NSE IPO opens as GMP plunges 43%: Apply or avoid?
What's the story
The National Stock Exchange of India (NSE) has launched its long-awaited initial public offering (IPO) today. The ₹22,561.57 crore issue is a pure offer for sale (OFS), with 12.64 crore shares being sold by existing shareholders. NSE will not get any money from the issue. The IPO will remain open until September 21, with allotment expected on September 22 and listing tentatively scheduled for September 24 on the BSE.
Pricing details
Price band set at ₹1,700-1,785 per share
The price band for the NSE IPO has been set at ₹1,700-1,785 per share. The lot size is eight shares, meaning a retail investor applying at the upper end of the price band will need ₹14,280.
However, despite huge interest in the IPO, its gray market premium (GMP) has taken a sharp hit.
The latest GMP for this issue is ₹125 as of September 17 morning.
GMP decline
GMP has taken a significant hit
At the upper price band of ₹1,785, the estimated listing price would be around ₹1,910 or a 7% premium to the issue price.
This is a far cry from last week's figures where the GMP was at ₹218 on September 11.
The figure has been on a downward trend since then, dropping to ₹208 on September 12 and further declining over the next few days to reach today's figure of ₹125.
Market position
Financial performance of NSE
NSE is a dominant player in India's capital markets.
As of June 30, 2026, it had 261.36 million registered investor accounts and 132.37 million unique registered investors.
However, its financial performance moderated in FY26 with revenue from operations at ₹16,601.31 crore, down from ₹17,140.68 crore in FY25.
Profit after tax also fell to ₹10,302.06 crore from ₹12,187.69 crore during the same period due to regulatory measures affecting derivatives trading activity and higher securities transaction tax (STT).
Investment advice
Brokerage views on the IPO
Brokerage firm Angel One has recommended subscribing to the IPO, citing NSE's dominant market position and long-term growth potential of India's capital markets.
However, Religare Broking has assigned a Neutral rating due to concerns over NSE's earnings dependence on trading activity and regulatory developments affecting options trading.
The GMP further complicates the picture with its steep fall from ₹218 on September 11, indicating a cooling gray-market premium.