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Thu, 29 Oct 2026
06:12:29 pm
Thu, 29 Oct 2026
06:12:29 pm
Rudransh Sangwan
Published at: September 14, 2026, 10:01 AM
Synopsis
NSE IPO GMP is ₹210 today, implying a ₹1,995 listing price at the upper price band. Check the full IPO details, price band, lot size, dates, valuation and financials.
The NSE IPO is a ₹22,561.57 crore book-built public issue comprising entirely an Offer for Sale (OFS) of 12.64 crore shares. The IPO will open for subscription on September 17, 2026, and close on September 21, 2026.
The NSE IPO price band has been fixed at ₹1,700 to ₹1,785 per share, with a lot size of 8 shares. The minimum retail investment is ₹14,280 at the upper price band. The shares are proposed to list on the BSE on September 24, 2026.
The latest NSE IPO GMP today** is ₹210**, updated on September 14, 2026, at 2:30 PM. At the upper price band of ₹1,785, the estimated NSE IPO listing price is ₹1,995, indicating a potential premium of 11.76%.
The GMP has moderated from ₹310 on September 5 to ₹210 currently. Over the last 11 sessions, the GMP has ranged between ₹192 and ₹310, showing some cooling in grey-market expectations.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|---|
| 14-Sep-2026 | ₹1,785 | ₹210 ─ | ₹1,995 (11.76%) | ₹1,680 | 14-Sep-2026 14:30 |
| 13-Sep-2026 | ₹1,785 | ₹210 ▲ | ₹1,995 (11.76%) | ₹1,680 | 13-Sep-2026 23:34 |
| 12-Sep-2026 | ₹1,785 | ₹208 ▼ | ₹1,993 (11.65%) | ₹1,664 | 12-Sep-2026 23:30 |
| 11-Sep-2026 | ₹1,785 | ₹218 ▲ | ₹2,003 (12.21%) | ₹1,744 | 11-Sep-2026 23:33 |
| 10-Sep-2026 | ₹1,785 | ₹192 ▼ | ₹1,977 (10.76%) | ₹1,536 | 10-Sep-2026 23:35 |
| 09-Sep-2026 | ₹0 | ₹222 ▼ | ₹222 (0.00%) | ₹0 | 9-Sep-2026 23:34 |
| 08-Sep-2026 | ₹0 | ₹257 ▲ | ₹257 (0.00%) | ₹0 | 8-Sep-2026 23:34 |
| 07-Sep-2026 | ₹0 | ₹221 ▼ | ₹221 (0.00%) | ₹0 | 7-Sep-2026 23:35 |
| 06-Sep-2026 | ₹0 | ₹273 ▼ | ₹273 (0.00%) | ₹0 | 6-Sep-2026 23:28 |
| 05-Sep-2026 | ₹0 | ₹310 ▲ | ₹310 (0.00%) | ₹0 | 5-Sep-2026 23:37 |
| 04-Sep-2026 | ₹0 | ₹285 ─ | ₹285 (0.00%) | ₹0 | 4-Sep-2026 23:32 |
Estimated profit/loss per lot = GMP × 8 shares.
Note: GMP is based on unofficial grey-market activity and is indicative only. It does not guarantee the actual NSE IPO listing price.
| IPO Metric | Details |
|---|---|
| IPO Dates | September 17 to September 21, 2026 |
| Price Band | ₹1,700 to ₹1,785 |
| Issue Price | ₹1,785 |
| Face Value | ₹1 per share |
| Lot Size | 8 Shares |
| Minimum Investment | ₹14,280 |
| Total Issue Size | ₹22,561.57 crore |
| Offer for Sale | 12,64,36,650 shares |
| Fresh Issue | Nil |
| Issue Type | Bookbuilding IPO |
| Sale Type | OFS only |
| Listing | BSE |
| Tentative Listing Date | September 24, 2026 |
| Market Cap at Upper Price | ₹4,41,787.50 crore |
| Employee Discount | ₹170 per share |
The NSE IPO will open on September 17 and close on September 21, 2026. The allotment is expected to be finalised on September 22.
Refunds and demat credit are scheduled for September 23, followed by the tentative BSE listing on September 24.
| IPO Event | Date |
|---|---|
| IPO Open | September 17, 2026 |
| IPO Close | September 21, 2026 |
| Allotment | September 22, 2026 |
| Refund | September 23, 2026 |
| Credit of Shares | September 23, 2026 |
| Listing | September 24, 2026 |
The NSE IPO lot size** is 8 shares**. Retail investors need ₹14,280 to apply for one lot at the upper price band of ₹1,785.
Retail investors can apply for up to 14 lots, while S-HNI and B-HNI investors have higher application limits.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 8 | ₹14,280 |
| Retail Maximum | 14 | 112 | ₹1,99,920 |
| S-HNI Minimum | 15 | 120 | ₹2,14,200 |
| S-HNI Maximum | 70 | 560 | ₹9,99,600 |
| B-HNI Minimum | 71 | 568 | ₹10,13,880 |
The IPO reservation provides for not more than 50% of the net offer to QIBs, at least 35% to retail investors and at least 15% to NIIs.
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Issue |
National Stock Exchange of India Ltd. was incorporated in 1992 and is India's largest stock exchange and a leading multi-asset exchange platform. It provides trading, clearing, settlement, listing, market data, index and other services across equities, derivatives, currencies, commodities, debt securities and mutual funds.
As of June 30, 2026, NSE had more than 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies. The total listed market capitalisation was approximately ₹474.08 trillion.
NSE also operates through businesses such as NSE Clearing, NSE Indices, NSE Data and Analytics and NSE International Exchange. Its technology infrastructure supports trading, real-time market data, risk management, surveillance and regulatory compliance.
As of March 31, 2026, NSE reported a 99.79% market share in the cash market, 74.71% in equity futures and 99.48% in equity options based on the metrics stated in the IPO information.
NSE Clearing also provides clearing services across various market segments. The company benefits from its large trading network, technology infrastructure and integrated exchange ecosystem.
NSE reported total income of ₹18,713.37 crore in FY26, compared with ₹19,176.83 crore in FY25. Profit after tax stood at ₹10,302.06 crore in FY26 against ₹12,187.69 crore in FY25.
For the quarter ended June 30, 2026, NSE reported total income of ₹5,252.17 crore and PAT of ₹3,120.08 crore. Net worth increased to ₹34,983.74 crore by June 30, 2026.
| Particulars | Jun 30, 2026 | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|---|
| Assets | ₹91,334.07 Cr | ₹87,937.44 Cr | ₹69,466.64 Cr | ₹65,463.98 Cr |
| Total Income | ₹5,252.17 Cr | ₹18,713.37 Cr | ₹19,176.83 Cr | ₹16,352.06 Cr |
| Profit After Tax | ₹3,120.08 Cr | ₹10,302.06 Cr | ₹12,187.69 Cr | ₹8,305.74 Cr |
| EBITDA | ₹4,332.04 Cr | ₹14,519.09 Cr | ₹16,021.36 Cr | ₹11,623.83 Cr |
| Net Worth | ₹34,983.74 Cr | ₹31,869.72 Cr | ₹30,165.05 Cr | ₹23,833.10 Cr |
| Reserves and Surplus | ₹34,996.73 Cr | ₹31,866.04 Cr | ₹30,105.83 Cr | ₹23,924.91 Cr |
At the upper price of ₹1,785, the NSE IPO implies a market capitalisation of approximately ₹4,41,787.50 crore. The reported post-IPO EPS is ₹50.43, resulting in a P/E multiple of 35.40x.
The company reported a NAV of ₹142.40 as of June 30, 2026, with a price-to-book value of 12.54x. The FY26 ROE was 32.98% and ROCE was 42.80%.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹41.62 | ₹50.43 |
| P/E | 42.89x | 35.40x |
| Market Cap at Offer Price | ₹4,41,787.50 Cr | ₹4,41,787.50 Cr |
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 9.26% | 32.98% |
| ROCE | 11.55% | 42.80% |
| RoNW | 33.21% | 33.21% |
| PAT Margin | 58.78% | 50.98% |
| NAV | ₹142.40 | ₹129.75 |
| Price to Book Value | 12.54x | 13.76x |
The NSE IPO is entirely an Offer for Sale, meaning NSE itself will not receive any funds from the issue. The entire IPO proceeds will go to the existing selling shareholders.
Major selling shareholders include State Bank of India, MS Strategic (Mauritius) Ltd., Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte. Ltd. and Bank of Baroda.
| Selling Shareholder | Category | Shares Offered | Amount |
|---|---|---|---|
| State Bank of India | Corporate | 1,59,69,410 | ₹2,850.54 Cr |
| MS Strategic (Mauritius) Ltd. | Corporate | 1,10,00,000 | ₹1,963.50 Cr |
| Canada Pension Plan Investment Board | Corporate | 1,18,74,060 | ₹2,119.52 Cr |
| Aranda Investments (Mauritius) Pte. Ltd. | Corporate | 1,12,46,336 | ₹2,007.47 Cr |
| Bank of Baroda | Corporate | 76,90,375 | ₹1,372.73 Cr |
NSE has a strong market position, a large investor and trading-member network and a vertically integrated business model. Its exchange, clearing, data and index businesses provide multiple revenue streams across the capital-market ecosystem.
The company also has a scalable technology platform, strong brand recognition and high market share in several trading segments. Consistent profitability and cash generation are additional positives highlighted in the IPO details.
The IPO is entirely an OFS, so NSE will not receive fresh capital from the issue. Investors therefore need to evaluate the offer primarily on the company's valuation, financial performance, market position and future growth prospects.
The valuation is also substantial, with a post-IPO P/E of around 35.40x at the upper price band. Any slowdown in trading activity, changes in market regulations, competition or pressure on transaction-linked revenue could affect future performance.
NSE is a market-leading exchange with strong positioning across cash equities, derivatives and other financial-market products. Its large investor base, technology infrastructure, integrated ecosystem and high profitability make it one of the most closely watched IPOs of 2026.
At the same time, investors should consider the ₹4.41 lakh crore valuation, the entirely OFS structure and recent decline in FY26 income and PAT. The latest GMP of ₹210 indicates an estimated listing premium of 11.76%, but grey-market pricing should not be considered a guarantee of listing gains.
MUFG Intime India Pvt. Ltd. is the registrar to the NSE IPO.
Investors can use the registrar's IPO status facility to check allotment after the allotment is finalised on September 22, 2026.
The IPO has a large group of book-running lead managers, including:
What is the NSE IPO?
NSE IPO is a ₹22,561.57 crore mainboard IPO comprising an OFS of 12,64,36,650 shares.
What is the NSE IPO GMP today?
The latest NSE IPO GMP** is ₹210** as of September 14, 2026, at 2:30 PM.
What is the expected NSE IPO listing price?
Based on the ₹210 GMP and ₹1,785 upper price band, the estimated listing price is ₹1,995 per share.
What is the NSE IPO lot size?
The NSE IPO lot size is 8 shares.
What is the minimum investment in NSE IPO?
The minimum retail investment is ₹14,280 for one lot at the upper price band.
When will NSE IPO open?
The NSE IPO will open on September 17, 2026.
When will NSE IPO close?
The IPO will close on September 21, 2026.
When is NSE IPO allotment?
NSE IPO allotment is expected on September 22, 2026.
When is NSE IPO listing?
NSE shares are scheduled to list on the BSE on September 24, 2026.
Is NSE IPO a fresh issue or OFS?
The NSE IPO is 100% OFS. NSE will not receive any proceeds from the issue.
What is the NSE IPO price band?
The price band is ₹1,700 to ₹1,785 per share.
What is the NSE IPO P/E ratio?
The post-IPO P/E ratio at the upper price band is 35.40x based on the provided valuation data.
Disclaimer: NSE IPO GMP is based on unofficial grey-market activity and is indicative only. The estimated listing price and potential gains based on GMP are not guaranteed. Investors should independently evaluate the IPO's valuation, financials, business risks and future prospects before making an investment decision.
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