NSE IPO gray market premium plunges nearly 70% to ₹58
The National Stock Exchange (NSE) IPO's gray-market premium has taken a big hit, dropping nearly 70% from ₹192 to just ₹58.
That means it's now expected to list at only about a 3% gain over its set price of ₹1,785.
Even with the drop in hype, the massive ₹22,562 crore IPO was fully subscribed by day two.
NSE offer for sale, retail weak
This IPO is an offer for sale, so no new money for NSE itself, with about 12.64 crore shares up for grabs from current shareholders.
Big institutional and non-institutional investors have jumped in enthusiastically, but regular retail interest has been pretty low, likely because of the high minimum investment (₹14,280) and falling gray market premium.
Still, analysts think there could be some listing day gains when NSE debuts on the Bombay Stock Exchange on September 24.