The Rs 22,562 crore IPO is entirely an offer for sale (OFS) involving 12.64 crore shares. Since the issue comprises only an OFS, NSE will not receive any proceeds from the IPO; the funds go to the selling shareholders.
The company fixed the IPO price band at Rs 1,700 to Rs 1,785 per share, with a lot size of eight shares. At the current GMP of 2.4%, the implied listing price is around Rs 1,828 per share, compared with the upper price band of Rs 1,785.
The IPO opened for subscription on September 17 and closed on September 21, attracting strong demand across investor categories. The issue was subscribed 5.71 times overall. The retail portion was subscribed 1.39 times, while the NII category saw 6.55 times subscription. The QIB portion received the strongest response, with subscription reaching 12.68 times.
For the IPO, Kotak Mahindra Capital Company Ltd., Morgan Stanley India Company Pvt. Ltd. and HSBC Securities & Capital Markets (India) Pvt. Ltd. are acting as the book-running lead managers. Link Intime India Pvt. Ltd. is the registrar to the issue.
With the listing just a day away, investors will closely track the NSE IPO GMP, market sentiment and institutional participation to gauge whether the exchange giant can deliver a stronger debut than the grey-market indications currently suggest.
Read more: NSE IPO Tracker: Catch all the highlights here
NSE IPO GMP Today
The NSE IPO’s grey market premium (GMP) is currently around Rs 43 per share, or 2.4%, easing from around 4% earlier. The premium is based on the IPO’s upper price band of Rs 1,785 per share. At the current GMP, the estimated listing price stands at around Rs 1,828 per share, indicating expectations of a moderate listing gain.
NSE IPO business model
NSE is India’s largest stock exchange and runs a vertically integrated platform across trading, clearing, listing, data services and index licensing. Its products span cash market, futures, options, mutual funds, commodity derivatives, currency derivatives, wholesale debt market and interest rate futures.
The exchange has held the top position in India by cash market turnover and equity derivatives turnover from FY01 to FY26. As of June 2026, NSE supported 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities with a market capitalisation of about Rs 474.1 trillion.
NSE IPO strengths
NSE’s biggest strength is its near-dominant market position. Its market share stood at about 93% in the cash market, 99.7% in equity futures and 68.5% in equity options by premium turnover as of June 2026.
YES Securities said almost all of India’s listed equity trading risk flows through one platform. It said NSE’s advantage is not just pricing, but a liquidity cycle where orders go where spreads are tight, companies list where trading activity exists, and deeper markets attract more participants.
NSE IPO financials
NSE reported revenue from operations of Rs 16,601 crore in FY26, down 3.1% from Rs 17,141 crore in FY25. Profit after tax fell to Rs 10,302 crore from Rs 12,188 crore. In Q1, revenue stood at Rs 4,560 crore, while PAT came in at Rs 3,120 crore.
Despite the fall in FY26 profit, margins remain strong. SBI Securities pegged NSE’s EBITDA margin at 67.6% in FY26 and 77.9% in Q1. PAT margin stood at 62.1% in FY26 and 68.4% in Q1.
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