NSE IPO Opens: GMP Falls 43% as Investors Weigh Valuation and Risks
The NSE IPO opened at Rs 1,700-1,785 per share as its grey market premium fell 43% from last week, putting valuation and regulatory risks under focus.
The much-anticipated NSE IPO opened for subscription on September 17, with the grey market premium falling sharply ahead of the issue. The Rs 22,561.57 crore offer is entirely an offer for sale, meaning the National Stock Exchange itself will not receive proceeds from the issue.
The IPO is priced in the Rs 1,700-1,785 range, with a lot size of eight shares. A retail investor applying at the upper price band would need Rs 14,280. The issue closes on September 21, with allotment expected on September 22 and listing tentatively scheduled for September 24.
The latest grey market premium stood at Rs 125, implying a potential listing price of around Rs 1,910 at the upper band, or a 7% premium. This is down from Rs 218 on September 11, representing a decline of about 43%. GMP is an unofficial indicator and does not guarantee listing gains.
NSE has a dominant position in India’s capital markets, particularly derivatives, and had more than 261 million registered investor accounts as of June 2026. However, FY26 revenue and profit declined, partly amid regulatory changes affecting derivatives activity.
Brokerage views are mixed. Angel One cited NSE’s market position, profitability and valuation relative to BSE while recommending subscription, whereas Religare Broking highlighted valuation, regulatory uncertainty and dependence on trading activity.
Investors therefore face a combination of strong market dominance and long-term growth potential alongside earnings, valuation and regulatory risks.
