The Rs 22,569-crore IPO of the National Stock Exchange of India (NSE) ended its three-day bidding process with 5.68 times subscription on Monday. The company received bids for 50.21 crore shares against 8.86 crore shares on offer.
However, retail investor participation remained relatively muted. The retail portion of the issue was subscribed 1.31 times, with 4.41 crore shares reserved for the category
The grey market premium (GMP) on the stock hovered around around 2%, pointing to expectations of a modest listing gain if the trend holds until listing. However, GMP is an unofficial market indicator and can change sharply before listing.
The Rs 22,569 crore issue is entirely an offer for sale (OFS) of 12.64 crore shares. NSE will not receive any proceeds from the IPO, as the money will go to the selling shareholders. The price band has been fixed at Rs 1,700–1,785 per share, with a lot size of 8 shares.
At the upper end of the price band, the minimum retail application comes to Rs 14,280, while the post-issue market capitalisation works out to about Rs 4,41,788 crore. The issue will close on September 21, and the stock is expected to list on the BSE on September 24. The NSE IPO allotment is expected to be finalised on September 22, 2026.
NSE IPO Subscription Status
NSE IPO Day 3: The National Stock Exchange of India (NSE) IPO witnessed strong demand on the final day of bidding, with the issue subscribed 5.68 times overall against the 8.86 crore shares on offer.
- Retail Individual Investors (RIIs): The retail portion was subscribed 1.3 times, against 4.41 crore shares reserved for the category.
- Non-Institutional Investors (NIIs): The NII segment saw robust demand, with the portion subscribed 6.54 times the 1.89 crore shares reserved for the category.
- Qualified Institutional Buyers (QIBs): Institutional investors led the demand, with the QIB portion subscribed 12.68 times against 2.52 crore shares on offer.
NSE IPO GMP today
The NSE IPO’s grey market premium (GMP) is currently around Rs 30, or 1.68%, over the upper price band of Rs 1,785. This puts the estimated listing price at around Rs 1,815 per share, suggesting expectations of a moderate listing gain.
NSE IPO business model
NSE is India’s largest stock exchange and runs a vertically integrated platform across trading, clearing, listing, data services and index licensing. Its products span cash market, futures, options, mutual funds, commodity derivatives, currency derivatives, wholesale debt market and interest rate futures.
The exchange has held the top position in India by cash market turnover and equity derivatives turnover from FY01 to FY26. As of June 2026, NSE supported 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities with market capitalisation of about Rs 474.1 trillion.
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NSE IPO strengths
NSE's biggest strength is its near-dominant market position. Its market share stood at about 93% in the cash market, 99.7% in equity futures and 68.5% in equity options by premium turnover as of June 2026.
YES Securities said almost all of India’s listed equity trading risk flows through one platform. It said NSE’s advantage is not just pricing, but a liquidity cycle where orders go where spreads are tight, companies list where trading activity exists, and deeper markets attract more participants.
NSE IPO financials
NSE reported revenue from operations of Rs 16,601 crore in FY26, down 3.1% from Rs 17,141 crore in FY25. Profit after tax fell to Rs 10,302 crore from Rs 12,188 crore. In Q1, revenue stood at Rs 4,560 crore, while PAT came in at Rs 3,120 crore.
Despite the fall in FY26 profit, margins remain strong. SBI Securities pegged NSE’s EBITDA margin at 67.6% in FY26 and 77.9% in Q1. PAT margin stood at 62.1% in FY26 and 68.4% in Q1.
Read more: Three SME IPOs open for subscription today: Check price band, lot size and key details
NSE IPO risk factors
The main risk is dependence on transaction charges. NSE earned 78.7% of its FY26 revenue from transaction charges. Options alone contributed 60.2% of revenue from operations in FY26. This makes regulatory changes in derivatives an important watch point. YES Securities noted that NSE’s equity options market share by premium turnover has fallen from 96.86% in FY24 to 74.71% in FY26 and 68.48% in the June 2026 quarter.
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