The much-awaited National Stock Exchange (NSE) initial public offering entered its second day of bidding on September 18 after receiving 43% subscription on the opening day. The Rs. 22,569-crore issue has attracted attention from investors and market participants as one of India's largest public offerings.
The IPO, which opened on September 17, will remain available for subscription until September 21. NSE has fixed the price band at Rs. 1,700 to Rs. 1,785 per share. The issue is an offer for sale (OFS), meaning the exchange will not receive proceeds from shares sold by existing shareholders.
At the end of the first day, investors had placed bids for about 3.84 crore shares against the 8.86 crore shares available, translating into an overall subscription of 0.43 times. The retail portion was subscribed 0.44 times, while non-institutional investors subscribed 0.72 times of their allocated portion. Qualified institutional buyers recorded comparatively lower demand at 0.19 times. The employee portion was subscribed 0.98 times, according to reported NSE data.
The IPO comprises 12.64 crore shares offered by existing shareholders. Around 50% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The minimum retail application requires eight shares, costing Rs. 14,280 at the upper end of the price band.
In the unofficial grey market, NSE shares were commanding a premium of around 8% on the second day of bidding. Business Standard reported a premium of up to 7.96%, with shares changing hands at around Rs. 1,927, roughly Rs. 142 above the upper end of the IPO price band.
However, GMP is not an official market indicator and can change before listing. It also does not guarantee the price at which NSE shares will eventually trade.
Brokerage views cited in market reports have focused on NSE's market position, earnings and valuation, while also flagging risks linked to trading volumes and regulatory changes. Swastika Investmart highlighted NSE's valuation against listed peer BSE and said the exchange's earnings remain sensitive to market activity.
The Religare Broking in an IPO note said, "NSE’s IPO presents a balanced outlook, with financial performance in FY26 impacted by regulatory changes and moderation in trading activity, while operational metrics remained resilient, supported by increasing investor participation, fund mobilization and market presence. At a P/E of 42.9x, the valuation reflects the company’s established market position and future growth potential, while leaving limited room for earnings disappointments.”
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“Regulatory developments, including SEBI measures on options trading, remain key factors influencing trading volumes and transaction-based income. While the long-term growth opportunity in India’s capital markets remains favorable, the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, we assign a Neutral rating, " the statement added.
Ventura pointed to NSE's scale, technology capabilities and position within India's capital-market ecosystem. These are the respective brokerages' views, rather than an assurance of future returns.
The IPO will close on September 21, with allotment likely on September 22. Shares are scheduled to be credited on September 23, followed by listing on September 24.