The National Stock Exchange’s much-awaited market debut offered investors a useful reminder on Thursday: the grey market can shape expectations, but it does not determine where a stock will list — or where it trades thereafter. NSE shares listed at Rs 1,800 apiece on the BSE, a modest 0.8% premium to the IPO price of Rs 1,785, falling well short of the premium suggested by the grey market ahead of the debut.
The muted debut, however, did not last long. Within less than an hour of listing, the shares had climbed more than 5% from the IPO price to Rs 1,878 apiece. The rally added roughly Rs 19,290 crore to the exchange's market value, taking its market capitalization to approximately Rs 4.64 lakh crore.
