, 2026, NSE had 261.36 million registered investor accounts, 1,328 trading members and 3,005 listed companies.
NSE said its investor reach extends to more than 99% of India’s postal codes.
NSE Q1 FY27 Financial PerformanceNSE’s financial performance weakened during FY26 amid regulatory changes affecting derivatives trading and an increase in securities transaction tax (STT). The exchange, however, reported improved numbers in the first quarter of FY27.
Revenue from operations increased 13.1% year-on-year to ₹4,560 crore in the June 2026 quarter, compared with ₹4,032 crore in the corresponding period a year earlier.
Net profit rose to ₹3,121 crore from ₹2,811 crore in the same period of the previous year.
Between FY24 and FY26, revenue grew at a CAGR of 5.99% to ₹16,601.31 crore. However, revenue declined 3.15% year-on-year in FY26.
Operating EBITDA fell 12.25% to ₹11,097.90 crore, while the EBITDA margin declined from 73.78% to 66.85%.
The weaker FY26 performance was partly attributed to regulatory measures affecting the derivatives market and higher STT. Equity options notional average daily traded volume (ADTV) declined to ₹258.28 lakh crore in FY26 from ₹312.84 lakh crore in FY25.
Key Risks to TrackNSE’s dependence on trading activity and transaction-linked revenue remains an important factor for investors to consider.
The effects of SEBI measures and higher STT were reflected in NSE’s FY26 financial performance. Investors also need to monitor changes in derivatives activity, market participation and the regulatory environment.
DisclaimerThe information in this article is based on the figures, market data and brokerage views provided in the source material.