New Delhi, September 23 (Daily Kiran) : The grey market premium (GMP) for the highly anticipated National Stock Exchange (NSE) IPO has seen a significant decline just one day before its listing. As of Wednesday, the GMP has dropped to ₹43 per share, indicating limited profit potential upon listing.
Based on the latest GMP, the expected listing price for NSE shares is approximately ₹1,828 each. This reflects a potential premium of about 2.41% over the upper issue price of ₹1,785.
Investor enthusiasm in the grey market has waned considerably in recent days. Initially, the GMP surged to around ₹145 per share, leading to expectations of over 8% listing gains. However, this premium has consistently decreased over time.
The IPO, which was open from September 17 to September 21, received a robust response from investors. Share allocations were completed on September 22, with the listing on the Bombay Stock Exchange (BSE) anticipated for September 24.
The public offering, valued at ₹22,568.94 crore, was oversubscribed by 5.71 times overall. According to exchange data, applications were received for over 50.58 crore shares against 8.86 crore shares on offer, totaling bids worth ₹90,287.33 crore.
Among investor categories, Qualified Institutional Buyers (QIBs) showed the most interest, subscribing to this segment 12.68 times. Non-Institutional Investors (NIIs) subscribed 6.55 times, while Retail Individual Investors (RIIs) saw a subscription rate of 1.39 times.
The NSE set a price band of ₹1,700 to ₹1,785 per share for the IPO, which was entirely an Offer for Sale (OFS), involving the sale of 12.64 crore equity shares by existing shareholders without issuing new shares.
In terms of business performance, a significant portion of the NSE’s revenue comes from transaction charges. For the fiscal year 2025-26, 78.65% of operational income was derived from these charges, with options trading contributing over 60% to operational revenue, highlighting the company’s strong reliance on derivative trading.
The NSE maintains a robust market share, holding approximately 93% in the equity cash segment, 99.79% in equity futures, 99.48% in currency futures, and 74.71% in equity options based on premium turnover for the fiscal year 2025-26. However, its market share in the equity options segment has decreased to 68.48% in the first quarter of fiscal year 2026-27, suggesting increasing competition.
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