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Tue, 15 Sept 2026
10:59:19 am
Tue, 15 Sept 2026
10:59:19 am
Rudransh Sangwan
Published at: September 15, 2026, 9:31 AM
Synopsis
NSE IPO GMP stands at ₹180 ahead of the September 17 opening. Check the price band, lot size, investment amount, IPO dates, listing details and valuation.
The NSE IPO is a ₹22,561.57 crore mainboard IPO and is completely an Offer for Sale (OFS). NSE will not receive any money from the IPO.
The IPO will open on September 17, 2026, and close on September 21, 2026. The price band is ₹1,700 to ₹1,785 per share, with a lot size of 8 shares.
The latest NSE IPO GMP is ₹180, updated on September 15, 2026, at 1:35 PM. At the upper price of ₹1,785, the estimated listing price is ₹1,965, suggesting a potential gain of 10.08%.
The GMP has declined from ₹310 on September 5 to ₹180 currently. However, GMP is unofficial and can change before the listing.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|---|
| 15-Sep-2026 | ₹1,785 | ₹180 ▼ | ₹1,965 (10.08%) | ₹1,440 | 15-Sep-2026 13:35 |
| 14-Sep-2026 | ₹1,785 | ₹208 ▼ | ₹1,993 (11.65%) | ₹1,664 | 14-Sep-2026 23:29 |
| 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 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 |
| Fresh Issue | Nil |
| Offer for Sale | ₹22,561.57 crore |
| 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 |
The NSE IPO opens on September 17 and closes on September 21, 2026. Allotment is expected on September 22.
Refunds and share credit are scheduled for September 23, followed by listing on September 24. The IPO timeline is as follows:
| 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. One lot at the upper price band requires ₹14,280.
| 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 NSE IPO lot structure determines the minimum and maximum number of shares investors can apply for.
The IPO has reserved not more than 50% of the net offer for QIBs, at least 35% for retail investors and at least 15% for NIIs. The NSE IPO reservation is shown below:
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Issue |
| Category | Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5 Lakhs + RII/NII limits | Yes |
| Category | Limit | Cut-off |
|---|---|---|
| RII | Up to ₹2 Lakhs | Yes |
| sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| bNII | Above ₹10 Lakhs | No |
| Employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Up to ₹5 Lakhs + RII/NII limits | Yes |
National Stock Exchange of India Ltd. was incorporated in 1992. It operates across trading, clearing, settlement, listing, market data and index services.
As of June 30, 2026, NSE had more than 261.36 million registered investor accounts, 129 million unique investors and 1,328 trading members. It had 3,005 listed companies.
The National Stock Exchange is one of India's largest market infrastructure businesses. The NSE IPO is therefore attracting significant investor attention.
NSE has a strong position across India's capital markets. As of March 31, 2026, its market share was 99.79% in the cash market, 74.71% in equity futures and 99.48% in equity options.
Its wider ecosystem includes NSE Clearing, NSE Indices, NSE Data and Analytics and NSE International Exchange.
The NSE market position is a key factor behind interest in the NSE IPO.
NSE's main strengths are its market leadership, large investor base, strong technology infrastructure and diversified business model.
The company also benefits from high profitability, cash generation and a wide range of exchange-related services.
The NSE business model is one of the key attractions of the NSE IPO.
NSE reported total income of ₹18,713.37 crore in FY26, compared with ₹19,176.83 crore in FY25. PAT fell to ₹10,302.06 crore from ₹12,187.69 crore.
For the quarter ended June 30, 2026, total income was ₹5,252.17 crore and PAT was ₹3,120.08 crore.
| 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 |
Amount in ₹ crore.
The NSE IPO financials provide the basis for evaluating the company's profitability. The NSE valuation is another key consideration.
The NSE IPO is a 100% OFS, so NSE will not receive funds from the issue.
The entire IPO proceeds will go to the selling shareholders. There is no fresh capital raised for expansion or debt repayment.
The OFS structure means the proceeds are received by existing shareholders rather than NSE.
At ₹1,785 per share, NSE's indicated market capitalisation is ₹4,41,787.50 crore. The provided post-IPO P/E ratio is 35.4x.
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹41.62 | ₹50.43 |
| P/E | 42.89x | 35.4x |
| Market Cap at Offer Price | ₹4,41,787.50 Cr | ₹4,41,787.50 Cr |
The NSE IPO valuation is an important consideration for investors. The NSE IPO is expected to attract attention because of the exchange's scale.
NSE reported FY26 ROE of 32.98%, ROCE of 42.80% and PAT margin of 50.98%.
| 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 financial metrics show strong profitability. The valuation should also be assessed alongside these KPIs.
NSE has no identifiable promoter. Public shareholding is shown at 100% before and after the IPO.
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | NA | NA |
| Public | 100.00% | 100.00% |
| Total | 100% | 100% |
Company Promoter: No Identifiable Promoter
The NSE ownership structure is relevant to understanding the NSE IPO.
The IPO is completely an OFS. 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.
| Name | 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 strong market leadership, a large investor base and high profitability. Its diversified exchange ecosystem is another key strength.
However, investors should consider the valuation and the decline in FY26 income and PAT. Since the IPO is entirely an OFS, NSE will not receive IPO funds.
The current GMP of ₹180 points to an estimated listing price of ₹1,965. However, GMP is unofficial and can change.
The NSE IPO review should be considered alongside the company's fundamentals. The NSE IPO GMP is only an indicative grey-market measure.
MUFG Intime India Pvt. Ltd. is the registrar for the NSE IPO. Investors can check allotment details through the registrar after allotment is completed.
The NSE IPO allotment process and the IPO timeline are important for applicants.
The NSE IPO has several book-running lead managers, including Kotak Mahindra Capital Co. Ltd., Morgan Stanley India, HSBC Securities & Capital Markets India, Avendus Capital, DAM Capital Advisors, HDFC Bank and others.
The NSE IPO has attracted a large group of financial institutions. The IPO is one of the closely watched market offerings.
The NSE IPO is a ₹22,561.57 crore mainboard IPO involving 12,64,36,650 shares through an OFS.
The latest NSE IPO GMP is ₹180, updated on September 15, 2026, at 1:35 PM.
Based on the current GMP, the estimated listing price is ₹1,965 per share.
The current GMP indicates an estimated gain of 10.08% over the upper issue price.
The NSE IPO price band is ₹1,700 to ₹1,785 per share.
The NSE IPO lot size is 8 shares.
The minimum investment is ₹14,280 for one lot at the upper price band.
The NSE IPO will open on September 17, 2026.
The IPO will close on September 21, 2026.
The NSE IPO allotment is expected on September 22, 2026.
NSE shares are scheduled to list on the BSE on September 24, 2026.
The NSE IPO is 100% OFS. NSE will not receive IPO proceeds.
MUFG Intime India Pvt. Ltd. is the registrar of the NSE IPO.
The total NSE IPO issue size is ₹22,561.57 crore.
At ₹1,785, the indicated market capitalisation is approximately ₹4,41,787.50 crore.
The provided post-IPO valuation shows an EPS of ₹50.43 and a P/E ratio of 35.4x.
NSE has strong market leadership, high profitability and a diversified business ecosystem. Investors should also consider its valuation, FY26 profit decline and the fact that the IPO is entirely an OFS.
Disclaimer: NSE IPO GMP is based on unofficial grey-market activity and is indicative only. Estimated listing prices and gains are not guaranteed. Investors should evaluate the IPO's valuation, financial performance, business prospects and risks before investing.
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