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The ₹22,569 crore initial public offering (IPO) of the Stock Exchange (NSE) has entered its third and final day of bidding, with the issue fully subscribed on Day 2. In the grey market, the IPO is currently commanding a premium of around ₹48, which translates to roughly 2.7% over the upper end of the issue price band.
At the time of opening for subscription on September 17, NSE shares were reportedly commanding a grey market premium of around ₹142, or about 8% over the upper end of the price band. The GMP has since declined to ₹48.
It is important to note that grey market premiums are unofficial indicators of market sentiment and can change rapidly. They do not guarantee the listing price or future performance of the stock.
On Day 3, the NSE IPO was subscribed 2.34 times overall, with investors placing bids for 20.70 crore shares against 8.86 crore shares on offer.
The qualified institutional buyers (QIBs) portion was subscribed 3.72 times, while the non-institutional investors (NIIs) category saw 3.60 times subscription. The retail portion was subscribed 1.01 times.
NSE IPO: Key details
The NSE IPO is the second-largest IPO in Indian history and the biggest public issue of 2026 so far. The price band has been fixed at ₹1,700-₹1,785 per equity share.
One lot comprises eight shares, translating into a minimum investment of ₹14,280 for retail investors at the upper end of the price band. Investors can bid for shares in multiples of eight thereafter.
At the upper end of the price band, NSE is expected to command a market capitalisation of around ₹4.41 lakh crore.
NSE IPO: What analysts say
Analyst views on the NSE IPO have largely been positive, although some brokerages have taken a more cautious stance. Religare, for instance, has a ‘Neutral’ view on the issue.
Investors should note that analyst recommendations are individual brokerage views and can differ based on their assumptions, valuation methodologies and risk assessment.
NSE IPO: How to subscribe
Investors can apply for the NSE IPO through their stock broker's trading platform or through net banking using the Application Supported by Blocked Amount (ASBA) facility.
On a broker's platform, investors typically need to navigate to the IPO section, select NSE from the list of open issues, enter their UPI ID linked to their bank account, specify the bid quantity, select the cut-off price and submit the application.
The UPI mandate request needs to be approved before 7 PM IST on Monday, September 21, the final day of the issue.
NSE raises ₹6,746 crore from anchor investors
Ahead of the IPO opening, NSE raised ₹6,746.18 crore from anchor investors.
According to the company's circular, the exchange allotted 3,77,93,739 equity shares to anchor investors at ₹1,785 per share. The anchor book comprised 98 mutual fund schemes and 27 life insurance companies.
The anchor allocation attracted participation from 189 investors. According to market sources, demand for the anchor portion was nearly ₹1.2 lakh crore, or around 20 times the size of the allocation.
The strong anchor demand comes as investors seek exposure to the expansion of India's capital markets through NSE.
NSE IPO: Who is selling?
NSE does not have a classified promoter. The selling shareholders include State Bank of India (SBI), Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte. Ltd., MS Strategic Mauritius Ltd., New India Assurance, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company.
The IPO is entirely an offer-for-sale (OFS), meaning the proceeds from the issue will go to the selling shareholders rather than NSE.
NSE IPO: Listing and allotment
The book-running lead managers to the issue include Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 ONE WAM.
The IPO allotment is expected to be finalised by September 22, while shares are scheduled to be credited to successful investors' demat accounts on September 23.
