The highly anticipated Initial Public Offering (IPO) of the National Stock Exchange (NSE) opens today. The exchange has set a price band of ₹1,700–₹1,785 per share, with a face value of ₹1. In the 'grey' market, NSE shares are trading at a premium of up to 9 percent.
The IPO, valued at ₹22,569 crore, will close on September 21. This will be the second-largest public offering in the country after Hyundai Motor India's offer of ₹27,870 crore in 2024. The IPO itself is a book-building issue worth ₹22,561.57 crore, which is entirely an Offer for Sale (OFS) of 12.64 crore shares.
Structure and Lot Size of NSE IPO
The minimum lot size for retail investors is 8 shares, requiring a minimum investment of ₹14,280 at the upper end of the price range.
In the 'grey' market, NSE shares are showing a premium of up to 9 percent. According to data from several grey market tracking websites, NSE shares are currently trading at ₹1,945, implying a Grey Market Premium (GMP) of ₹160 or 9 percent above the upper limit of the price band.
NSE IPO Reviews from Brokerage Firms
Choice Broking recommended subscribing to the NSE IPO. The brokerage firm noted that NSE manages the exchange, settles trades, owns the Nifty indices, and sells data, allowing it to earn multiple times on a single transaction, while developing a new product costs almost nothing. Since FY24, more than nine-tenths of the money market turnover and almost all stock futures have passed through NSE and have not been seriously challenged.
Choice Broking stated: 'There is no other way to own the infrastructure of the Indian market on this scale, and a first listing is rarely cheap. Accordingly, we assign a SUBSCRIBE rating.' Ventura also recommended a 'Subscribe' rating for the NSE IPO. In addition to trading operations, NSE has diversified its offerings through NSE Clearing, NSE Indices, the business of market data and analytics, and international initiatives through GIFT City.
Ventura believes that NSE is well-positioned to capitalize on long-term growth opportunities in India's financial markets. The company added: 'The IPO will support growth initiatives by leveraging strong capabilities in managing government dependency and execution risks.'
Swastika also recommended a 'Subscribe' rating, noting that NSE's share in the money market is about 93 percent, and in the stock futures market—about 99.8 percent. The brokerage firm advised: 'Subscribe both for long-term investment and for profit from a minor listing, facilitated by NSE's leadership and pricing advantage.'
Meanwhile, Religare Broking pointed out significant risks facing NSE if trading volume and transaction value decline, which could reduce its revenue and negatively impact growth. High dependence on transaction fees, especially from the options business, increases sensitivity to trading activity. This brokerage firm assigned a 'Neutral' rating, considering the balance between structural growth potential, regulatory uncertainty, and pricing considerations, as NSE's revenue growth sustainability depends on trading activity, regulatory stability, and consistent market participation.
Valuation of NSE
Swastika noted that at prices of ₹1,700–₹1,785, NSE is trading at approximately 40.9x–42.9x diluted EPS for the 2026 fiscal year, compared to 54.28x for competitor BSE, leaving room for revaluation due to NSE's larger scale.
Financial Performance of NSE
According to Religare Broking, NSE's financial results for the 2026 fiscal year were affected by regulatory changes and slowing trading activity; however, operational metrics remained stable due to increased investor participation, fund mobilization, and market presence.
NSE IPO Allotment Dates
The tentative date for the completion of NSE IPO allotment is expected to be September 22, and the allotment status will be published on the registrars' websites (MUFG Intime India Pvt Ltd) and BSE. NSE shares will be credited on September 23, and the listing is scheduled for September 24.