The NSE IPO opened for subscription on Thursday, bringing to the market one of the most awaited public issues in India's capital-market history. The Rs 22,569 crore issue is entirely an offer for sale of 12.64 crore shares. NSE will not receive any proceeds from the IPO, as the money will go to 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 and 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 BSE on September 24.
Read More: Live Updates: NSE IPO opens with GMP at 7%.
NSE IPO GMP today
The grey market premium for NSE IPO hovered around 7%, signalling moderate listing expectations ahead of the opening. The GMP suggests positive sentiment, but not the kind of sharp listing pop usually seen in smaller issues. Given the large size of the offer and the already rich valuation, listing gains may be measured.
Should you subscribe to NSE IPO?
Brokerage views are mostly positive for the IPO. At the upper price band of Rs 1,785, NSE is valued at 42.9 times FY26 earnings. LKP Securities has given a "Subscribe" rating to the IPO and said NSE’s post-issue implied market cap stands between Rs 4.2 lakh crore and Rs 4.42 lakh crore.
YES Securities has also recommended "Subscribe", saying NSE is available at a 21% discount to BSE on P/E. It said BSE trades at 54.3 times FY26 diluted earnings, while NSE is priced at 42.9 times at the cap price.
For long-term investors, analysts say NSE offers a rare chance to own India’s dominant market infrastructure company. Its strong margins, debt-free balance sheet, market leadership and rising investor base support the long-term case.
Also Read: Why can’t NSE trade on its own platform after the IPO, and is it a big deal?
But investors should not ignore valuation and regulatory risks. At 42.9 times FY26 earnings, the IPO is not cheap. The business is also closely tied to trading volumes, especially options. A 7% GMP shows demand is positive, but not euphoric.
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.
