NSE IPO Is Live: Buy National Stock Exchange Shares For Long Term Or Avoid? GMP, Allotment & Listing Dates

The National Stock Exchange (NSE) IPO is live for bidding from September 17, 2026. The subscription window will close on September 21st. NSE, which is the largest stock exchange IPO and second largest IPO in Indian market, is available at a price band of Rs 1,700 to Rs 1,785. Experts believe that the NSE IPO is relatively attractive in comparison to its listed peers like BSE. However, despite looking attractive, NSE's GMP has crashed nearly 37% in a week's time. Currently, the grey market premium signals at potential 7% premium listing on BSE. That being said, should you buy NSE IPO?

NSE IPO Subscription Status:

The NSE IPO has witnessed a steady start on Day 1 of subscription. At the time of writing, the IPO received bids of 2,31,11,112 equity shares, which is 26% of the total size of 8,86,42,911 equity shares offered. Among the biggest bidders are the employees as the category subscribed 64% of their portion.

Meanwhile, non-institutional investors (NII) category subscribed 38% of their portion, and not too far is the retail individual investors (RII) category that subscribed 29% of their portion. However, the qualified institutional investors have shown tepid demand with subscription of 11% of their total allotted shares.

The IPO opened from September 17 and will close on September 21st at a price band of Rs 1,700 to Rs 1,785 per share. The IPO size is Rs 22,569 crore, purely through an offer for sale. There is an employee discount of Rs 170 on the IPO.

Major promoters, especially PSUs like State Bank of India, Bank of Baroda and General Insurance Corporation of India, New India Assurance, National Insurance Company, and United India Insurance, are offloading heavy stakes in the IPO for the public to buy. In total, up to 12,64,36,650 equity shares will be offered for sale.

From the total size, 50% is allotted to qualified institutional buyers (QIBs), 35% to retail individual investors, and 15% to non-institutional investors. The bid lot size is 8 shares and in multiples thereof.

NSE IPO GMP Today

NSE IPO last recorded Grey Market Premium (GMP) is Rs 140, updated on Sep 17, 2026 11:55:01 AM. With an upper price band of Rs 1785.00, the estimated listing price for NSE IPO is Rs 1925 (cap price + today's GMP). The expected percentage gain/loss per share is 7.84%, as per Investor Grain.

This GMP has crashed significantly by 36% in a week. Notably, NSE IPO has been sliding throughout the period. The GMP stood at Rs 145 on September 16, at Rs 160 on September 15, at Rs 208 on September 14 at Rs 210 on September 13, at Rs 208 on September 12, and at Rs 218 on September 11th.

The highest GMP of NSE was Rs 310 which was last seen on September 5, 2026.

NSE IPO Allotment & Listing Dates

The IPO's allotment status will be carried out on September 22, 2026. Once the eligible shareholders are identified, NSE will credit the shares or refund on September 23. The listing is expected to on September 24th on BSE.

Should You Bid In NSE IPO?

Angel Broking On NSE IPO:

At the upper price band of ₹1,785, NSE is valued at a post-issue P/E of 35.4x, compared with BSE's P/E of 54.2x, making the issue attractive relative to its key listed peer.

NSE's dominant market position, significantly higher revenue and profitability, strong market share in equity derivatives, and long-term structural growth in Indian capital markets provide further comfort. Despite near-term regulatory headwinds to derivatives volumes, we believe the valuation offers a favourable entry point given the company's strong competitive position and earnings potential. We recommend Subscribe for the IPO.

Religare Broking On NSE IPO:

NSE's IPO presents a balanced outlook, with financial performance in FY26 impacted by regulatory changes and moderation in trading activity, while operational metrics remained resilient, supported by increasing investor participation, fund mobilisation and market presence. At a P/E of 42.9x, the valuation reflects the company's established market position and future growth potential, while leaving limited room for earnings disappointments. Regulatory developments, including SEBI measures on options trading, remain key factors influencing trading volumes and transaction-based income.

While the long-term growth opportunity in India's capital markets remains favourable, the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, we assign a Neutral rating.

Key Risks To NSE IPO:

As per the brokerage, NSE faces significant risks from any decline in the volume and value of transactions, which could reduce transaction-based income and adversely affect growth.

Also, its high dependence on transaction charges, particularly from the options business, increases sensitivity to trading activity. Technology infrastructure is critical, making system failures, cybersecurity issues or difficulties in adopting new technologies potential risks.

Furthermore, dependence on third parties and intermediaries also creates operational and fraud risks. Additionally, regulatory changes affecting trading
products, market structure or transaction activity could adversely impact volumes, revenue, financial performance and future growth prospects.

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