Mumbai, September 19 (Daily Kiran) : The much-anticipated initial public offering (IPO) from the National Stock Exchange (NSE) has seen a sharp decline in its grey market premium (GMP) just ahead of its listing.
According to online platforms tracking the grey market, the GMP peaked at ₹218 on Saturday but fell to ₹84 by Friday afternoon, marking a significant drop of approximately 61.46%.
Despite the downturn in grey market enthusiasm, the NSE’s IPO, valued at ₹22,569 crores, has garnered a strong response from investors. On the second day of bidding, the issue was fully subscribed, with 10.28 crore shares bid for against 8.86 crore shares available.
This IPO is entirely an offer for sale (OFS), meaning that existing shareholders are selling 12.64 crore equity shares. Consequently, the funds raised will not go directly to the NSE.
The company has set a price band for the IPO between ₹1,700 and ₹1,785 per share. At the upper end of this range, NSE’s market capitalization is estimated at around ₹4.42 lakh crores.
The public offering will close on September 21, with shares expected to be listed on the stock market on September 24.
Market experts note that the grey market premium serves as an informal indicator of how much extra investors are willing to pay above the issue price before listing. However, it does not guarantee that shares will list at a premium.
In terms of financial performance, NSE reported an operating revenue of ₹16,601.31 crores for the fiscal year 2025-26, down from ₹17,140.67 crores the previous year, reflecting a decrease of over three percent. Revenue from transaction fees, a key income source for the exchange, also saw a decline, dropping from ₹13,635.76 crores in fiscal year 2024-25 to ₹13,057.01 crores in 2025-26, indicating an annual decrease of nearly four percent.
The market is now focused on the final subscription figures and the potential listing on September 24, which will reveal investors’ true sentiment towards NSE’s share performance.
Leave a Comment