NSE IPO GMP Crashes Over 60% From Peak Ahead of Dalal Street Debut

The initial public offering (IPO) of National Stock Exchange of India (NSE) -- which was opened for subscription on Thursday -- witnessed a substantial decline in its grey market premium (GMP) from the peak of Rs 218 on Saturday. According to online platforms that track the GMP, the public issue's GMP declined as much as 61.46 per cent to Rs 84 by 2 pm from a peak of Rs 218 on September 11. In addition, the Rs 22,569-crore initial public offering of the National Stock Exchange of India (NSE) was fully subscribed on the second day of bidding on Friday.

The issue received bids for 10,28,43,656 shares against 8,86,42,911 so far, as per data available with the BSE. However, the IPO includes an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders which means the proceeds from the share sale will not go to the exchange. The company has fixed the price band for the IPO between Rs 1,700 and Rs 1,785 per equity share which indicates a market capitalisation of up to Rs 4.42 lakh crore at the upper end of the price band.

Moreover, the IPO will conclude next week on September 21 and expected to make its Dalal Street debut on September 24. In addition, the GMP is an unofficial indicator of the premium investors may be willing to pay over an IPO’s issue price before the shares are listed. Also, it is not an official market metric and does not guarantee that the stock will list at a premium. Additionally, the exchange reported revenue from operations of Rs 16,601.31 crore in FY26, compared with Rs 17,140.67 crore in FY25, a decrease of more than 3 per cent year-on-year. Meanwhile, revenue from transaction charges — one of NSE’s key sources of income — also declined during the period, falling to Rs 13,057.01 crore in FY26 from Rs 13,635.76 crore in FY25, suggesting a year-on-year decline of around 4 per cent.

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