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The Economic Times
The Economic Times
Business
Akash Podishetti

NSE GMP falls to its lowest level since the IPO announcement. What’s next for the mega issue?

NSE GMP IPO Podishetti Akash SEBI

NSE IPO's grey market premium has fallen to its lowest level since the price band was announced, raising some doubts over whether the listing-day excitement around India’s biggest public issue of 2026 is cooling. The GMP, which was around Rs 192 when the price band was announced, has slipped to about Rs 58 now. At the upper end of the IPO price band of Rs 1,785, this implies a premium of just over 3%. That is a sharp fall of nearly 70% in the informal market premium.

The fall in GMP comes even as the Rs 22,562 crore IPO was fully subscribed on the second day of bidding. As of September 18, the issue was subscribed 1.15 times, led by qualified institutional buyers and non-institutional investors. The QIB portion was subscribed 1.32 times, while the NII portion was subscribed around 1.36-1.44 times. Retail subscription, however, was weaker at around 66-68%.

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