NSE's much-awaited IPO opens today; should you apply? Check reviews, GMP

NSE IPO subscription status, GMP today: NSE has set a price band of ₹1,700-1,785 per share, with a face value of ₹ 1. In the grey market, NSE shares are trading at a premium of up to 9 per cent.

NSE IPO subscription status: The much-awaited initial public offering (IPO) of the National Stock Exchange (NSE) opened for subscription today (September 17). The exchange has set a price band of ₹1,700-1,785 per share, with a face value of ₹ 1.

 

The ₹22,569 crore IPO will close on September 21, making it the country's second-largest public issue after Hyundai Motor India's ₹27,870-crore offering in 2024.

 

NSE IPO is a book build issue of ₹22,561.57 crore. The issue is entirely an offer for sale (OFS) of 12.64 crore shares of ₹22,561.57 crore.

 

NSE IPO lot size

 

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

NSE IPO quota structure

 

 

NSE IPO GMP today 

 

In the grey market, NSE shares are trading at a premium of up to 9 per cent. According to several websites that track grey market activity, NSE shares are currently trading at ₹1,945, implying a grey market premium (GMP) of ₹160, or 9 per cent, over the upper end of the price band.

 

NSE IPO review by brokerages 

 

NSE IPO review: Choice Broking | Subscribe 

 

Choice Broking has recommended 'Subscribe' on the NSE IPO. The brokerage said that NSE runs the exchange, clears the trades, owns the Nifty indices and sells the data, so a single trade earns it money several times over and a new product costs almost nothing to add. More than nine-tenths of cash market turnover and almost all equity futures have gone through NSE every year since FY24, and neither has been seriously challenged.

 

"There is no other way to own Indian market infrastructure at this scale, and a first listing rarely comes cheap. Accordingly, we assign a rating of SUBSCRIBE," Choice Broking said. READ MORE: Is NSE's valuation premium to global peers justified?

 

NSE IPO review: Ventura | Subscribe 

 

Ventura has recommended a 'Subscribe' rating on the NSE IPO. Beyond trading operations, NSE has diversified its offerings through NSE Clearing, NSE Indices, market data and analytics businesses, and international initiatives through GIFT City.

 

NSE remains well positioned to capture the long-term growth opportunity in India’s financial markets, Ventura said. "The IPO will support growth initiatives, leveraging strong capabilities while managing government dependency and execution risks."

 

NSE IPO review: Swastika | Subscribe

 

Swastika has also recommended a 'Subscribe' rating, while noting that NSE has around 93 per cent cash market and around 99.8 per cent equity futures market share.

 

"Subscribe for both long-term investing and Minor listing gains, supported by NSE’s leadership and valuation advantage," the brokerage said. READ MORE: Is India's top exchange a must have in portfolio?

 NSE IPO review: Angel One | Subscribe

 

Angel One has recommended a 'Subscribe' rating, saying a strong growth headroom remains across asset classes, with cash market turnover projected to grow at 14–16 per cent  CAGR to ₹473–507 trillion by FY30 and corporate bond turnover at 13–18 per cent CAGR. NSE IPO review: Religare Broking | Neutral

 

Meanwhile, Religare Broking said that NSE faces significant risks from any decline in the volume and value of transactions, which could reduce its income and adversely affect growth. Its high dependence on transaction charges, particularly from the options business, increases sensitivity to trading activity. READ MORE

 

The sustainability of earnings growth for NSE will depend on trading activity, regulatory stability and continued market participation, it said. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, the brokerage has assigned a 'Neutral' rating. 

NSE IPO valuation 

At ₹1,700–1,785, Swastika said that 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. READ MORE: The valuation puzzle: What makes BSE pricier than NSE?

 

NSE financials

 

According to Religare Broking, NSE's financial performance in FY26 was impacted by regulatory changes and moderation in trading activity, but operational metrics remained resilient, supported by increasing investor participation, fund mobilisation and market presence.

NSE financials

 

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. 

 

NSE shares will be credited on September 23, with listing scheduled for September 24. 

NSE IPO details

 

Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.