NSE IPO Day 2: Issue Subscribed 43% So Far, GMP At 8%; Should You Apply? Check Details

NSE IPO Subscription Status and GMP Today:

The initial public offering (IPO) of the National Stock Exchange (NSE), which opened for public subscription on Thursday, is going to witness its second day of bidding today, Friday. On the first day of bidding on Thursday, the 22,561.57-crore IPO received a 0.43x subscription, garnering bids for 3,83,37,528 shares, compared with 8,86,42,912 shares on offer.

Its retail category has been subscribed by 0.44x, while its non-institutional investor (NII) category has received a 0.72x subscription. The qualified institutional buyer (QIB) category got a 0.19x subscription.

The three-day IPO will be closed on September 21. The NSE has fixed a price band of Rs 1,700-Rs 1,785 per equity share, with the issue entirely

comprising an OFS. This means the NSE itself will not receive any proceeds from the IPO.

NSE IPO: Price Band, Dates, Lot Size

The NSE IPO price band has been fixed at Rs 1,700-Rs 1,785 per share, with each equity share having a face value of Rs 1.

The IPO opens on September 17 and closes on September 21. The minimum bid is 8 shares and investors can bid in multiples of 8 thereafter.

At the upper price band of Rs 1,785, a minimum lot will cost Rs 14,280. At the lower price band of Rs 1,700, the minimum investment would be Rs 13,600.

The issue is an OFS of up to 12,64,36,650 equity shares by existing shareholders. The selling shareholders 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.

The shares are proposed to be listed on both BSE and NSE on September 24.

NSE IPO: Anchor Investors Put In Rs 6,746 Crore

NSE raised Rs 6,746.2 crore from anchor investors ahead of the IPO opening. According to a BSE filing, the company allotted more than 3.77 crore shares to 150 anchor investors at Rs 1,785 per share, the upper end of the price band.

The anchor book saw participation from several large global and domestic investors, including LIC, Goldman Sachs, Fidelity, GIC Singapore, Abu Dhabi Investment Authority (ADIA), Norges Bank, Eastspring and HSBC Global Asset Management.

Foreign portfolio investors accounted for around 43% of the anchor book, investing about Rs 2,883 crore. More than 20 foreign long-only funds participated, with investors from the US, Europe and Asia.

NSE IPO GMP Today: Grey Market Premium At Nearly 8%

NSE’s grey market premium (GMP) moderated to around Rs 142 per share on Friday, according to market observers. It had stood at Rs 145 on Wednesday.

At the upper IPO price of Rs 1,785, the current GMP points to an indicative listing price of around Rs 1,927, implying a potential premium of about 7.96% over the issue price.

However, GMP is an unofficial indicator and does not guarantee the actual listing price. The premium can change before listing depending on market conditions, investor demand and sentiment.

NSE IPO: Should You Apply? What Brokerages Say

Brokerages have offered differing views on the NSE IPO, with Angel One and Geojit recommending subscription for investors with a medium- to long-term investment horizon, while Religare Broking has assigned a Neutral rating.

Angel One: Subscribe

Angel One has recommended subscribing to the NSE IPO, pointing to the exchange’s dominant market position, strong profitability and long-term growth potential.

The brokerage highlighted the improvement in NSE’s Q1 FY27 performance, with revenue and operating EBITDA rising 13.1% and 14.84%, respectively. The operating EBITDA margin also improved to 78.81%.

At the upper price band of Rs 1,785, Angel One estimates NSE’s post-issue P/E valuation at 35.4 times, compared with 54.2 times for BSE.

Angel One said NSE’s strong position in the equity derivatives market and the structural growth of India’s capital markets provide support to its long-term earnings outlook, while acknowledging the impact of regulatory changes on derivatives volumes.

Religare Broking: Neutral

Religare Broking has taken a more cautious view and assigned a Neutral rating to the IPO.

It said NSE’s FY26 financial performance was affected by regulatory changes and moderation in trading activity, although operational metrics remained resilient on the back of increasing investor participation, fund mobilisation and market presence.

Religare estimates the IPO valuation at around 42.9 times P/E. It said the valuation reflects NSE’s established market position and future growth prospects but leaves limited room for earnings disappointments.

The brokerage identified trading volumes, regulatory changes and market participation as key factors that could influence NSE’s future earnings.

It also flagged NSE’s dependence on transaction-based revenue, particularly from the options business, along with technology infrastructure, cybersecurity, operational disruptions and further regulatory changes as key risks.

Geojit: Subscribe For Medium To Long Term

Geojit has also assigned a Subscribe rating to the IPO for medium- to long-term investors. At Rs 1,785 per share, the brokerage values NSE at around 42 times FY26 adjusted earnings.

Geojit highlighted NSE’s dominant position across India’s equity and derivatives markets, its large investor ecosystem, network effects and scalable technology infrastructure.

The brokerage also pointed to NSE’s asset-light business model, high margins and cash generation. It expects rising capital market participation and increasing financialisation of household savings to provide a long-term growth opportunity.

NSE IPO: What Does The Company Do?

NSE began operations in 1994 and was India’s first exchange to introduce electronic or screen-based trading. The exchange operates an integrated capital market ecosystem spanning listings, trading, clearing and settlement, indices, market data and analytics. It also has businesses catering to international markets through NSE International Exchange in GIFT City.

NSE has maintained a dominant position across several segments of India’s capital markets. According to the Redseer report cited in the IPO documents, it accounted for 92.99% of India’s cash market turnover and 99.79% of equity futures turnover in FY26. Its market share in equity options based on premium turnover stood at 74.71%.

NSE is also the world’s largest derivatives exchange by number of contracts traded in calendar 2025, according to Futures Industry Association (FIA) data. It ranked third globally in the equity segment by number of trades in 2025, according to World Federation of Exchanges (WFE) data.

NSE’s registered investor base has grown rapidly over the past few years. Its unique registered investor base increased at a compound annual growth rate (CAGR) of 26.23% from 30.87 million as of March 2020 to 132.37 million as of June 2026.

The market capitalisation of companies listed on its platform grew 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 entities. The market capitalisation of listed entities on its platform stood at Rs 474.08 lakh crore.

The exchange said its investors span more than 99% of India’s postal codes, reflecting the broadening reach of capital markets.

NSE IPO: Q1 FY27 Financial Performance Shows Recovery

NSE’s financial performance weakened in FY26 amid regulatory changes affecting derivatives trading and higher securities transaction tax (STT), but the company reported a stronger first quarter of FY27.

Its revenue from operations rose 13.1% year-on-year to Rs 4,560 crore in the June 2026 quarter, compared with Rs 4,032 crore in the year-ago period.

Net profit increased to Rs 3,121 crore from Rs 2,811 crore a year earlier. The improvement follows a weaker FY26. Revenue grew at a CAGR of 5.99% between FY24 and FY26 to Rs 16,601.31 crore, but declined 3.15% year-on-year in FY26.

Operating EBITDA fell 12.25% to Rs 11,097.90 crore, with the EBITDA margin declining to 66.85% from 73.78%. PAT fell 15.47% to Rs 10,302.06 crore.

The decline was partly linked to regulatory measures in the derivatives market and higher STT, which affected options trading activity. Equity options notional average daily traded volume (ADTV) declined to Rs 258.28 lakh crore in FY26 from Rs 312.84 lakh crore in FY25.

NSE IPO: Key Risks Investors Should Watch

A key factor for investors to track is NSE’s dependence on trading activity and transaction-linked income. Regulatory changes affecting derivatives products can influence trading volumes and, consequently, transaction revenue. The impact of changes introduced by SEBI and higher STT was visible in FY26 financial performance.

The exchange also operates highly critical technology infrastructure, making system reliability and cybersecurity important operational considerations. Any prolonged disruption could affect trading activity and market confidence.

Further regulatory changes affecting derivatives, transaction charges or market structure could also influence future earnings.