The National Stock Exchange of India IPO opened for subscription on September 17, 2026, and will remain open until September 21. The IPO is entirely an Offer for Sale (OFS) of 12.64 crore existing shares, meaning the proceeds will go to selling shareholders rather than the NSE itself. The issue has a price band of ₹1,700 to ₹1,785 per share and a lot size of 8 shares.
| Particular | Details |
|---|---|
| IPO Name | NSE IPO |
| IPO Dates | Sep 17–21, 2026 |
| IPO Type | Mainboard |
| Price Band | ₹1,700–₹1,785 |
| Issue Size | ₹22,561.57 Cr |
| Issue Type | OFS |
| Shares Offered | 12.64 Cr |
| Lot Size | 8 Shares |
| Min Investment | ₹14,280 |
| Allotment | Sep 22, 2026 |
| Refund | Sep 23, 2026 |
| Demat Credit | Sep 23, 2026 |
| Listing Date | Sep 24, 2026 |
| Listing Exchange | BSE |
| Registrar | MUFG Intime |
| Lead Manager | Kotak Mahindra Capital |
NSE IPO GMP Today
The latest reported NSE IPO GMP is around ₹142 per share, according to an Economic Times update on September 18. Against the upper price band of ₹1,785, this indicates an unofficial grey-market price of approximately ₹1,927 per share.
GMP figures have fluctuated significantly ahead of the issue. Earlier reports had quoted GMP levels around ₹198 and higher, while the latest report puts it near ₹142. GMP is unofficial and unregulated, so it can change before listing and should not be treated as a guaranteed listing price.
NSE IPO Subscription Status
The NSE IPO subscription reached approximately 0.43x overall on Day 1, according to exchange-linked data reported by the Economic Times. QIBs excluding anchor investors subscribed 0.19x, NIIs 0.72x and retail investors 0.44x.
| Investor Category | Day 1 Subscription |
|---|---|
| QIB | 0.19x |
| NII | 0.72x |
| Retail | 0.44x |
| Employee | 0.98x |
| Overall | 0.43x |
The subscription window remains open until September 21, so the final subscription numbers can be substantially different from the Day 1 figures.
NSE IPO Lot Size and Minimum Investment
The NSE IPO lot size is 8 shares. At the upper price band of ₹1,785, an investor applying for one lot needs ₹14,280. Bids can be placed in multiples of 8 shares.
| Particular | Details |
|---|---|
| Lot Size | 8 Shares |
| Upper Price | ₹1,785 |
| Minimum Investment | ₹14,280 |
| Bid Multiples | 8 Shares |
National Stock Exchange Business
The National Stock Exchange of India is one of India's major market-infrastructure institutions, operating platforms for equity trading, equity derivatives, currency derivatives, commodity derivatives, debt-market products, mutual funds and other financial-market services.
As of June 2026, NSE had around 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities. Its market share was approximately 93% in the cash market, 99.7% in equity futures and 68.5% in equity options based on premium turnover at that time.
NSE IPO Financial Performance
NSE reported revenue from operations of approximately ₹16,601 crore in FY26, compared with ₹17,141 crore in FY25. Profit after tax was ₹10,302 crore in FY26, compared with ₹12,188 crore in FY25.
| Financial Year | Revenue from Operations | PAT |
|---|---|---|
| FY25 | ₹17,141 Cr | ₹12,188 Cr |
| FY26 | ₹16,601 Cr | ₹10,302 Cr |
The company continued to report strong profitability despite the year-on-year decline in revenue and PAT.
NSE Revenue Model
Transaction charges form a major part of NSE's business. According to the latest reported FY26 figures, transaction charges contributed approximately 78.7% of revenue from operations, while options accounted for around 60.2% of revenue from operations.
This makes trading activity and regulatory developments in derivatives important factors for the company's future financial performance.
NSE IPO Valuation
At the upper price band of ₹1,785, the post-issue market capitalisation is approximately ₹4.42 lakh crore. Economic Times reported a valuation of around 42.9 times FY26 earnings at the upper band.
The valuation should be considered alongside NSE's earnings, market position, transaction-volume dependence and regulatory environment.
NSE IPO Objects of the Issue
The NSE IPO is entirely an OFS. The company is not issuing fresh shares as part of this offering. Therefore, NSE itself will not receive the IPO proceeds; the money raised will go to the existing shareholders selling their shares.
| IPO Structure | Details |
|---|---|
| Fresh Issue | Nil |
| Offer for Sale | 12.64 Cr Shares |
| NSE Proceeds | Nil |
| Proceeds Recipient | Selling Shareholders |
NSE IPO Anchor Investors
Before the public issue opened, NSE raised approximately ₹6,746.18 crore from anchor investors on September 16, 2026. Around 3.78 crore shares were allocated to anchor investors at ₹1,785 per share.
The anchor allocation included large institutional investors and provided an indication of institutional participation ahead of the public bidding period.
NSE IPO Strengths
The main documented characteristics of NSE include:
- Large and established Indian market-infrastructure business.
- Strong market share across major trading segments.
- Large registered investor base.
- Multiple revenue streams across trading and market services.
- Strong profitability and high reported margins.
- Established ecosystem of trading members and listed companies.
- Significant participation from institutional investors through the anchor book.
These factors describe the company's business position and financial profile and do not guarantee future share-price performance.
NSE IPO Risks
The NSE business is closely connected with overall trading activity and market volumes. A decline in trading activity could affect transaction-based revenue.
Regulatory changes are another important risk, particularly because derivatives and options contribute substantially to NSE's revenue. Changes in rules affecting equity derivatives could therefore influence transaction volumes and earnings.
The IPO is also entirely an OFS, so NSE will not receive fresh capital from the issue. Investors should additionally consider the IPO valuation and the potential effect of changes in market structure, competition and technology requirements.
NSE IPO Important Dates
The NSE IPO opened on September 17 and closes on September 21, 2026. The basis of allotment is scheduled for September 22, refunds and demat credit are expected on September 23, and the shares are scheduled to list on BSE on September 24.
| Event | Date |
|---|---|
| IPO Opens | Sep 17, 2026 |
| IPO Closes | Sep 21, 2026 |
| Allotment | Sep 22, 2026 |
| Refund | Sep 23, 2026 |
| Demat Credit | Sep 23, 2026 |
| Listing | Sep 24, 2026 |
NSE IPO Key Highlights
- NSE IPO issue size is ₹22,561.57 crore.
- Price band is ₹1,700–₹1,785 per share.
- The IPO is entirely an OFS.
- 12.64 crore shares are being offered.
- Lot size is 8 shares.
- Minimum investment at the upper band is ₹14,280.
- Latest reported GMP is around ₹142.
- Day 1 overall subscription was around 0.43x.
- FY26 revenue from operations was ₹16,601 crore.
- FY26 PAT was ₹10,302 crore.
- Transaction charges contributed about 78.7% of FY26 revenue from operations.
- The issue closes on September 21, 2026.
- Shares are scheduled to list on BSE on September 24, 2026.
NSE IPO Review
The NSE IPO is a large ₹22,561.57 crore mainboard OFS from India's major stock-exchange operator. The company has a substantial market presence, a large investor and trading-member ecosystem and strong profitability.
At the same time, investors should examine the IPO valuation, dependence on transaction charges, sensitivity to trading and derivatives volumes, regulatory changes and the fact that the company will not receive proceeds from the OFS.
The latest GMP is around ₹142, while Day 1 subscription stood at 0.43x. Both figures can change during the remaining subscription period and should be treated as market indicators rather than guarantees.
NSE IPO Conclusion
The NSE IPO opened on September 17, 2026, at a price band of ₹1,700–₹1,785 per share and will close on September 21. The ₹22,561.57 crore issue consists entirely of an offer for sale of 12.64 crore existing shares.
The latest reported GMP is around ₹142, while Day 1 subscription was approximately 0.43x. NSE reported FY26 revenue from operations of ₹16,601 crore and PAT of ₹10,302 crore. Investors tracking the IPO should monitor the final subscription figures and GMP while reviewing valuation, financial performance, regulatory exposure and the company's dependence on trading activity.
Disclaimer: NSE IPO GMP is unofficial and unregulated. GMP and subscription figures can change frequently. Investors should verify the latest IPO documents, exchange disclosures and financial information before making an investment decision.
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