NSE IPO excitement cools as gray market premium nears ₹152
The National Stock Exchange (NSE) IPO is dropping soon, but excitement in the unofficial "gray market" has faded a bit.
The expected listing gain (what investors hope to make on day one) has slipped to around 8% to 9%, with GMP figures hovering near ₹152.
This dip reflects some nerves among investors as trading activity, especially in derivatives, has slowed down.
Rule changes squeeze NSE profits
Recent rule changes have made options trading tougher, bringing Indian markets closer to global standards but also causing a 27% drop in trading volumes since 2024.
Since NSE earns about 80% of its revenue from trading (and most of that from options), it has felt the pinch, a 3.1% fall in operational revenue and profits down by over 15% this past year.
Analysts now expect growth in equity derivatives to slow further, just as the NSE IPO opens for subscription this Thursday.