The National Stock Exchange of India is set to list its shares on the BSE on September 24, following strong IPO demand. The Rs. 22,562 crore NSE IPO closed on September 21 after attracting bids from retail and institutional investors. The listing marks NSE’s first appearance as a publicly traded company, with existing shareholders offering shares through an OFS.

The listing will begin around 10 AM IST on Thursday, with the BSE hosting the debut. The issue carried a Rs. 1,700 to Rs. 1,785 price band and offered eight shares per lot. The exchange itself will not receive IPO proceeds since existing shareholders are selling their holdings through the offer.

The NSE IPO subscription reached 5.71 times by the final bidding day, according to exchange data. Qualified institutional buyers led demand with 12.68 times subscription during the offering period. Non-institutional investors subscribed 6.55 times, while retail investors recorded 1.39 times subscription.

The NSE IPO GMP has cooled sharply ahead of the listing, signaling more measured expectations among grey market participants. Moneycontrol reported a GMP of around Rs. 45.5 on September 22, implying nearly 2.55% above Rs. 1,785. 

The implied NSE share price from GMP stands near Rs. 1,830, although the actual listing price can differ. Grey market premiums remain unofficial and can change before shares begin trading.

Earlier estimates showed stronger premiums, while newer readings indicate a clear moderation before the NSE IPO listing. Business Standard reported a Rs. 68 GMP earlier Wednesday, while Mint later cited Rs. 81. 

Market observers have also highlighted NSE’s strong position across Indian capital markets and its diversified financial infrastructure. Shivani Nyati of Swastika Investmart said the IPO could deliver ‘minor listing gains,’ while noting its long-term investment case. 

The NSE IPO represents an important market debut after strong institutional participation during subscription. The opening price on September 24 will show whether demand can overcome the recent cooling in GMP.

Also Read: NSE IPO Day 2: 43% Subscribed on Day 1, GMP Signals Premium Over Issue Price