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NSE IPO GMP Drops to Rs 51: Subscription Closes with 5.71x Demand
- •NSE IPO closed with 5.71 times subscription, receiving bids for 50.58 crore shares against an offer of 8.86 crore shares.
- •The Grey Market Premium (GMP) for NSE IPO fell to Rs 51 on September 22, 2026, with an estimated listing price of Rs 1,836.
- •The IPO generated a demand of approximately Rs 90,300 crore and was fully subscribed on the second day of bidding.
- •This is India's second-largest public issue, with an issue size of Rs 22,568 crore, surpassed only by Hyundai Motor India's Rs 27,870 crore IPO in 2024.
- •NSE's IPO is entirely an Offer for Sale (OFS) of up to 12.64 crore equity shares, with proceeds going to existing shareholders.
Key Questions Answered
The Rs 22,569 crore IPO of the National Stock Exchange closed with an overall subscription of 5.71 times. On September 22, 2026, its Grey Market Premium stood at Rs 51, pointing to an estimated listing price of Rs 1,836.
Bids were received for 50.58 crore shares against an offer of 8.86 crore shares. The Qualified Institutional Buyers category was subscribed 12.68 times, non-institutional investors bid 6.55 times, and the retail investors' portion saw a 1.39 times subscription.
The IPO is entirely an Offer for Sale of up to 12.64 crore equity shares by existing shareholders, meaning NSE receives no proceeds. With a price band set from Rs 1,700 to Rs 1,785 per share, the company's total valuation could reach up to Rs 4.42 lakh crore at the upper end.
