From Peak To Plunge, NSE IPO GMP Slides Over 60% Ahead Of Market Debut

Mumbai: The grey market premium (GMP) of the National Stock Exchange of India’s IPO has fallen sharply ahead of its expected Dalal Street debut, even as the public issue received a strong response from investors.

According to online platforms tracking grey market activity, the NSE IPO GMP stood at ₹84 by 2 pm on September 19. This represents a decline of 61.46% from its peak of ₹218 recorded on September 11.

Based on the upper price band of ₹1,785, the latest GMP indicates an estimated listing price of around ₹1,869. However, the grey market is unofficial and the premium can change rapidly before listing.

IPO Fully Subscribed On Second Day

Despite the steep fall in GMP, the ₹22,569-crore NSE IPO was fully subscribed on the second day of bidding.

The issue received bids for 10.28 crore shares against 8.86 crore shares available for subscription, according to data published by the BSE.

The NSE IPO opened for subscription on September 17 and will close on September 21. The company’s shares are expected to list on the stock exchanges on September 24.

Entire Issue Is An Offer For Sale

The IPO comprises an offer for sale of up to 12.64 crore equity shares by existing shareholders. As there is no fresh issue component, NSE will not receive any proceeds from the share sale.

The price band has been fixed at ₹1,700 to ₹1,785 per share. At the upper end, NSE is expected to command a market capitalisation of approximately ₹4.42 lakh crore.

Revenue Declined In FY26

NSE reported revenue from operations of ₹16,601.31 crore in FY26, down more than 3% from ₹17,140.67 crore in FY25.

Revenue from transaction charges, one of the exchange’s principal income sources, declined around 4% to ₹13,057.01 crore from ₹13,635.76 crore in the previous financial year.

Investors should note that GMP is not an official indicator and does not guarantee a premium listing.

Published on: Saturday, September 19, 2026, 03:21 PM IST