NSE IPO set to open on September 17; GMP signals 11% listing gain

The much-awaited National Stock Exchange of India (NSE) IPO, worth Rs 22,561.57 crore, is set to open for subscription on September 17, 2026, giving investors a three-day window to place their bids. Adding to the buzz, the IPO is currently commanding an 11% premium in the grey market, signalling positive investor sentiment and raising expectations of a strong listing above the issue price.

The NSE IPO is a book-built issue of Rs 22,561.57 crore, comprising an offer for sale (OFS) of 12.64 crore shares. Since the issue is entirely an OFS, the proceeds will go to existing shareholders selling their stake rather than to the company.

The subscription window will remain open from September 17 to September 21, 2026. The IPO allotment is expected to be finalised on September 22, while the shares are likely to make their debut on the BSE on September 24, 2026.


The NSE IPO price band has been fixed at Rs 1,700–Rs 1,785 per share. Investors can bid for a minimum of 8 shares, taking the minimum retail investment to Rs 14,280 at the upper end of the price band.

Kotak Mahindra Capital Co.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.

NSE IPO GMP Today

The NSE IPO GMP today stands at Rs 202, indicating a premium of around 11% over the upper price band of Rs 1,785 per share. At the current grey market premium, the IPO’s estimated listing price is Rs 1,987 per share.

GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and reflects the premium at which IPO shares are reportedly traded in the grey market before listing. GMP trends are not guaranteed and should not be considered a reliable indicator of the actual listing price. The premium can change rapidly depending on market conditions, demand and investor sentiment.

Financial Performance

The National Stock Exchange of India Ltd. delivered a strong operating performance in the June quarter, reporting revenue of Rs 4,560 crore and EBITDA of Rs 3,594 crore. Revenue from transaction charges stood at Rs 3,623 crore, rising from Rs 3,154 crore in the corresponding quarter a year earlier.

However, the exchange’s full-year financial performance reflected some pressure. Total income declined 2% year-on-year, falling from Rs 19,177 crore in FY25 to Rs 18,713 crore in FY26. The decline was more pronounced at the bottom line, with profit after tax (PAT) dropping 15% from Rs 12,188 crore in FY25 to Rs 10,302 crore in FY26.

About National Stock Exchange of India Ltd.

Established in 1992, the National Stock Exchange of India Limited (NSE) is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. It provides an integrated ecosystem covering trading, clearing, settlement, listing, market data, index services, and regulatory oversight across equities, derivatives, currencies, commodities, debt securities, and mutual funds.

NSE maintains a leading position in India across cash market, equity derivatives, and currency derivatives trading. As of June 30, 2026, it had over 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members, and 3,005 listed companies, with total listed market capitalization of approximately Rs 474.08 trillion.

NSE operates a scalable and resilient technology platform supporting high-frequency trading, real-time market data, risk management, surveillance, and regulatory compliance. It plays a key role in India's capital markets by enabling transparent price discovery, investor protection, and financial inclusion across more than 99% of Indian postal codes.

As of March 31, 2026, NSE accounted for 99.79% of cash market turnover, 74.71% of equity futures, 99.48% of equity options, and 100% of exchange-traded currency options based on premium turnover.

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