NSE IPO Tomorrow: Latest GMP, Price Band, Lot Size & Key Dates (17 Sep 2026)
· 6 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
The National Stock Exchange's much-awaited IPO opens on 17 September 2026 with a price band of ₹1,700–₹1,785 per share. Here's a quick look at the latest GMP, lot size, allotment date, listing date and the complete issue structure.
Reviewed by the BuyUnlistedShares desk.
Update, 28 Sep 2026: NSE listed on BSE on 24 Sep 2026 at ₹1,800; the IPO price band was ₹1,700–₹1,785 (Red Herring Prospectus dated 10 Sep 2026). See NSE unlisted share price today for the last indicative price and the listing details, and the NSE IPO record for subscription and allotment.
The National Stock Exchange of India (NSE)—the country's largest stock exchange—opens its long-awaited initial public offering (IPO) for public subscription on 17 September 2026. The listing comes nearly a decade after NSE first attempted to go public, following years of regulatory delays tied to a co-location dispute. Here's a complete, easy-to-scan breakdown of the price band, lot size, grey market premium (GMP), issue structure and key dates.
Key Dates at a Glance
Dates are provisional and subject to change by the exchange and regulatory authorities.
Price Band, Lot Size & Issue Size
Quick facts:
• Price band: ₹1,700 to ₹1,785 per share, at a face value of ₹1.
• Lot size: A retail investor must bid for a minimum of 8 shares, and in multiples of 8 thereafter.
• Minimum investment: At the upper price band, one lot costs approximately ₹14,280.
• Issue size trimmed: The offer-for-sale portion was reduced from an earlier proposed 14.9 crore shares to 12.64 crore shares, roughly a 15% cut, bringing the overall issue size down from an initially anticipated ₹30,000 crore.
Latest Grey Market Premium (GMP) Today
The grey market premium for NSE shares has been volatile in the run-up to the IPO opening. Recent readings have ranged from roughly ₹191 to ₹222 per share, translating to an indicative listing premium of around 10% to 12% over the upper end of the price band.
• GMP range over the past week: Approximately ₹160 to ₹320 per share.
• Latest reported GMP: Around ₹191–₹208 per share as of 15–16 September 2026.
• Indicative listing price: Roughly ₹1,976–₹1,993, based on the upper price band plus the prevailing GMP.
Note: GMP is an unofficial, informally tracked indicator reported by market observers — it is not published by the exchange, changes frequently, and is not a guaranteed forecast of the actual listing price.
IPO Structure: 100% Offer for Sale
The NSE IPO is entirely an Offer for Sale (OFS), meaning the exchange itself will not issue any new shares and will not receive any proceeds from the issue. All proceeds will go to the existing shareholders who are selling part of their holdings.
• Selling shareholders include: State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, MS Strategic (Mauritius), and several other existing shareholders.
• Total OFS size: Up to 12,64,36,650 equity shares, aggregating to approximately ₹22,562 crore at the upper price band.
At this size, the NSE IPO is set to become India's second-largest public issue on record, behind Hyundai Motor India's ₹27,870 crore IPO (2024) and ahead of LIC's ₹21,000 crore IPO (2022).
Company Financial Snapshot
• Valuation metrics: Price-to-book (P/B) ratio of about 13.76, Return on Net Worth (RoNW) of approximately 33.21%, and an implied market capitalisation of roughly ₹4,41,787.50 crore.
• Income trend: FY26 total income of ₹18,713.37 crore was down about 2% from ₹19,176.83 crore in the previous fiscal year.
• Profit trend: FY26 PAT of ₹10,302.06 crore was down 15.47% year-on-year from ₹12,187.69 crore.
Regulatory Journey: Why the IPO Took Nearly a Decade
• 2016: A draft prospectus was first filed, with plans to raise around ₹10,000 crore.
• Extended hold: The regulator placed the IPO on hold for an extended period over multiple regulatory issues, including a co-location trading dispute.
• June 2026: A fresh draft red herring prospectus (DRHP) was resubmitted to the regulator.
• September 2026: Regulatory approval was granted, clearing the way for the price band and subscription dates to be officially announced.
How to Apply for the NSE IPO
• Log in to your net-banking, broker app, or a UPI-enabled IPO application platform.
• Select the NSE IPO from the list of open issues.
• Enter your demat account details and choose the number of lots (minimum 1 lot = 8 shares).
• Select your bid price within the ₹1,700–₹1,785 band, or opt for the cut-off price.
• Authorise the UPI mandate or block the funds through ASBA before the closing date of 21 September 2026.
• Track allotment status after 22 September 2026 using your PAN, application number, or demat ID.
Frequently Asked Questions
1. When does the NSE IPO open and close?
The NSE IPO opens for public subscription on 17 September 2026 and closes on 21 September 2026.
2. What is the price band for the NSE IPO?
The price band is set at ₹1,700 to ₹1,785 per equity share, with a face value of ₹1 per share.
3. What is the lot size for the NSE IPO?
The minimum lot size is 8 shares, and investors can apply in multiples of 8 shares thereafter.
4. What is the minimum investment amount required?
At the upper end of the price band, one lot (8 shares) requires an investment of approximately ₹14,280.
5. What is the NSE IPO GMP today?
The grey market premium has recently ranged between roughly ₹191 and ₹222 per share, indicating an unofficial listing premium of around 10–12% over the upper price band. GMP is informal and can change daily.
6. Is the NSE IPO a fresh issue or an offer for sale?
It is entirely an Offer for Sale (OFS). NSE is not issuing new shares, so the company itself will not receive any funds from the IPO — proceeds go to the selling shareholders.
7. What is the total size of the NSE IPO?
The issue size is approximately ₹22,561.57 crore, making it India's second-largest IPO on record after Hyundai Motor India's ₹27,870 crore issue.
8. When will NSE IPO shares be allotted?
Allotment is expected to be finalised on 22 September 2026, with refunds and share credits to demat accounts processed on 23 September 2026.
9. When will NSE shares list, and on which exchange?
Shares are tentatively scheduled to list on 24 September 2026 on the BSE, with subsequent trading also enabled on the NSE.
10. Who are the key selling shareholders in the NSE IPO?
Major selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, and MS Strategic (Mauritius), along with several other existing shareholders.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
