- NSE IPO GMP stands at ₹65 on September 22, implying an estimated listing price of ₹1,850 and a premium of about 3.64% over the ₹1,785 upper issue price.
- The grey market premium has fallen nearly 79% from its ₹310 peak, sharply reducing expectations for a large listing-day gain.
- NSE IPO allotment is expected to be finalised today after the ₹22,562 crore issue closed 5.71 times subscribed, led by strong institutional demand.
NSE IPO GMP has dropped sharply ahead of the National Stock Exchange of India’s market debut, even as strong institutional bidding helped the ₹22,562 crore public offering finish more than five times subscribed. The NSE IPO grey market premium was ₹65 per share on Tuesday, according to grey-market tracking data cited by NDTV Profit. Based on the upper issue price of ₹1,785, that points to an estimated listing price of around ₹1,850, or a potential premium of approximately 3.64%.
That is a dramatic change from earlier expectations. The GMP had climbed as high as ₹310 following regulatory approval for the IPO, but has since fallen by almost 79% as the September 24 listing approaches.
NSE IPO GMP Today Falls to ₹65
The biggest story surrounding the IPO is the rapid decline in its unofficial premium. NSE IPO GMP today is ₹65, up from some lower readings during the final days of bidding but far below the levels seen before the issue opened.
The premium stood around ₹190 on September 11 before declining to ₹142 on September 18. It fell further as bidding progressed, with different grey-market trackers reporting readings as low as ₹30-₹61 on September 21.
Tuesday’s ₹65 reading therefore represents a modest recovery, but not a return to the strong expectations seen earlier this month. GMP is an unofficial measure of demand for shares before listing. It can change rapidly and does not guarantee the actual listing price.
NSE IPO Expected Listing Price Near ₹1,850
At the latest NSE IPO GMP of ₹65, the grey market indicates an estimated listing price of around ₹1,850. That would represent a gain of roughly 3.64% over the upper IPO price of ₹1,785. The implied return is considerably smaller than earlier in September. A ₹310 GMP would have pointed to an unofficial valuation of ₹2,095 per share, or a premium of more than 17% over the upper issue price.
The sharp contraction suggests grey-market expectations for NSE’s debut have cooled considerably even though the IPO ultimately attracted strong demand.
Investors should treat the ₹1,850 figure as an indication rather than a forecast. The actual listing price will be determined by market demand when trading begins.
NSE IPO Subscription Reaches 5.71 Times
The NSE IPO subscription improved substantially during the final stages of bidding. The offering closed 5.71 times subscribed on September 21, according to cumulative demand data cited by NDTV Profit. Qualified institutional buyers led the book, with their allocation subscribed 12.68 times.
Non-institutional investors subscribed 6.55 times their allotted portion, while the retail category was subscribed 1.39 times.
The numbers show a clear difference between institutional and retail demand. NSE’s IPO had started relatively slowly, with the overall book only 42% subscribed after the first day. Institutional orders accelerated later in the bidding period and ultimately drove the issue well above full subscription.
Ahead of the public offering, NSE also raised ₹6,746.18 crore from anchor investors, allotting 3.78 crore shares at ₹1,785 each.
NSE IPO Listing Date Set for September 24
The NSE IPO listing date is Thursday, September 24, 2026. The exchange’s shares are scheduled to make their public-market debut following completion of allotment and demat credit procedures. Attention will now shift from subscription numbers to the size of any listing premium.
The latest GMP suggests expectations have become substantially more restrained. Strong QIB demand provides one positive signal, but the collapse in the grey market premium shows that investors seeking a large immediate listing gain have become less optimistic.
The next two days will therefore be important for NSE IPO GMP, particularly whether the premium stabilises near current levels or moves again before Thursday’s debut.
The NSE IPO listing date is September 24, 2026. Allotment is expected to be finalised on September 22, followed by refunds and demat credits on September 23.
NSE IPO GMP has fallen sharply as expectations for a large listing gain have cooled ahead of the September 24 debut. The premium has dropped from a peak of ₹310 to around ₹65, despite the IPO closing 5.71 times subscribed. The decline suggests grey-market traders are pricing a much smaller listing premium than they were earlier in September.
Investors can check their NSE IPO allotment status through the BSE website or the issue registrar, MUFG Intime India, once allotment is finalised. The allotment is expected on September 22, with shares due to be credited to successful applicants’ demat accounts on September 23 ahead of the September 24 listing.