The grey market premium (GMP) of the upcoming National Stock Exchange IPO is trading at ₹200 per share, according to IPO Watch, as of Friday. The premium indicates strong investor interest in the proposed issue, although it should be noted that grey market trends are unofficial and can change before the IPO opens.
To be sure, grey market prices are unofficial and do not necessarily reflect the IPO’s final valuation, while the final price band is set by the merchant bankers after considering multiple factors.
Sebi approval clears the way for NSE’s mega IPO
The much-awaited initial public offering (IPO) of the National Stock Exchange (NSE) has taken a key step forward in the listing process after securing approval from market regulator Sebi. The size of the issue is estimated at ₹30,000 crore, potentially making it the biggest IPO in India.
At this valuation, the NSE IPO would become India's largest-ever public offering, surpassing Hyundai Motor India Ltd's ₹27,859-crore IPO as well as LIC's ₹20,557-crore issue.
According to an update with the market regulator, NSE obtained Sebi's final observations on September 4. The country's largest stock exchange and the world's most active derivatives exchange filed draft papers in June after years of regulatory delays, including the co-location controversy.
NSE first filed its IPO papers in 2016, after which it became embroiled in the co-location scandal and was accused of giving select brokers unfair access to its servers. As the case dragged on, the IPO was shelved amid a leadership overhaul.
In January 2026, under new management, NSE reached a ₹1,300-crore settlement with Sebi and received the go-ahead to refile its papers.
The NSE IPO consists entirely of an offer for sale of up to 149 million equity shares by existing institutional shareholders, as per the DRHP. This means a total of 6% of NSE's paid-up capital is being offered to new investors. No fresh equity capital will be issued as part of the transaction.
The proceeds from the transaction will go entirely to the selling shareholders, which include State Bank of India, Canada Pension Plan Investment Board, affiliates of Morgan Stanley, Temasek, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, and United India Insurance Company.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
