NSE IPO Day 2: Subscription At 0.55x, GMP At Rs 120, Should You Hit Subscribe?

The NSE IPO is currently in its second day of bidding, with the Rs 22,561.57-crore issue receiving 55 per cent subscription by 11:30 AM on Friday, September 18, 2026.

The public issue opened on September 17 and will remain available for subscription until September 21. The issue is entirely an Offer for Sale (OFS), meaning no new shares are being issued by NSE and the proceeds will go to existing shareholders selling their stakes.

The IPO has a price band of Rs 1,700 to Rs 1,785 per share, while the lot size has been fixed at eight shares. At the upper end of the price band, investors need Rs 14,280 to apply for one lot.

NSE IPO Day 2 Subscription Status

As of 11:30 AM on September 18, the Non-Institutional Investors (NII) category had been subscribed 1.00 times, while the employee portion received 1.20 times subscription, as per data from Groww.

The retail investor category stood at 0.56 times subscription, while Qualified Institutional Buyers (QIBs) had subscribed 0.19 times.

Overall, the issue had received 55 per cent subscription.

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NSE IPO GMP Today

The grey market premium (GMP) for the NSE IPO stood at Rs 120 per share as of 12:30 PM on September 18, according to IPOJi.

Against the upper end of the IPO price band of Rs 1,785, the GMP represents a premium of around 7 per cent.

Based on the current GMP, the indicative listing price works out to Rs 1,905 per share, calculated by adding the Rs 120 premium to the upper price band of Rs 1,785.

The GMP was Rs 10 lower than the previous recorded quote.

Grey market premium is an unofficial indicator and the actual listing price can differ from the indicative price based on market conditions.

NSE IPO Is Entirely An Offer For Sale

Unlike an issue that includes a fresh share sale, the NSE IPO consists entirely of an OFS.

Existing shareholders are offering up to 12.64 crore equity shares as part of the issue. Since there is no fresh issue of shares, NSE itself will not receive proceeds from the public offering. The money raised will instead go to the shareholders selling their shares.

The State Bank of India Group is expected to sell around 1.60 crore equity shares. Other shareholders participating in the OFS include MS Strategic (Mauritius), Canada Pension Plan Investment Board (CPPIB), Aranda Investments (Mauritius), Bank of Baroda, GIC Re and several public sector insurance companies.

NSE IPO Price, Lot Size And Other Details

The IPO has been structured as a book-built issue with an OFS of up to Rs 22,561.57 crore.

Key details of the issue include:

The issue has a large group of book-running lead managers, including Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and W 360 ONE WAM.

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NSE IPO Allotment And Listing Dates

The subscription window will close on September 21.

The tentative schedule for the issue is:

The allotment and listing dates are tentative and may be revised.

What Is NSE?

The National Stock Exchange of India is India’s largest stock exchange by market activity and has maintained its leadership in cash market, equity derivatives and exchange-traded currency derivatives by turnover from FY2001 to FY2026.

In FY2026, NSE also ranked as the world’s largest multi-asset exchange by the number of cash equity trades and equity derivatives contracts traded.

The exchange operates across trading, clearing, settlement, listing, market data and licensing services covering multiple asset classes.

As of March 31, 2026, NSE had 129.09 million unique investors, 253.66 million investor accounts, 1,325 trading members and 2,978 listed companies. Its total listed market capitalisation stood at Rs 411.25 trillion.