NSE IPO Live: GMP jumps after announcement of price band | Latest news, date of opening, other updates

A decade in the making, NSE’s listing has been delayed by regulatory setbacks and legal hurdles. The regulator’s crackdown on Jane Street Group last year, along with measures aimed at curbing excessive speculation, has cooled the derivatives market that helped turn India into the world’s biggest options hub.

At the upper end of the price band, selling shareholders could raise as much as ₹226 billion ($2.4 billion), below the ₹278.7 billion raised by Hyundai Motor Co.’s Indian unit in 2024 in the country’s largest-ever IPO. The issue would value NSE at ₹4.42 trillion, compared with the previously targeted valuation of as much as ₹5.26 trillion, as per the Bloomberg report.

NSE’s valuation has come under growing scrutiny as investors worry about slowing growth and tighter regulatory oversight of stock-market activity. Options trading, a key driver of the exchange’s growth, has faced particular pressure as Indian authorities seek to curb speculative derivatives activity.

Against this backdrop, NSE has priced its IPO at ₹1,700 to ₹1,785 per share, according to a newspaper advertisement. This is below the earlier marketed price range of ₹2,000 to ₹2,100 per share, people familiar with the matter said.

The company has reduced the number of shares on offer to 126.44 million from the 148.9 million planned earlier, according to its updated prospectus filed in Mumbai late Thursday.

The offering will consist entirely of existing shares, representing about 5.1% of the company’s equity capital, down from the roughly 6% planned earlier, the filing showed.

The IPO will be open for subscription from September 17 to September 21, with the shares potentially listing on September 24.

Growth in the National Stock Exchange of India’s other businesses is likely to reduce the exchange’s revenue share from weekly options trading, its chief said on Friday.

“Other businesses are also coming up to reduce the pie of weekly options revenue,” NSE Managing Director and CEO Ashish Chauhan said during the company’s IPO press conference.

NSE’s IPO, which was initially expected to raise over ₹30,000 crore, will become the second-biggest IPO to date in India, after Hyundai Motor India’s ₹27,870-crore issue. The NSE issue will be slightly higher than the ₹21,000 crore raised by insurance behemoth LIC.

Jio Platforms is also readying a ₹37,700-crore IPO, which is expected to be launched during the same festival period.

The NSE IPO will open for subscription on 17 September 2026 and close on 21 September 2026. The book-built issue has a price band of ₹1,700 to ₹1,785 per share and is entirely an offer for sale (OFS).

With the subscription window closing on 21 September, the NSE IPO share allotment is scheduled for 22 September, while the shares are likely to be listed on 24 September 2026.

SBI is selling 1.6 crore shares, while MS Strategic (Mauritius) is offloading 1.1 crore shares in the OFS.

Bank of Baroda is offloading 76.9 lakh shares, while Stock Holding Corporation of India and General Insurance Corporation of India are each selling 61.87 lakh shares. National Insurance Company is selling 40 lakh shares, while Mahagony is offloading 30 lakh shares in the OFS.

Canada Pension Plan Investment Board is offloading 1.18 crore shares, while Aranda Investments (Mauritius), New India Assurance Company Ltd and United India Insurance Company are selling 1.12 crore, 1.05 crore and 60 lakh shares, respectively.

The exchange has cut the OFS size roughly by 15%, bringing it to 12.64 crore equity shares from 14.9 crore shares proposed in the DRHP.

At the price band of ₹1,700 to ₹1,785 per share, the IPO is estimated to raise ₹21,494-22,569 crore, which is significantly lower than the earlier estimate of around ₹30,000 crore.

At the upper price band, the issue is estimated at ₹22,569 crore. So, it will be the country's second-largest IPO after Hyundai Motor India's ₹27,870 crore IPO in 2024.

NSE Managing Director and CEO Ashishkumar Chauhan said on September 11 that the exchange has not applied to the Securities and Exchange Board of India (SEBI) for permission to trade its own shares on its platform.

According to reports, Chauhan said NSE has not filed any application with the market regulator so far to seek approval for trading its shares on its own exchange.

NSE’s IPO will open for subscription on September 17 and close on September 21, while bidding for anchor investors will take place on September 16.

The IPO is entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders, with no fresh issue of shares by NSE.

At the upper end of the price band of ₹1,785 per share, the offer size works out to around ₹22,569 crore.

The bid lot has been fixed at eight shares, with bids accepted in multiples of eight thereafter. Eligible employees will receive a discount of ₹170 per share. The shares are proposed to be listed on BSE.

Ahead of the opening of the National Stock Exchange of India’s initial public offering (IPO), its Managing Director and CEO Ashishkumar Chauhan on Friday highlighted the exchange’s scale and growth, saying NSE now handles around 30 crore trades on a good day, compared with about 700 trades on its first day of operations in 1994.

Speaking at NSE’s IPO press conference in Mumbai, Chauhan said the exchange has grown significantly since it began equity market operations on November 3, 1994.

BSE shares fell 1% this week, breaking its 2-week winning run. Market experts attributed the selling to rising expectations around the ₹30,000-crore NSE IPO, which they believe has raised concerns over BSE’s valuation and triggered profit booking.

According to market observers, the NSE shares are available at a premium of ₹217, up ₹26 from Friday morning's GMP of ₹191. So, the NSE IPO GMP is signalling that an investor may expect 12% return on their money.

Market observers believe the NSE IPO GMP has surged following the announcement of the price band.

National Stock Exchange of India Ltd (NSE) has cut the size of its initial public offering (IPO) after a clutch of key institutional shareholders, led by Morgan Stanley's investment vehicle, reduced the number of shares they plan to sell, according to two people directly aware of the development.

Morgan Stanley’s investment vehicle, MS Strategic (Mauritius), originally the second-largest selling shareholder with an offer of 16 million shares, is likely to have reduced its stake sale by 5 million shares, Mint has learnt. Key institutional shareholders scale back NSE IPO share sales

NSE further said that, in accordance with applicable law, equity shares held by pre-IPO shareholders of the company, except to the extent exempt, will be subject to a lock-in. The lock-in will begin from the date of allotment of equity shares in the IPO and continue for the period prescribed under applicable law.

The exchange has asked all shareholders to take note of the notification and support the company during the IPO process.

As part of the IPO process, NSE said its equity shares must be unencumbered and free from pledge.

The exchange has therefore requested shareholders to refrain from creating any pledges over the company’s equity shares from September 11 until the date of listing.

During the freeze period, no transfers, including off-market transactions, of NSE shares will be permitted without the corresponding corporate action and supporting documentation.

In Fiscal 2026, NSE recorded 7.95 billion cash-equity trades, ahead of Nasdaq (5.93 billion) and the New York Stock Exchange (NYSE) (5.38 billion), according to World Federation of Exchanges data cited in its DRHP.

NSE also held a 51.18% global share of contracts traded across the equity derivatives segment and 11.38% in the number of trades in cash equities.

Its technology infrastructure is equally significant. As of 31 March 2026, NSE processed an average of 12-14 billion messages a day and handled 21.89 billion peak order messages on 24 March 2026.

Its platform can process approximately 5 million messages per second, while its network covers more than 200,000 trading terminals across over 1,400 cities and towns.

In fiscal 2026, a total of ₹20.33 trillion was mobilised through NSE’s platform. Investors using the exchange span more than 99% of Indian postal codes as of March 31, 2026, highlighting the broad reach of NSE and its role in democratising access to financial opportunities, as per the DRHP report.

As of March 31, 2026, NSE supported 253.66 million registered investor accounts, 1,325 trading members, 129.09 million unique registered investors and 2,978 listed entities. The listed entities on the exchange had a combined market capitalisation of ₹411.25 trillion.

NSE provides a listing venue for companies and other entities issuing securities in India, generating revenue from fees paid by issuers for such listings. The exchange, in its DRHP, said it aims to be the preferred designated stock exchange for issuers looking to access its markets.

NSE added that its marketplace offers multiple access points and a deep investor base, allowing price and liquidity formation to take place within a transparent and regulated framework. This, it said, can help develop subsequent liquidity and enable companies to raise additional capital.