Business Desk – NSE IPO Today: Today i.e. 21st September is the last chance to invest money in the Rs 22,569 crore IPO of National Stock Exchange of India i.e. NSE. A total of 1.16 times subscription was received on the second day of the issue. Whereas in the gray market, NSE IPO is trading at around Rs 48 i.e. 3% premium. In such a situation, investors are also eyeing the possible listing gain.
The price band of IPO is Rs 1,700-1,785 per share. There are 8 shares in one lot. The retail investor will have to invest at least Rs 14,280 in the upper price band. This is completely an Offer for Sale (OFS), in which 12.64 crore shares are being sold. That means the money received from IPO will not go to NSE but to the existing shareholders.
When will NSE IPO be listed?
The issue will close on September 21. The allotment is expected to be finalized on September 22, 2026, while the listing of shares on BSE is expected on September 24. The estimated market cap of NSE after IPO can be around Rs 4,41,788 crore.
Who got how much subscription the other day?
The issue was subscribed 1.16 times against the total number of 8.86 crore shares. The retail portion received 72% bids against 4.41 crore shares. Subscription received was 1.68 times against 1.89 crore shares in NII category and 1.53 times subscription was received against 2.52 crore shares in QIB category.
What is GMP indicating?
The gray market premium of NSE IPO is around Rs 48. Based on the upper price band of Rs 1,785, the estimated listing price comes to around Rs 1,833. That means GMP is currently indicating possible listing gains. However GMP is unofficial market data and the actual listing price may differ.
What did the brokerage say?
LKP Securities, YES Securities and Angel One have advised to subscribe to the IPO. According to LKP, the post-issue implied market cap could be around Rs 4.2-4.42 lakh crore.
According to YES Securities, the FY26 P/E of NSE at the upper price band is 42.9 times, while the FY26 diluted P/E of BSE is 54.3 times. According to Angel One, the post-issue P/E of NSE is around 35.4 times, while that of BSE is 54.2 times. The brokerage has cited NSE's strong market share, profitability and capital market growth as positive aspects, while considering regulatory risks as a challenge.
How strong is the business of NSE?
NSE provides services like trading, clearing, listing, data services and index licensing. As of June 2026, it had 13.24 crore unique registered investors, 1,328 trading members and 3,005 listed companies. The total market cap of these companies was around Rs 474.1 lakh crore.
As of June 2026, NSE's share in the cash market was 93%, in equity futures 99.7% and in equity options 68.5% based on premium turnover.
Earnings and biggest risks
In FY26, NSE's revenue from operations stood at Rs 16,601 crore and PAT at Rs 10,302 crore. In FY25, these figures were Rs 17,141 crore and Rs 12,188 crore respectively. FY26 EBITDA margin stood at 67.6% and PAT margin at 62.1%. In the first quarter, these were 77.9% and 68.4% respectively.
However, a major part of NSE's earnings depends on transaction charges. Transaction charges accounted for 78.7% of operations revenue in FY26 and options alone accounted for 60.2% of revenue. The premium turnover based share in equity options declined from 96.86% in FY24 to 74.71% in FY26 and 68.48% in June 2026. Hence valuation, trading volume and regulatory changes are the major risks of NSE IPO.
