The NSE IPO opened on Thursday, September 17, and the Rs 22,569 crore issue has already seen good initial investor interest. The public issue was subscribed by 9% of the total bids in first 15 minutes, while the retail bids were 11% and Non-Institutional Investors (NIIs) bids received 15%.
Key Highlights
- NSE IPO opened for subscription on September 17, with the Rs 22,569 crore issue receiving 9% bids initially.
- Retail investors subscribed 11%, while non-institutional investors subscribed 15% during the opening phase.
The IPO is entirely an Offer for Sale (OFS) involving 12.64 crore shares. Since there is no fresh issue component, the National Stock Exchange will not receive proceeds from the IPO, with the funds going to the selling shareholders.
NSE IPO Price Band, Lot Size and Key Dates
The NSE IPO price band is Rs 1,700 - Rs 1,785 with lot size of 8. At the upper price band, retail investors need a minimum investment of Rs 14,280 for one lot.
The issue will remain open until September 21, while the shares are expected to list on the BSE on September 24. At the upper end of the price band, NSE's post-issue market capitalisation is estimated at around Rs 4.42 lakh crore.
NSE IPO GMP Today
The NSE IPO GMP (grey market premium) was around 7% ahead of the opening. The premium indicates positive sentiment in the unlisted market, although GMP is speculative and does not guarantee the actual listing price.
The available assessment suggests that the large issue size and valuation could result in more measured listing gains compared with smaller public issues.
Should You Subscribe to NSE IPO?
Brokerage views cited in the source are largely positive. At the upper price band of Rs 1,785, NSE is valued at around 42.9 times FY26 earnings. LKP Securities has assigned a "Subscribe" rating, while YES Securities has also recommended "Subscribe", citing NSE's valuation at a discount to BSE on a P/E basis.
However, investors also need to consider valuation and regulatory risks. NSE derives a significant portion of its revenue from transaction charges, making its business sensitive to trading activity and regulatory changes, particularly in the derivatives segment.
NSE Business Model and Market Position
NSE operates across trading, clearing, listing, data services and index licensing. Its offerings include the cash market, futures and options, mutual funds, commodity derivatives, currency derivatives, wholesale debt markets and interest rate futures.
As of June 2026, NSE had 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities, with listed companies having an aggregate market capitalisation of about Rs 474.1 trillion.
The exchange reported a dominant market position, with around 93% share in the cash market, 99.7% in equity futures and 68.5% in equity options by premium turnover as of June 2026.
NSE Financial Performance
In FY26, the revenue from operations recorded at Rs 16,601 crore, which is 3.1% lower than the previous year, FY25, when the revenue stood at Rs 17,141 crore. The profit after tax shrank to Rs 10,302 crore from Rs 12,188 crore.
The revenue for the first quarter was Rs 4,560 crore and PAT was Rs 3,120 crore. SBI Securities noted that margins continued to be healthy in spite of the annual erosion in profits, with FY26 EBITDA margin at 67.6% and PAT margin at 62.1%.
Also Read: NSE Investor Base Crosses 13 Crore Mark, Retail Participation Surges
NSE IPO Risks Investors Should Track
A key risk is NSE's dependence on transaction charges, which accounted for 78.7% of FY26 revenue. Options alone contributed 60.2% of revenue from operations during the year.
The source also highlights a decline in NSE's equity options market share by premium turnover, from 96.86% in FY24 to 74.71% in FY26 and 68.48% in June 2026. Regulatory changes affecting derivatives could therefore remain an important factor for investors.
