NSE IPO Live Updates: GMP, expected date and price hints reduction in OFS size | Latest news, current status

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.

The NSE IPO investment opportunity comes with certain risks. The DRHP identifies competition, technological disruption, regulatory intervention and dependence on transaction volumes among the key challenges facing the business.

Its clearing subsidiary, NSE Clearing Ltd, also saw its share of cash-market settlement turnover decline in fiscal 2026 following the introduction of interoperability between clearing corporations.

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.

The importance of the NSE IPO goes beyond its potential size. India’s capital markets are expanding, with the number of unique stock-market investors exceeding 139 million as of March 2026 and demat accounts reaching 224.51 million, according to the exchange’s DRHP.

NSE also facilitated ₹1.78 trillion in funds mobilised through fresh listings and OFS transactions across its primary-market platforms in fiscal 2026.

If the reported September timetable holds, the NSE IPO could become a closely watched transaction for India’s capital markets and potentially the country’s largest IPO by issue size.

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.

As part of the IPO process, NSE said its equity shares are required to be unencumbered and free from being pledged.

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.

According to PTI, the initial public offering (IPO) of the National Stock Exchange is likely to open for public subscription on September 18 and list on September 25, sources said on Tuesday.

The price band for the IPO is expected to be announced on September 15, followed by the anchor book on September 17, they said.

The public issue is likely to remain open on September 18, 21 and 22.

There has been no official announcement regarding these dates in the bourse's calendar.

Quoting an anonymous source, Reuters reported that the NSE is likely to price its initial public offering at ₹1,700- ₹1,785 per share. Bloomberg, meanwhile, reported that the NSE IPO could be priced at around ₹1,785 per share. Notably, this is close to the grey market expectations for the issue.

Speaking about the expected NSE IPO price band, Arun Kejriwal, founder of Kejriwal Research and Investment Services, said NSE shares ended at ₹2,050 on September 7, which is close to their fair value. With the lock-in period beginning today, pre-IPO investors will have to wait six months before they can sell their NSE shares.

The NSE IPO GMP today stands at ₹226, ₹29 lower than the NSE IPO GMP of ₹255 on Wednesday. The NSE IPO GMP was ₹285 when SEBI gave its approval to the much-awaited public issue. This means the grey market premium has fallen from ₹285 to ₹226 in the last four days.

Market observers believe the start of the lock-in period for pre-IPO investors and weak sentiment in the secondary market could be among the reasons for the decline in the NSE IPO GMP. They expect grey market sentiment to revive once the NSE IPO price band is announced.

NSE IPO price band is expected to be announced on Friday, September 11, according to multiple media reports. Livemint couldn’t independently verify the development. As per reports, the country’s largest stock exchange may get listed as soon as this month.

In a separate development, NSE has reportedly cut the issue size of its IPO. The proposed dilution of shares by existing shareholders could fall from 6% to 5.2%-5.5%, according to a PTI report.

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.

Other investors likely to have reduced their planned stake sales include state-backed entities and global funds. State-run lenders Bank of Baroda and Indian Bank have likely cut their planned offerings to 7.69 million and 1.50 million shares, respectively, from 10.99 million and 2.48 million shares.

Bank of Baroda and Indian Bank have also informed the stock exchanges of their plans to reduce the share sales.

National insurer General Insurance Corporation of India Ltd (GIC Re) and central record-keeping agency Stock Holding Corporation of India Ltd are both said to have pared their planned offerings to 6.19 million shares each, from more than 10 million shares each in the original draft prospectus.

State-run insurer National Insurance Co. Ltd has also reduced its planned stake sale to 4 million shares from the 6 million shares originally proposed.

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

Among the key selling shareholders, State Bank of India is set to offload up to 24.8 million shares, while MS Strategic (Mauritius) Limited will sell up to 16 million shares.

Other major shareholders participating in the OFS include Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Ltd, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company, according to a PTI report.

According to PTI, the nearly ₹30,000-crore initial public offering (IPO) of the National Stock Exchange (NSE) is likely to open for public subscription on September 18 and list on September 25, sources said on Tuesday.

The price band for the IPO is expected to be announced on September 15, followed by the anchor book on September 17, PTI reported.

The public issue is likely to remain open for subscription on September 18, September 21 and September 22, according to the sources.

However, the NSE has not yet made any official announcement regarding the IPO schedule.

According to Reuters, some major investors in the National Stock Exchange of India (NSE) are reducing the number of shares they plan to sell in the exchange’s upcoming IPO, as they expect the stock to gain after listing given the relatively low offer price.

Reuters reported, citing sources, that shareholders reducing the number of shares they plan to offer this month include National Insurance Co. of India, General Insurance Corporation, Stock Holding Corporation, MS Strategic (Mauritius), a Morgan Stanley fund, and Singapore-based Mahogany Ltd.

Post-listing NSE will be top 10 among India's largest companies in terms of market cap, which will garner huge interest from the market. At an expected price-to-earnings valuation of around 35 times, the IPO would provide investors with headroom (for gains) after listing.

Deven Choksey, managing director of fund and wealth manager at DRChoksey FinServ told Reuters

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’s path to the market has been one of India’s longest-running corporate sagas. The exchange first filed its IPO papers in 2016, but its listing plans were derailed by the co-location controversy, in which certain brokers were accused of receiving preferential access to NSE’s systems.

The IPO was subsequently shelved amid a leadership overhaul. In September 2024, Sebi closed proceedings in the co-location case against NSE and its officials, citing a lack of evidence.

NSE’s IPO plans gained momentum in January 2026 after the exchange, under new management, reached a settlement with Sebi and received approval to refile its papers. It filed its draft IPO documents on June 17 and received Sebi’s final observations last week.

Indian Bank is proposing to divest up to 15 lakh equity shares of the National Stock Exchange of India (NSE) through an Offer for Sale (OFS) as part of the exchange’s proposed Initial Public Offering (IPO).

The proposed stake sale represents 17.91% of Indian Bank’s shareholding in NSE and remains subject to the requisite regulatory approvals, the bank said in an exchange filing on Wednesday.

As part of the OFS process, the consent letter for the proposed transaction was executed on September 9, 2026. The stake sale is expected to be completed by the end of September 2026, subject to the proposed NSE IPO and applicable approvals.

According to the disclosure, Indian Bank had received a dividend of ₹29.32 crore from NSE for FY26.