NSE IPO Opens Today: Should You Subscribe? GMP, Price Band, Lot Size Explained

The initial public offering (IPO) of the National Stock Exchange (NSE) will open for subscription on Thursday, September 17, and close on Monday, September 21. The ₹22,561.57 crore issue is entirely an Offer For Sale (OFS), meaning NSE will not receive any proceeds from the IPO.

Price band for the issue has been fixed between ₹1,700-₹1,785 per share. At the upper end of the price band, NSE will command a market capitalisation of around ₹4.41 lakh crore.

The exchange has fixed the lot size at eight shares, with retail investors required to make a minimum investment of ₹14,280 at the upper end of the price band to bid for one lot. Bids can subsequently be made in multiples of eight shares.

Of the total issue, 35% has been reserved for retail investors, 50% for qualified institutional buyers (QIBs), and the remaining portion for non-institutional investors (NIIs).

Eligible employees participating in the IPO will receive a discount of ₹170 per share.

NSE raises ₹6,746 crore from anchor investors

Ahead of the IPO opening, NSE raised ₹6,746.18 crore from anchor investors.

According to the company's circular, the exchange allotted 3,77,93,739 equity shares at ₹1,785 apiece to anchor investors. The anchor book included 98 mutual fund schemes and 27 life insurance companies.

The anchor portion attracted interest from 189 investors. Market sources said demand for the anchor allocation was nearly ₹1.2 lakh crore, or around 20 times the size of the anchor book.

The strong demand comes as investors look at NSE as a proxy for the growth of India's capital markets.

NSE IPO: Should you subscribe? Key factors to consider

At the upper price band of ₹1,785, NSE's valuation has drawn attention from brokerages, particularly in comparison with its listed peer BSE.

Angel One: Subscribe

Angel One has recommended subscribing to the issue. At ₹1,785 per share, it values NSE at a post-issue P/E of 35.4x, compared with BSE's P/E of 54.2x.

The brokerage cited NSE's dominant market position, higher revenue and profitability, strong market share in equity derivatives and the long-term growth potential of India's capital markets.

However, it flagged near-term regulatory headwinds for derivatives volumes. Angel One said the valuation provides an entry point given NSE's competitive position and earnings potential.

Geojit: Subscribe

Geojit has also assigned a "Subscribe" rating for medium- to long-term investors.

At ₹1,785, NSE is valued at around 42x FY26 adjusted earnings per share (EPS) on a post-issue basis, according to the brokerage.

Geojit highlighted NSE's dominant position across India's equity and derivatives markets, its investor ecosystem, network effects and scalable technology infrastructure. It also pointed to the exchange's asset-light business model, high margins and cash generation.

The brokerage said rising capital market participation and increasing financialisation of savings provide a long-term growth opportunity.

Religare Broking: Neutral

Religare Broking has taken a Neutral view on the IPO, citing a balance between NSE's structural growth opportunity and risks around regulation, trading activity and valuation.

The brokerage said that FY26 financial performance was affected by regulatory changes and moderation in trading activity, although operational metrics remained resilient.

At a P/E of 42.9x, Religare said the valuation reflects NSE's established market position and future growth potential but leaves limited room for earnings disappointments.

It identified regulatory developments, including Securities and Exchange Board of India (SEBI) measures related to options trading, as key factors that could affect trading volumes and transaction-based income.

Swastika Investmart: Subscribe

Swastika Investmart has recommended subscribing to the IPO for both long-term investment and potential listing gains.

The brokerage highlighted NSE's leadership in the Indian capital markets, with around 93% share of the cash market and nearly 99.8% of the equity futures market.

At ₹1,700-₹1,785, NSE would trade at around 40.9x-42.9x FY26 diluted EPS, compared with BSE's 54.28x, according to Swastika Investmart.

However, the brokerage pointed out that around 79% of NSE's revenue is linked to trading volumes, making earnings sensitive to market activity and regulatory changes.

NSE IPO GMP today: What grey market signals?

As per reports, the current Grey Market Premium for NSE is between ₹160 to ₹170 per share, indicating a listing premium of around 9% from the upper end of the issue price.

However, it must be noted that the GMP rates are speculative in nature and that the actual listing price could differ from what the GMP rates are suggesting.

NSE IPO: Who is selling?

NSE does not have a classified promoter. Its selling shareholders include SBI, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte. Ltd., MS Strategic Mauritius Ltd., New India Assurance, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company.

Since the IPO is entirely an OFS, the proceeds will go to the selling shareholders rather than the exchange.

NSE IPO: Listing and allotment details

Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 ONE WAM are the book-running lead managers for the IPO.

The allotment is expected to be finalised by September 22, while shares are scheduled to be credited to successful investors' demat accounts on September 23.

NSE shares are scheduled to list on the stock exchanges on September 24.