NSE IPO Oversubscribed 1.15 Times on Day 2, Fueled by QIB Demand; GMP at 7% – Is It Time to Bid?

The Rs 22,569 crore Initial Public Offer (IPO) of the National Stock Exchange of India (NSE) has seen healthy demand, being subscribed 1.15 times by the end of Day 2, with 10.15 crore shares bid against 8.86 crore shares on offer. Particularly, the retail portion was subscribed 0.71 times, indicating a moderate interest among retail investors. The IPO consists entirely of an offer for sale of 12.64 crore shares, meaning the NSE itself will not receive any proceeds from the listing. The price band is set to range between Rs 1,700 and Rs 1,785 per share, with a lot size of 8 shares, leading to a minimum application amount of Rs 14,280 at the upper price point.

The grey market premium (GMP) currently stands at around Rs 142, or 7%, which suggests positive market sentiment regarding the IPO’s potential listing gains. This places the estimated listing price at approximately Rs 1,927 per share, indicating moderate expectations for a healthy debut. Brokerage firms have generally rated the IPO positively, with LKP Securities and YES Securities both recommending subscription. They highlight NSE’s relatively attractive valuation at 42.9 times FY26 earnings, especially when compared to its competitor BSE, indicating a favorable entry point for investors.