NSE IPO Day 3 Sees Retail Book Fully Subscribed, Grey Market Premium Slips To Rs 59 Ahead Of Bidding Deadline

Mumbai: The Rs 22,569-crore initial public offering of the National Stock Exchange entered its third and final bidding day with the retail book fully subscribed and the overall issue witnessing firm demand.

By Day 3, investors had bid for 20.70 crore shares against 8.86 crore shares available, taking overall subscription to 2.34 times.

Institutional Investors Lead Demand

The qualified institutional buyers’ portion was subscribed 3.72 times, while non-institutional investors placed bids for 3.60 times the shares reserved for them. The retail category was subscribed 1.01 times.

The public issue had already achieved full subscription on Day 2, indicating sustained investor interest in India’s largest stock exchange.

GMP Loses Momentum

NSE shares were trading at a grey market premium of around Rs 59, indicating a modest potential listing gain of approximately 3.3% over the upper price-band level of Rs 1,785.

The GMP stood near Rs 142 when bidding opened on September 17. However, grey market premiums are unofficial, highly volatile indicators and do not guarantee the eventual listing price.

Price Band And Investment

The price band has been fixed at Rs 1,700 to Rs 1,785 per share. One lot contains eight shares, requiring a minimum retail investment of Rs 14,280 at the upper end.

At Rs 1,785, NSE is expected to command a market capitalisation of approximately Rs 4.41 lakh crore. The offering is India’s second-largest IPO and the biggest public issue of 2026.

Entirely An OFS

The IPO is entirely an offer-for-sale, meaning NSE will not receive any proceeds. Selling shareholders include SBI, Canada Pension Plan Investment Board and several public-sector insurers.

Before the issue opened, NSE raised Rs 6,746.18 crore from 189 anchor investors by allotting 3.77 crore shares at Rs 1,785 each.

The allotment is expected on September 22, followed by the credit of shares to successful investors’ demat accounts on September 23. Investors must approve their UPI mandates before the prescribed deadline to keep their applications valid.