NSE IPO Day 3 Update: GMP at ₹48, Subscription Near 1.5x and Key Details

NSE IPO Enters the Last Day of Bidding

The National Stock Exchange of India IPO has entered its final subscription day on September 21, 2026. The ₹22,561.57 crore issue is entirely an offer for sale, with existing shareholders offering up to 12.64 crore shares. NSE itself will not receive proceeds from the IPO. The price band has been fixed at ₹1,700 to ₹1,785 per share.

NSE IPO GMP Today

The latest reported NSE IPO GMP is ₹48 per share on September 21. The grey-market premium has fallen considerably from earlier levels, when it was above ₹140. At the upper IPO price of ₹1,785, a ₹48 GMP gives an unofficial indication of around ₹1,833.

GMP is an unofficial and unregulated market indicator. It can change before listing and does not guarantee the actual listing price.

NSE IPO Subscription Status

The IPO received 1.46 times overall subscription by around 10:25 AM on September 21, according to exchange data reported by Moneycontrol. The NII category was subscribed 2.31 times, QIB 1.83 times, while the retail portion had received 87% subscription at that point.

The subscription figures can continue changing until the bidding window closes.

NSE Business Overview

The National Stock Exchange operates a multi-asset market infrastructure platform covering equity trading, equity derivatives, currency derivatives, commodity derivatives, debt-market products, mutual funds, market data, indices, clearing and settlement-related services.

NSE has maintained a leading position in Indian exchange trading. For the three months ended June 2026, its market share was approximately 93.05% in the cash market, 99.72% in equity futures and 68.48% in equity options by premium turnover.

As of June 2026, the exchange had around 132.37 million unique registered investors, 1,328 trading members and 3,005 listed entities. The listed companies on the platform had an aggregate market capitalisation of approximately ₹474.08 trillion.

NSE IPO Financial Performance

NSE reported revenue from operations of approximately ₹16,601 crore in FY2026, compared with ₹17,141 crore in FY2025. Profit after tax stood at around ₹10,302 crore in FY2026, compared with ₹12,188 crore in FY2025.

FY2026 revenue declined by around 3.1%, while PAT declined compared with FY2025. Transaction charges remain a major contributor to revenue, making trading activity and regulatory changes important factors for the company's earnings.

NSE IPO Valuation at Upper Price Band

At the upper price of ₹1,785, NSE's implied market capitalisation is around ₹4.42 lakh crore. Based on FY2026 earnings, the IPO valuation works out to approximately 42.9 times FY2026 earnings.

The valuation reflects the company's scale and market position, while the financial profile also needs to be viewed alongside the recent moderation in revenue and profit.

NSE IPO Has No Fresh Capital Component

Unlike a conventional IPO involving fresh shares, the NSE public issue is completely an Offer for Sale. Existing shareholders are selling their shares to public investors, while NSE itself will not receive funds from the ₹22,561.57 crore issue.

The company had also raised approximately ₹6,746.18 crore from anchor investors on September 16 by allocating around 3.78 crore shares at ₹1,785 per share.

NSE Revenue Dependence and Key Factors

Transaction-based income forms a substantial portion of NSE's revenue. Around 78.7% of FY2026 revenue from operations came from transaction charges, while options accounted for approximately 60.2% of revenue from operations. This creates exposure to changes in trading volumes, market activity and regulations affecting derivatives.

NSE's equity-options market share by premium turnover has also declined from earlier levels, making diversification and growth in other areas relevant to the company's future revenue mix.

NSE IPO Important Risks

NSE's earnings are closely connected to trading activity across Indian capital markets. Changes in derivatives regulations, transaction charges or trading behaviour can affect transaction volumes and revenue.

Technology infrastructure is another important factor because the exchange depends on high availability, cybersecurity and reliable trading systems. Competition, regulatory developments and changes in market structure can also affect the company's operations.

The decline in FY2026 revenue and PAT compared with FY2025 is another factor to monitor, particularly because the IPO valuation is based on a large market capitalisation.

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 begin trading on September 24.

NSE IPO Latest News Summary

NSE IPO is currently in the final hours of its subscription period, with the latest available data showing 1.46 times overall subscription and a ₹48 GMP on September 21. The issue is priced at ₹1,700–₹1,785 and is entirely an OFS of existing shareholders.

The exchange continues to hold a dominant position across major Indian market segments and has a large investor and listed-company base. At the same time, FY2026 revenue and profit were lower than FY2025, while the business remains significantly dependent on transaction activity, particularly derivatives.

Disclaimer: IPO GMP is unofficial and unregulated and can change at any time. Subscription figures are live market data and may change until the IPO closes. This article is for informational purposes only and should not be considered investment advice.