NSE IPO: Issue subscribed 42% on Day 1; GMP signals 9% listing gain. Should you subscribe?

The NSE IPO witnessed steady investor response, with the issue subscribed 42% at the end of bidding on Day 1. The company received bids for 3.7 crore shares on Thursday against 8.86 crore shares available for public subscription. The retail portion was subscribed 42%, against 4.41 crore shares reserved for the category.

Meanwhile, the grey market premium (GMP) for the NSE IPO was hovering around 9%, signalling expectations of a moderate listing gain.

The Rs 22,569 crore issue is entirely an offer for sale of 12.64 crore shares. NSE will not receive any proceeds from the IPO, as the funds will go to the selling shareholders. The price band has been fixed at Rs 1,700-1,785 per share, with a lot size of eight shares.

At the upper end of the price band, the minimum retail application amounts to Rs 14,280, while the post-issue market capitalisation works out to about Rs 4,41,788 crore. The issue will close on September 21, and the stock is expected to list on the BSE on September 24.

NSE IPO Subscription Status

At the end of Day 1, the NSE IPO was subscribed 42% overall, against the 8.86 crore shares on offer.

• Retail Individual Investors (RIIs): Subscribed 43% against 4.41 crore shares offered.
• Non-Institutional Investors (NIIs): Subscribed 70% against 1.89 crore shares offered.
• Qualified Institutional Buyers (QIBs): Subscribed 19% against 2.52 crore shares offered.

NSE IPO GMP today

The grey market premium for NSE IPO is around 9%, signalling moderate listing expectations. The GMP suggests positive sentiment, but not the kind of sharp listing pop usually seen in smaller issues. Given the large size of the offer and the already rich valuation, listing gains may be measured.

Should you subscribe to NSE IPO?

Brokerage views are mostly positive for the IPO. At the upper price band of Rs 1,785, NSE is valued at 42.9 times FY26 earnings. LKP Securities has given a “Subscribe” rating to the IPO and said NSE’s post-issue implied market cap stands between Rs 4.2 lakh crore and Rs 4.42 lakh crore.YES Securities has also recommended “Subscribe”, saying NSE is available at a 21% discount to BSE on P/E. It said BSE trades at 54.3 times FY26 diluted earnings, while NSE is priced at 42.9 times at the cap price.

For long-term investors, analysts say NSE offers a rare chance to own India’s dominant market infrastructure company. Its strong margins, debt-free balance sheet, market leadership and rising investor base support the long-term case.

But investors should not ignore valuation and regulatory risks. At 42.9 times FY26 earnings, the IPO is not cheap. The business is also closely tied to trading volumes, especially options. A 9% GMP shows demand is positive, but not euphoric.

Also read: $46 billion IPO: NSE is the world’s most expensive stock exchange. Can it also become the most valuable?

Angel One said NSE’s valuation at the upper price band of ₹1,785 translates to a post-issue P/E of 35.4x, lower than BSE’s 54.2x, making the issue attractive relative to its key peer. The brokerage highlighted NSE’s dominant market position, strong profitability, leadership in equity derivatives and long-term growth potential in India’s capital markets. Despite near-term regulatory headwinds, Angel One believes the valuation offers a favourable entry point and has recommended “Subscribe” to the IPO.

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 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.

Read more:NSE IPO Tracker: Catch all the highlights here

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.

NSE IPO risk factors

The main risk is dependence on transaction charges. NSE earned 78.7% of its FY26 revenue from transaction charges. Options alone contributed 60.2% of revenue from operations in FY26. This makes regulatory changes in derivatives an important watch point. YES Securities noted that NSE’s equity options market share by premium turnover has fallen from 96.86% in FY24 to 74.71% in FY26 and 68.48% in the June 2026 quarter.

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