NSE IPO GMP drops to 3% on final subscription day
What's the story
The National Stock Exchange (NSE) of India is gearing up to debut on the stock market with its ₹22,561.57 crore initial public offering (IPO). The issue, which opened on September 17 and will close today, has been subscribed 1.15 times so far. Bids for 10.16 crore shares have been received against the offer of 8.86 crore shares.
Subscription breakdown
Breakup of subscriptions received so far
The retail category of the NSE's IPO has been subscribed 0.69 times while the non-institutional investor (NII) category has been subscribed 1.46 times.
The qualified institutional buyer (QIB) category has seen a subscription of 1.32 times.
The price band for the IPO is fixed at ₹1,700-₹1,785 per equity share, with each equity share having a face value of ₹1.
Investment details
Minimum bid for NSE's IPO set at 8 shares
The minimum bid for the NSE's IPO is eight shares, with subsequent bids in multiples of eight.
At the upper price band of ₹1,785, a minimum lot would cost ₹14,280.
Prior to the IPO opening, NSE raised ₹6,746.2 crore from anchor investors by allotting over 3.77 crore shares at ₹1,785 each (upper end of price band).
Market outlook
GMP slips to ₹48
The gray market premium (GMP) for the NSE has moderated to around ₹48 per share, down from ₹142 on the second day of bidding.
At the upper IPO price of ₹1,785, the GMP indicates a potential listing price of around ₹1,833 or about 3% premium over the issue price.
Brokerages have given mixed views on subscribing to this IPO, with Angel One and Geojit recommending subscription for medium- to long-term investors while Religare Broking has assigned a Neutral rating.
Growth prospects
NSE reported strong Q1 FY27 results
NSE started operations in 1994 as India's first electronic trading exchange. It has maintained a dominant position in several segments of India's capital markets.
Despite regulatory changes affecting derivatives trading and higher securities transaction tax (STT), NSE reported a stronger first quarter of FY27 with revenue from operations rising 13.1% year-on-year to ₹4,560 crore in Q1 FY27.