NSE IPO Opens as GMP Falls Nearly 32% Ahead of Listing
NSE's IPO opens for subscription Thursday as its grey market premium drops nearly 32% over the week, with the price band set at Rs 1,700-1,785 per share.
Key Highlights:
- NSE's IPO opened for public subscription on Thursday, with the price band fixed at Rs 1,700-1,785 per share.
- The grey market premium fell from Rs 218 on September 11 to as low as Rs 125 on September 17, before recovering to around Rs 148.
- The issue is entirely an offer for sale (OFS), valued at around Rs 22,561.57 crore at the upper price band, with proceeds going to existing shareholders.
- The IPO remains open for subscription until September 21.
- NSE's revenue from operations declined over 3% YoY to Rs 16,601.31 crore in FY26, with transaction charge revenue falling around 4%.
A Much-Awaited IPO Opens Amid Cooling Sentiment
The much-awaited initial public offering of the National Stock Exchange of India (NSE) opened for public subscription on Thursday, even as its grey market premium (GMP) has come under sustained pressure over the past week, tempering some of the enthusiasm that had initially surrounded the issue.
Tracking the GMP's Decline
According to market reports, NSE's GMP stood at Rs 218 per share on September 11. It subsequently moved to Rs 208 on September 12, Rs 210 on September 13, Rs 208 on September 14, before dropping more sharply to Rs 160 on September 15 and Rs 145 on September 16. The premium was quoted at Rs 125 per share on September 17, before recovering to around Rs 148 by 3 pm on Thursday, the day subscription opened.
A Notable Week-on-Week Decline
Despite this intra-day recovery, the GMP remains significantly below the level seen a week earlier, indicating a decline of nearly 32 per cent over the period. This sustained downward movement, even accounting for the partial recovery on listing day itself, suggests that investor sentiment around the issue has cooled meaningfully compared to where it stood in the run-up to subscription.
