NSE IPO Day 1 Subscription: Mega Rs. 22,562 Cr Issue Sees Just 42% Bids; Check GMP, Allotment & Listing Date

The NSE IPO has finally hit the market, but investor enthusiasm appeared measured on Day 1. Despite being one of India's most closely watched public issues, the National Stock Exchange's mega IPO garnered a subscription of just 0.42 times by the end of the first day on September 17.

While anchor investors committed Rs. 6,746.18 crore ahead of the issue, the opening-day response from public investors was quite mixed.

The Rs. 22,561.57-crore offer for sale is open until September 21; all eyes are now on whether subscription momentum will gather pace in the coming sessions.

NSE IPO Day 1 Subscription Details

At the end of Day 1, the NSE IPO was subscribed 0.42 times overall according to BSE subscription data and sector-wise the response was equally modest.

The retail portion was subscribed 0.43 times, while the non-institutional investor (NII) category saw 0.69 times subscription and qualified institutional buyers (QIBs), excluding anchor investors, subscribed 0.19 times.

The bidding window for the NSE IPO will be open until September 21. The allotment is expected to be finalised on September 22, while the shares are tentatively scheduled to list on the BSE on September 24.

NSE IPO GMP Today

The main reason behind the slowdown in Subscription enthusiasm is the modest GMP, which hints at an 8.29% gain over the issue price.

The NSE IPO is trading at Rs 148 per share in the grey market as of 4:37 PM on September 17th, and the estimated listing price based on the reported GMP comes to Rs 1,933 per share.

NSE IPO: Should Investors Apply? What Brokerages Say

Out of the 25 brokerages that have reviewed the IPO, 65% of them are positive about it and have given an APPLY rating to the issue.

Nirmal Bang Securities has assigned a 'Subscribe' rating, citing NSE's established market position and the long-term growth potential of India's capital markets.

In its report, the brokerage said, "We believe NSE's strong franchise, significantly larger scale and established market ecosystem provide a solid base to navigate the evolving derivatives landscape."

Nirmal Bang noted, "NSE is offered at 35.4x Q1FY27 annualised P/E, factoring in both its market leadership and the near-term pressure from increasing competition in options. Given the structural growth potential of Indian capital markets, we assign a "Subscribe" rating with a positive long-term outlook."

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