NSE IPO fully subscribed on day 2, led by QIBs and NIIs; GMP at 6%

The NSE IPO opened for subscription on Thursday and will remain open till Monday, September 21. The exchange has set a price band of ₹1,700-1,785 per share.

National Stock Exchange’s initial public offering sailed through on the second day of bidding process on Friday. As of 3.45 PM, the IPO was subscribed 1.03 times as it received bids for 9.09 crore shares as against 8.86 crore shares on offer. NSE IPO size stands at ₹ 22,561 crore.

The category for non-institutional investors (NII) was subscribed 1.44 times, the portion for retail investors was subscribed 0.68 times, and qualified institutional buyers’ subscription stood at 1.32 times. The NSE IPO opened for subscription on Thursday (September 17) and will remain open till Monday, (September 21).

The exchange has set a price band of ₹1,700-1,785 per share. Notably, NSE’s IPO is the country’s second-largest public issue after Hyundai Motor India’s ₹27,870-crore offering in 2024.

The minimum lot size for retail investors is 8 shares, requiring a minimum investment of ₹14,280 at the upper price band.

NSE IPO GMP today

In the grey market, NSE shares are trading at a premium of up to 6.3 per cent. According to several websites that track grey market activity, NSE shares are currently trading at ₹1,899, implying a grey market premium (GMP) of ₹114 over the upper end of the price band.

NSE IPO details

The issue is entirely an offer for sale (OFS) of 12.64 crore shares. OFS means none of the proceeds will go to the exchange as investors offload their stakes.

Around 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 35 per cent for retail investors.

NSE IPO allotment date, registrar

NSE IPO allotment will likely be finalised on September 22, and the allotment status will be released on the websites of the registrar (MUFG Intime India Pvt Ltd) and the BSE. SE shares will be credited on September 23, with listing scheduled for September 24.

The book-running lead managers for the NSE’s IPO are Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 ONE WAM.

NSE IPO: Brokerage Views

Swastika – Subscribe

Swastika said NSE trades at ~40.9x-42.9x FY26 diluted EPS versus peer BSE’s 54.28x, leaving room for re-rating given NSE’s larger scale. It flagged that ~79 per cent of revenue is linked to trading volumes, making earnings sensitive to market activity and regulatory changes. Investors can subscribe for both long-term investing and Minor listing gains, supported by NSE’s leadership and valuation advantage, it noted.

Ventura – Subscribe

With its leadership position, strong brand, technological capabilities and expanding capital-market ecosystem, NSE remains well positioned to capture the long-term growth opportunity in India’s financial markets, said Ventura. It added that IPO will support growth initiatives, leveraging strong capabilities while managing government dependency and execution risks, therefore assigning a ‘subscribe’ tag.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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