NSE IPO GMP today is Rs 40. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
NSE
NSE IPO GMP, Subscription & Allotment Status Today
The National Stock Exchange of India (NSE) is a premier market infrastructure institution providing electronic trading, listing, clearing, and settlement services across equities, derivatives, debt, and mutual funds. It offers colocation, connectivity, data feeds, and index licensing. Supported by robust technology for risk management and surveillance, NSE generates its primary revenue from transaction charges, supplemented by listing, clearing, data center, and licensing fees.
- Price Band
- ₹1700.00 - ₹1785.00
- Lot Size
- 8 Shares
- Bidding Closes
- 21 Sept 2026
- Listing Date
- 24 Sept 2026
Current GMP Status
₹40
+2.24% vs upper band
Est. Listing Gain
+0.84%
Last Trend
23 Sept 2026
Listing Price
₹1800.00
Retail Entry
₹14,280
IPO Details
Complete IPO information
| Current GMP | ₹40 |
|---|---|
| Estimated Listing Gain | +0.84% |
| Price Band | ₹1700.00 - ₹1785.00 |
| Issue Price | Approx ₹22561.57 Crores |
| Listing Price | ₹1800.00 |
| Lot Size | 8 Shares |
| Issue Type | Mainboard |
| Registrar | TBA |
| Exchange | BSE |
| Retail Quota | TBA |
| Overall Subscription | 5.71x |
| Listing Date | 24 Sept 2026 |
| Minimum Investment | ₹14,280 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 252.08 | 3197.16 | 12.68x |
| NII | 189 | 1237.51 | 6.55x |
| Retail | 441.01 | 613.05 | 1.39x |
| Overall Subscription | 886.43 | 5058.11 | 5.71x |
Company data
{NSE}: financials, valuation & listing
Listing details
| Listing date | 24 Sept 2026 |
|---|---|
| BSE code | 544937 |
| ISIN | INE721I01024 |
| Offer price | ₹1700 – ₹1785 |
| Face value | ₹1 |
| Listing price | ₹1800 |
Valuation
| Return on equity (ROE) | 32.98% |
|---|---|
| Return on capital employed (ROCE) | 42.80% |
| EBITDA margin | -% |
| PAT margin | 50.98% |
| Debt to equity | [.] |
| EPS | 41.62 (Basic) |
| P/E ratio | N/A |
| Return on net worth | 33.21% |
| NAV per share | 129.75 |
Financial history
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 16,352.06 Cr. | 3,608.79 Cr. | 8,305.74 Cr. | 65,463.98 Cr. |
| 2025 | 19,176.83 Cr. | 4,806.29 Cr. | 12,187.69 Cr. | 69,466.64 Cr. |
| 2026 | 18,713.37 Cr. | 5,999.90 Cr. | 10,302.06 Cr. | 87,937.44 Cr. |
| June 2026 | 5,252.17 Cr. | 1,172.03 Cr. | 3,120.08 Cr. | 91,334.07 Cr. |
Peer comparison
| Company | Income | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|---|
| BSE Limited | 4833.95 Cr. | 60.61 | 66.67 | 45.00 | 163.60 |
Key dates
| UPI mandate deadline | 21 Sept 2026 |
|---|---|
| Allotment finalised | 22 Sept 2026 |
| Refund initiation | 23 Sept 2026 |
| Shares credited | 23 Sept 2026 |
| Mandate end date | 06 Oct 2026 |
| Anchor lock-in ends (50%) | 21 Oct 2026 |
| Anchor lock-in ends (remaining) | 20 Dec 2026 |
Grey Market Premium (GMP) data is entirely unofficial and speculative, and is influenced by market sentiment, demand and supply for IPO shares, and market rumors. While GMP can provide an indication of the expected IPO listing price, it may not always be accurate and does not guarantee the actual listing price.
Head-to-head
Compare NSE IPO with similar IPOs
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, NSE is priced at ₹1785 per share. With a minimum lot size of 8 shares, a retail investor applying for one lot would need approximately ₹14,280 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for NSE stands at ₹40, implying an estimated listing gain of around 2.24% over the issue price if it holds until listing. This is down ₹22 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, NSE's IPO was subscribed 5.71x overall, with a category-wise breakdown of Retail 1.39x, QIB 12.68x, NII 6.55x.
Among the strengths highlighted in NSE's IPO documents: NSE operates one of India’s largest electronic trading platforms across multiple asset classes.; The company has diversified revenue streams from trading, listing, clearing, data, connectivity and licensing services..
Investors should also weigh the risk factors NSE has disclosed, including: A significant drop in trading activity could materially reduce the company’s revenue and profitability..
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
17 Sept 2026
✓
Bidding Closes
21 Sept 2026
✓
Allotment
22 Sept 2026
✓
Listing
24 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 23 Sept 2026 | ₹43.00 | -₹22.00 | 2.41% |
| 22 Sept 2026 | ₹65.00 | +₹17.00 | 3.64% |
| 21 Sept 2026 | ₹48.00 | -₹63.00 | 2.69% |
| 19 Sept 2026 | ₹111.00 | -₹13.00 | 6.22% |
| 18 Sept 2026 | ₹124.00 | -₹1.00 | 6.95% |
| 17 Sept 2026 | ₹125.00 | -₹35.00 | 7.00% |
| 16 Sept 2026 | ₹160.00 | -₹28.00 | 8.96% |
| 11 Sept 2026 | ₹188.00 | -₹97.00 | 10.53% |
| 07 Sept 2026 | ₹285.00 | - | TBA |
| 06 Sept 2026 | ₹285.00 | - | TBA |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 8 | ₹14,280 |
| Retail Maximum | 14 Lot | 112 | ₹1,99,920 |
| S-HNI Minimum | 15 Lot | 120 | ₹2,14,200 |
| S-HNI Maximum | 70 Lot | 560 | ₹9,99,600 |
| B-HNI Minimum | 71 Lot | 568 | ₹10,13,880 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
Strengths
- NSE operates one of India’s largest electronic trading platforms across multiple asset classes.
- The company has diversified revenue streams from trading, listing, clearing, data, connectivity and licensing services.
- Its technology infrastructure can process very high transaction volumes with low response times.
- NSE has a large and diverse customer base including issuers, trading members, investors and data users.
- The company has established risk management, surveillance and investor protection mechanisms to support market operations.
Risks
- A significant drop in trading activity could materially reduce the company’s revenue and profitability.
- NSE derives a major portion of its revenue from transaction charges, particularly options and futures trading.
- Failures or disruptions in its technology systems could affect trading operations and investor confidence.
- The business depends on regulatory approvals, and delays or rejections could limit new product launches.
- A large share of revenue comes from a limited number of trading members, creating customer concentration risk.
Analysis
NSE IPO Details
The NSE IPO is scheduled to open on September 17, 2026, and close on September 21, 2026. The issue carries a price band of ₹1700 to ₹1785 per equity share and has an estimated issue size of approximately ₹22,561.57 crores.
The IPO is structured as a Book Building Issue and includes an Offer for Sale of approximately 12,64,36,650 equity shares. The company's shares are proposed to be listed on the BSE. Investors can refer to the DRHP and RHP documents for detailed information about the issue.
| Particular | Details |
|---|---|
| IPO Open Date | September 17, 2026 |
| IPO Close Date | September 21, 2026 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹1700 to ₹1785 Per Share |
| Issue Size | Approx ₹22,561.57 Crores |
| Offer for Sale | Approx 12,64,36,650 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE |
| DRHP Draft Prospectus |
Note: NSE IPO details are based on the issue information provided above and may be updated if there are changes to the IPO terms or schedule.
Analysis
NSE IPO Reservation
The NSE IPO reservation details show how the shares offered in the issue are proposed to be distributed among different investor categories. The reservation structure provides separate allocations for Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors.
As per the provided allocation, 50% of the shares are reserved for QIB investors excluding the anchor portion, while NII investors are offered 15% and retail investors are offered 35%. The anchor investor allocation will be specified separately.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: NSE IPO reservation figures are based on the allocation details provided above and may be updated with the final issue structure.
Analysis
NSE IPO Anchor Investors
The NSE IPO anchor investor process is scheduled to take place before the public issue opens. Anchor bidding allows eligible institutional investors to participate in the issue ahead of the main subscription period and provides an indication of institutional participation.
The anchor investor list and final allocation details will provide information about the institutions participating in the issue, the number of shares allocated to them and the overall anchor portion. The applicable lock-in periods are also shown below.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 16, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | – Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor investor details are based on the issue information provided above and may be updated after the final anchor allocation is announced.
Analysis
NSE IPO Dates
The NSE IPO is scheduled to open on September 17, 2026, and close on September 21, 2026. The IPO allotment is expected to be finalized on September 22, followed by refunds and credit of shares to eligible investors' demat accounts on September 23.
The NSE IPO listing is scheduled for September 24, 2026. Investors can follow the complete IPO timeline below to keep track of the subscription period, allotment, refund process, demat credit and listing date.
| Particular | Details |
|---|---|
| IPO Open Date | September 17, 2026 |
| IPO Close Date | September 21, 2026 |
| Basis of Allotment | September 22, 2026 |
| Refunds | September 23, 2026 |
| Credit to Demat Account | September 23, 2026 |
| IPO Listing Date | September 24, 2026 |
Note: NSE IPO dates are based on the issue schedule provided above and may be updated if the IPO timeline changes.
Analysis
NSE Promoters and Holding Pattern
The company does not have identifiable promoters. As a result, the entire shareholding is classified under the Others category in the provided pre-IPO and post-IPO holding pattern.
The shareholding structure remains unchanged in terms of the total shares shown in the provided data, with 100% of the shares held under the Others category both before and after the IPO.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | – | -% | – | -% |
| Others* | 2,47,50,00,000 | 100% | 2,47,50,00,000 | 100% |
| Total | 2,47,50,00,000 | 100% | 2,47,50,00,000 | 100% |
Note: The holding pattern is based on the shareholding details provided for the NSE IPO. *Others includes shareholders who are not classified as promoters or promoter group.
Analysis
NSE Ipo Objects of the Issue & Utilisation of Proceeds
To be updated soon.
Analysis
NSE About IPO
NSE was founded in 1992 and known as the stock exchange by SEBI in April 1993. NSE started operations in 1994 along with the wholesale debt market afterward, let the market known as stock buy and sell. The National Stock Exchange (NSE) is an important institution with global recognition. It is a reliable market organization known for maintaining high standards of corporate governance.
Moreover, the NSE is considered a substantial exchange and a main for driving India’s economic growth. NSE has one of the largest derivatives markets in the world, trading options and futures on indices, stocks, and other securities. This platform is a strong state-of-the-art technology that provides high levels of robustness, safety, and resilience. This is for trading and investment opportunities for all kinds of investors.
Analysis
NSE IPO Company Financial Report
The NSE financial report shows strong profitability across the reported periods. Revenue increased from ₹16,352.06 crores in 2024 to ₹19,176.83 crores in 2025, before moderating to ₹18,713.37 crores in 2026. The company continued to report substantial profit after tax during each period.
Profit after tax stood at ₹8,305.74 crores in 2024 and increased to ₹12,187.69 crores in 2025, while PAT for 2026 was ₹10,302.06 crores. The June 2026 figures also show ₹5,252.17 crores in revenue and ₹3,120.08 crores in PAT. Total assets increased consistently over the reported periods.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹16,352.06 | ₹3,608.79 | ₹8,305.74 | ₹65,463.98 |
| 2025 | ₹19,176.83 | ₹4,806.29 | ₹12,187.69 | ₹69,466.64 |
| 2026 | ₹18,713.37 | ₹5,999.90 | ₹10,302.06 | ₹87,937.44 |
| June 2026 | ₹5,252.17 | ₹1,172.03 | ₹3,120.08 | ₹91,334.07 |
Note: Amounts are in ₹ crores. Financial figures are based on the NSE IPO company financial information provided above.
Analysis
NSE IPO Valuation – FY2026
The NSE IPO valuation for FY2026 highlights the company's strong profitability and capital efficiency. Key indicators include earnings per share, return on equity, return on capital employed, return on net worth, PAT margin and net asset value.
For FY2026, NSE reported a basic EPS of ₹41.62 and a NAV of ₹129.75 per share. The company recorded ROE of 32.98%, ROCE of 42.80% and RoNW of 33.21%, while its PAT margin stood at 50.98%. The debt to equity ratio is shown as not available in the provided valuation details, and the P/E ratio is currently listed as N/A.
| KPI | Values |
|---|---|
| ROE | 32.98% |
| ROCE | 42.80% |
| EBITDA Margin | -% |
| PAT Margin | 50.98% |
| Debt to Equity Ratio | [.] |
| Earning Per Share (EPS) | ₹41.62 (Basic) |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 33.21% |
| Net Asset Value (NAV) | ₹129.75 |
Note: FY2026 valuation figures are based on the NSE IPO valuation data provided above. Current IPO sources also report EPS of ₹41.62, RoNW of 33.21%, ROE of 32.98%, ROCE of 42.80% and NAV of ₹129.75.
Analysis
NSE IPO Peer Group Comparison
BSE Limited is the key listed peer used for comparing NSE's financial and valuation metrics. Both companies operate stock exchanges in India, making BSE the most relevant domestic listed reference for investors assessing the NSE IPO.
The comparison shows that BSE has a higher FY2026 EPS, P/E ratio, RoNW and NAV than the figures disclosed for NSE. However, NSE has a much larger income base, so the peer metrics should be considered alongside differences in scale, market share and business mix. The IPO offer document identifies BSE Limited as the listed industry peer. :contentReference[oaicite:0]{index=0}
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| BSE Limited | 60.61 | 66.67 | 45.00% | 163.60 | 4,833.95 Cr. |
Note: BSE Limited is the listed peer considered for NSE IPO comparison. FY2026 peer figures are based on the information provided for the IPO peer group.
Analysis
NSE IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital
- JM Financial
- Axis Capital
- IIFL Capital Services
- Motilal Oswal Investment Advisors
- ICICI Securities
- SBI Capital Markets
- Nuvama Wealth Management
- HDFC Bank
- Avendus Capital
- Morgan Stanley India
- Citigroup Global Markets India
- JPMorgan India
- HSBC Securities India
- IDBI Capital
- 360 ONE WAM
- Anand Rathi Advisors
- DAM Capital Advisors
- Pantomath Capital Advisors
- Equirus Capital
FAQ
NSE IPO FAQs
NSE IPO price band is Rs 1700.00 to Rs 1785.00. Check the latest issue price, lot size and GMP together before applying.
NSE IPO open date is 17 Sept 2026, close date is 21 Sept 2026, and listing date is 24 Sept 2026.
NSE IPO lot size is 8 shares. The minimum retail investment is Rs 14,280.
NSE is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
NSE IPO subscription status currently shows Retail 1.39x, QIB 12.68x, NII 6.55x, Overall 5.71x.
The National Stock Exchange of India (NSE) is a premier market infrastructure institution providing electronic trading, listing, clearing, and settlement services across equities, derivatives, debt, and mutual funds. It offers colocation, connectivity, data feeds, and index licensing. Supported by robust technology for risk management and surveillance, NSE generates its primary revenue from transaction charges, supplemented by listing, clearing, data center, and licensing fees.
NSE IPO issue size is TBA and the expected allotment date is 22 Sept 2026.
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