Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹1 |
| Fresh Issue | None |
| Offer for Sale | ₹22,561.57 Cr (100% OFS) |
| Market Cap | ≈ ₹4,41,788 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | ~50% (incl. anchor) |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Kotak Mahindra Capital, Morgan Stanley India, HSBC Securities, SBI Capital Markets, Avendus Capital, DAM Capital, HDFC Bank, JM Financial, Citigroup, JP Morgan, Axis Capital, ICICI Securities, IIFL Capital, Nuvama, 360 One WAM and others (20 BRLMs) |
| Registrar | MUFG Intime India Pvt. Ltd. |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 16,352.06 | 19,176.83 | 18,713.37 | -2% |
| PAT | 8,305.74 | 12,187.69 | 10,302.06 | -15% |
| PAT Margin | 50.8% | 63.6% | 55.0% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| National Stock Exchange | ≈42.9x | 33.21% | ≈55% |
| BSE Ltd. | 66.7x | 45.0% | — |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Professionally managed — no identifiable promoter (widely held; large institutional and financial-sector shareholders) |
| Pre-issue | — |
| Post-issue | — |
| Objects of Issue | |
|---|---|
| Offer for sale — proceeds go to selling shareholders | ₹22,561.57 |
| The company receives no fresh proceeds | Nil |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Dominant, moat-heavy franchise — India's largest exchange with the leading share of cash-market and equity-derivatives turnover.
- Exceptional economics — ~55% net margin, ~33% RoNW and ~43% ROCE; a fee-based, capital-light, cash-generative model.
- Full-stack platform across trading, clearing, settlement, listing, indices and market data — deep network effects and switching costs.
- Strong institutional conviction — QIB category ~12.7× subscribed on the final day; anchor book ~30% of the offer.
- Reasonable relative valuation — ~43x versus listed peer BSE at ~66.7x, with far greater scale.
- 100% offer-for-sale — none of the ₹22,561 Cr reaches the company; existing holders are selling.
- Earnings dipped in FY26 — PAT fell ~15% to ₹10,302 Cr off an unusually strong FY25, so the trend is not cleanly upward.
- Full valuation — ~43x earnings and ~13.8x book; much of the quality is already in the price, and the grey market points to only a ~3% pop.
- Regulatory and concentration risk — revenue is highly exposed to market-linked volumes and to SEBI/exchange regulation and fee structures.
- Retail demand is light (~1.31×) and it is a long-term ownership story rather than a listing-gain trade; new listing — confirm final figures in the RHP.
Did the signal hold up? Updates after Sep 24
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
National Stock Exchange of India IPO FAQs
Common questions about the National Stock Exchange of India IPO — GMP, price, dates, allotment and more.
What is National Stock Exchange of India IPO GMP today?
As of the latest update (Subscription: Final · Sep 21, 06:55 PM IST · GMP: Sep 22, 11:15 AM IST), the grey market premium (GMP) for National Stock Exchange of India IPO is around ₹65 (unofficial), implying an estimated listing price of about ≈ ₹1,850. GMP is unofficial & indicative
What is National Stock Exchange of India IPO price band?
The price band is ₹1,700 – ₹1,785 per share (face value ₹1).
What is National Stock Exchange of India IPO lot size?
The lot size is 8 · min ₹14,280 per application.
When is National Stock Exchange of India IPO allotment?
The tentative basis-of-allotment date is Sep 22.
When will National Stock Exchange of India IPO be listed?
The tentative listing date is Sep 24, 2026 on BSE (not listed on NSE).
What is the expected listing price of National Stock Exchange of India IPO?
Based on the current grey market premium of ₹65 (unofficial), the estimated listing price is around ≈ ₹1,850 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for National Stock Exchange of India IPO?
Our view: Buy · Apply (long-term)
In simple terms, this is India's biggest stock exchange selling shares to the public for the first time. It is a rare, toll-booth-like business — it earns a fee on a huge share of the country's share and derivatives trading, keeps more than half of its revenue as profit, and earns very high returns on its money. Institutions have bid strongly (the institutional category is about 12.7 times covered). The catch is threefold: the whole issue is existing shareholders selling out, so none of the ₹22,561 crore goes into the company; profit actually dipped last year after an unusually strong prior year; and at about 43 times earnings the price is full, with the grey market pointing to only a small (~3%) listing pop. On balance it is a high-quality franchise to own for the long term rather than a quick listing-gain trade — reasonable to apply for investors who want a durable, cash-rich business and are comfortable with a full price. (This is research, not investment advice; confirm final figures in the RHP.) This is IPOSignal's research view, not investment advice.
What is National Stock Exchange of India IPO subscription status?
As of Final · Sep 21, 06:55 PM IST, the issue was subscribed 5.7× overall — QIB 12.7×, NII / HNI 6.6×, Employee 2.3×, Retail 1.4×.
Who is the registrar of National Stock Exchange of India IPO?
The registrar is MUFG Intime India Pvt. Ltd.; the lead manager(s): Kotak Mahindra Capital, Morgan Stanley India, HSBC Securities, SBI Capital Markets, Avendus Capital, DAM Capital, HDFC Bank, JM Financial, Citigroup, JP Morgan, Axis Capital, ICICI Securities, IIFL Capital, Nuvama, 360 One WAM and others (20 BRLMs).