NSE shares to list today: GMP signals 2% listing gains ahead of market debut

The long-awaited National Stock Exchange of India (NSE) IPO is set to make its stock-market debut on September 24, 2026, with the shares scheduled to list on the BSE. Ahead of the much-anticipated debut, the grey market indicates a 2.2% premium over the IPO’s upper price band of Rs 1,785 per share. The GMP has moderated from around 4% earlier, pointing to a relatively modest premium at listing.

The Rs 22,562-crore NSE IPO comprises entirely an offer for sale (OFS) of 12.64 crore shares. Since there is no fresh issue, NSE itself will not receive any proceeds from the IPO; the money raised will go to the existing shareholders selling their stakes. NSE had fixed the IPO price band at Rs 1,700–1,785 per share, with a lot size of eight shares.

The IPO was open for subscription from September 17 to September 21 and attracted strong demand across investor categories. The issue was subscribed 5.71 times overall, with the retail portion subscribed 1.39 times. The NII category saw 6.55 times subscription, while the QIB segment recorded the highest demand at 12.68 times.


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

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. MUFG Intime India Pvt. Ltd. is the registrar to the issue.

NSE IPO GMP Today

The NSE IPO’s grey market premium (GMP) is currently around Rs 43 per share, or 2.24%, 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 around Rs 1,825 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.

Read more: NSE debut may not set D-St on fire, sparks to come later

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.

Read more: NSE IPO: NSE shares to debut on Metropolitan Stock Exchange along with BSE tomorrow

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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