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The NSE IPO listing is likely to take place tomorrow (Thursday, 24 September) on the bourses at 10:00 IST. NSE IPO allotment was finalised on Tuesday, 22 September. The National Stock Exchange (NSE) IPO attracted strong investor interest on the final day of bidding, with the ₹22,569-crore public issue subscribed 5.71 times, according to data from the BSE. Institutional investors led the demand, with the qualified institutional buyer (QIB) portion receiving more than 12 times the subscription. The issue received bids for 50.58 crore shares, compared with 8.86 crore shares on offer. The strong response makes the NSE IPO one of the most closely watched public issues in the Indian primary market this year. The QIB portion of the NSE IPO was subscribed 12.68 times, highlighting strong participation from institutional investors. The non-institutional investor (NII) category received 6.55 times subscription, while the retail portion was subscribed 1.39 times. NSE IPO GMP today, or grey market premium, is +81. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the NSE share price was indicated at ₹1,866 apiece, which is 4.54% higher than the IPO price of ₹1,785. Over the past 20 sessions, the IPO GMP has dropped from ₹285 to ₹81, marking a reduction of ₹204. This ongoing decline suggests weakening sentiment in the grey market throughout the review period. With the current GMP, the projected listing price sits at approximately ₹1,866, although experts note that grey market premiums may fluctuate prior to the listing. Shivani Nyati, Head of Wealth at Swastika Investmart, said the National Stock Exchange (NSE) is India’s leading exchange, with a dominant position across cash equities and equity derivatives. At the IPO price band of ₹1,700– ₹1,785, the issue is valued at around 40.9–42.9 times FY26 diluted EPS, which is at a discount to BSE’s valuation of around 54.3 times, providing some valuation support, Nyati said. However, she pointed out that nearly 79% of NSE’s revenue is linked to trading activity, making its earnings sensitive to market volumes and regulatory changes. “Our pre-listing view is Subscribe, with minor listing gains expected. However, the IPO remains suitable as a long-term investment play, supported by NSE’s strong market position, scale and relative valuation advantage,” Nyati said. Mahesh M. Ojha, Vice President – Research & Business Development at Kantilal Chhaganlal Securities, said NSE combines market leadership, high entry barriers, strong cash generation and a vertically integrated business model. NSE remains the dominant exchange across cash equities, equity derivatives and currency derivatives. In FY26, it accounted for 11.38% of global cash-equity trades and 51.18% of global equity-derivative contracts, Ojha said. He added that NSE’s integrated ecosystem, spanning trading, clearing, listing, indices, and market data, provides multiple revenue streams, while its proprietary technology and clearing infrastructure create significant barriers to entry. At ₹1,785, NSE is valued at around 42.9 times FY26 earnings, below BSE’s approximately 52.7 times, according to Ojha. He also highlighted NSE’s strong financial position, including ₹23,836 crore in operating cash flow in FY26, ₹32,312 crore in cash, and negligible conventional debt. Rising participation in capital markets and the increasing financialisation of household savings provide favourable long-term growth opportunities, Ojha said. However, he flagged regulatory changes and a decline in NSE’s market share in index options as key risks. For investors who received an allotment and have a long-term horizon, Ojha said they may continue to hold, with a 3–5% listing gain as the expected range. Fresh investors, he added, could consider entering after the stock stabilises following listing, allowing the market to establish a more sustainable valuation. The NSE IPO comprises an Offer for Sale (OFS), meaning the company will not receive proceeds from the issue. Instead, the proceeds will accrue to existing shareholders selling their shares. The issue size was reduced from earlier plans after the number of shares offered through the OFS was cut to around 12.64 crore shares from the previously proposed 14.9 crore shares. This brought the total issue size down from the earlier estimate of nearly ₹30,000 crore. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content. 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