NSE IPO: dates, price band, lot size and GMP
NSE IPO listed on 24 Sep at ₹1,800 (BSE). Issue dates 17 – 21 Sep 2026, price band ₹1,700 – ₹1,785, lot 8 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: NSE listed on 24 Sep 2026 on BSE at ₹1,800, +₹15 (+0.8%) against the ₹1,785 upper band. NSE IPO listing date, price and gain · Recently listed IPOs
Updated 17 Oct 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the NSE IPO has a price band of ₹1,700 – ₹1,785, a lot of 8 shares and no grey-market premium reported yet as of 17 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 17 – 21 Sep 2026 |
| Price band | ₹1,700 – ₹1,785 |
| Lot size | 8 shares |
| Issue size | ₹22,561.57 Cr |
| Offer for sale | ₹22,561.57 Cr |
| Subscription | 5.71x |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | Kotak Mahindra Capital Co.Ltd., Morgan Stanley India Co.Pvt.Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd., Avendus Capital Pvt.Ltd., Dam Capital Advisors Ltd., HDFC Bank Ltd., IDBI Capital Markets & Securities Ltd., Motilal Oswal Investment Advisors Ltd., Pantomath Capital Advisors Pvt.Ltd., JM Financial Ltd., Citigroup Global Markets India Pvt.Ltd., JP Morgan India Pvt.Ltd., Anand Rathi Advisors Ltd., Axis Capital Ltd., Equirus Capital Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd., Nuvama Wealth Management Ltd., 360 One WAM Ltd. |
| Status | Listed |
Timeline
- Issue opens: 17 Sep
- Issue closes: 21 Sep
- Allotment: 22 Sep
- Refunds: 23 Sep
- Demat credit: 23 Sep
- Listing: 24 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 12.68x |
| NII | 6.55x |
| sNII | 4.09x |
| bNII | 7.78x |
| Retail | 1.39x |
| Total | 5.71x |
Last updated 21 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹1 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE |
| Market cap at the upper band | ₹4,41,788 Cr |
| P/E (pre-issue) | 42.89x |
| P/E (post-issue) | 42.89x |
| Offer for sale (shares) | 12,64,36,650 |
| Total shares offered | 12,64,36,650 |
| Lead managers | Kotak Mahindra Capital Co.Ltd., Morgan Stanley India Co.Pvt.Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd., Avendus Capital Pvt.Ltd., Dam Capital Advisors Ltd., HDFC Bank Ltd., IDBI Capital Markets & Securities Ltd., Motilal Oswal Investment Advisors Ltd., Pantomath Capital Advisors Pvt.Ltd., JM Financial Ltd., Citigroup Global Markets India Pvt.Ltd., JP Morgan India Pvt.Ltd., Anand Rathi Advisors Ltd., Axis Capital Ltd., Equirus Capital Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd., Nuvama Wealth Management Ltd., 360 One WAM Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | nse.ipo@in.mpms.mufg.com |
| Company website | nseindia.com |
| Anchor bid date | 16 Sep 2026 |
| Anchor lock-in ends (50%) | 21 Oct 2026 |
| Anchor lock-in ends (remaining) | 20 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 8 | ₹14,280 |
| Retail (maximum) | 15 | 120 | ₹2,14,200 |
| sNII (minimum) | 15 | 120 | ₹2,14,200 |
| bNII (minimum) | 71 | 568 | ₹10,13,880 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.9% | 3,77,93,739 | |
| QIB | 19.9% | 2,52,07,867 | Not more than 50% of the Net Offer |
| NII (HNI) | 14.9% | 1,89,00,483 | Not less than 15% of the Net Issue |
| sNII | 5% | 63,00,161 | |
| bNII | 10% | 1,26,00,322 | |
| Retail | 34.9% | 4,41,01,125 | Not less than 35% of the Net Offer |
| Employee | 0.3% | 4,33,436 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 17 Sep | 0.19x | 0.72x | 0.94x | 0.61x | 0.44x | 0.43x |
| Day 2 · 18 Sep | 2.37x | 1.60x | 1.93x | 1.44x | 0.83x | 1.44x |
| Day 3 · 21 Sep | 12.68x | 6.55x | 4.09x | 7.78x | 1.39x | 5.71x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹41.62 |
|---|---|
| EPS (post-issue) | ₹41.62 |
| P/E (pre-issue) | 42.89x |
| P/E (post-issue) | 42.89x |
| RoNW | 33.21% |
| RoCE | 42.8% |
| RoE | 32.98% |
| PAT margin | 50.98% |
| EBITDA margin | 66.85% |
| Price / book | 13.76x |
| NAV per share | ₹129.75 |
| Market cap (upper band) | ₹4,41,788 Cr |
Financials (₹ Cr)
| Metric | 30 Jun 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 91,334.07 | 87,937.44 | 69,466.64 | 65,463.98 | +26.6% |
| Total Income | 5,252.17 | 18,713.37 | 19,176.83 | 16,352.06 | −2.4% |
| Profit After Tax | 3,120.08 | 10,302.06 | 12,187.69 | 8,305.74 | −15.5% |
| EBITDA | 4,332.04 | 14,519.09 | 16,021.36 | 11,623.83 | −9.4% |
| NET Worth | 34,983.74 | 31,869.72 | 30,165.05 | 23,833.1 | +5.7% |
| Reserves and Surplus | 34,996.73 | 31,866.04 | 30,105.83 | 23,924.91 | +5.8% |
About NSE
Incorporated in November 1992, National Stock Exchange of India Limited (NSE) is India's largest stock exchange and one of the world's leading multi-asset exchange platforms. NSE provides a vertically integrated ecosystem comprising trading, clearing, settlement, listing, market data, index services, and regulatory oversight across multiple asset classes, including equities, derivatives, currency derivatives, commodities, debt securities, and mutual funds.
NSE has consistently maintained its leadership position in India in cash market turnover, equity derivatives trading, and currency derivatives trading. As of March 31, 2026, the exchange served over 253 million registered investor accounts, 129 million unique investors, 1,325 trading members, and 2,978 listed companies, with a total listed market capitalization of approximately ₹411 trillion. During Fiscal 2026, over ₹20.3 trillion was mobilized through its platform.
The exchange operates on a highly scalable and resilient technology infrastructure that supports high-frequency trading, real-time market data dissemination, risk management, surveillance, and regulatory compliance. NSE plays a critical role in India's capital market ecosystem by promoting transparency, investor protection, efficient price discovery, and broad-based financial inclusion across more than 99% of Indian postal codes.
As of March 31, 2026, NSE had 1,974 full-time employees, while its subsidiaries employed an additional 907 employees across technology, operations, risk management, compliance, and business functions.
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|---|
| National Stock Exchange of India Ltd. (issuer) | 41.62 | 41.62 | 129.75 | — | 33.21% | Consolidated |
| Bse Limited | 60.61 | 60.61 | 163.6 | 54.28x | 45% | Consolidated |
Notes: All the financial information for listed industry peer is sourced from the financial information of such listed industry peer as at and for the Financial Year ended March 31, 2026 available on the website of the stock exchanges or the company. P/E Ratio has been computed based on the closing market price of Equity Shares available on NSE website as on Sep 9, 2026 divided by the diluted earnings per share as at and for the Financial Year ended March 31, 2026. Basic and diluted EPS from total operations as reported in the consolidated financial statement.
Strengths (per the offer document)
- Market leader in India – a liquid market for all stakeholders — We have been the largest stock exchange in India in terms of total turnover in cash market and total turnover in equity derivatives (based on notional turnover for equity options) from Fiscal 2001 6…
- Capital formation, listing and platform breadth — Our leadership extends to facilitating capital formation by, and listing of, Indian companies.
- Increasing individual investor participation — India’s nominal gross domestic product (“GDP”) has grown from US$2.61 trillion to US$3.92 trillion from Fiscal 2021 to Fiscal 2026 with a real GDP growth rate of 7.60% in Fiscal 2026 which was the…
- Institutional participation has grown in tandem with retail engagement, reinforcing market depth, liquidity — - the mutual fund industry in India manages an AUM of ₹73.73 trillion and ₹82.22 trillion as of March 2026 and June 2026, respectively, and has grown at a CAGR of 18.60% since March 2021 and a CAGR…
- Indian Capital Markets are becoming Robust and Resilient with Significant Room for Expansion — Over 30 years (June 1996 to June 2026), Nifty 50 has posted annualised returns of 10.73% in ₹ terms (7.12% in US$ terms), and Nifty 500 has posted annualised returns of 11.91% in ₹ terms (8.27% in…
- Fundraising in India — In the three months period ended June 30, 2026 and in Fiscal 2026, Total Fund Mobilisation on NSE was ₹6.19 trillion and ₹20.33 trillion with ₹0.06 trillion and ₹1.78 trillion mobilised by fresh…
- Other offerings — India’s sovereign credit rating has improved, supported by multiple credit rating agencies upgrading India’s long-term sovereign credit rating in the year 2025.
- Network Effects — The financialisation of savings has driven a significant increase in participants on our platform.
Risk factors (as disclosed by the company)
- Any significant decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products — We earn revenue based on trades executed on our stock exchange, listing fees from Listed Entities, and fees from ancillary services such as Data Feed & Terminal services, data centre related…
- We operate in a highly regulated industry, primarily overseen by SEBI — We operate in a highly regulated industry and are subject to oversight by SEBI, the Reserve Bank of India (“RBI”), and other Indian statutory authorities.
- We have been, and continue to be, subject to enforcement actions, monetary penalties, adjudication proceedings — Our Company, being a Market Infrastructure Institution (“MII”), is exposed to operational, legal, and regulatory risks, including those arising from inspections and investigations conducted by SEBI.
- Disruptions, failures, or inadequacies in our IT infrastructure, systems, or software, including those provided by third- party vendors — Our business depends on the continuous, reliable, and secure performance of our information technology infrastructure, computers, communications networks, and trading and settlement software.
- Our ability to attract new listings, issuances and capital formation activities on our platforms is critical to our business — Our growth and revenues depend on our ability to attract issuers to list on our platforms and undertake new issuances and capital formation activities on our platforms.
- We are subject to cybersecurity risks, including a distributed denial of service attack we experienced in 2025 — The digital nature of our business and our reliance on IT systems make us vulnerable to cyberattacks, security breaches, phishing, ransomware, supply chain attacks, data breaches, social…
- Our risk management systems may not always be adequate, which could result in financial losses, regulatory action, and reputational harm — We are required to maintain various risk management systems.
- Our clearing corporation operations expose us to financial, operational, counterparty and systemic risks arising from our relationships — Trades executed on our stock exchange are cleared and settled through NCL (our Subsidiary) or the BSE Clearing Limited (“BSECL”) (formerly known as Indian Clearing Corporation Limited).
From the RHP (strengths pages 215–219, risk factors pages 32–44). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- NSE IPO listing day: listed at ₹1,800 (+0.8% vs the upper band), 24 Sep 2026
- NSE IPO GMP today and trend
- NSE IPO subscription status, day by day
- NSE IPO allotment status and how to check
Frequently asked questions
When does the NSE IPO open and close?
The issue is scheduled for 17 – 21 Sep 2026.
What is the NSE IPO price band?
The price band is ₹1,700 – ₹1,785 per share with a lot size of 8 shares.
How big is the NSE IPO?
The total issue size is ₹22,561.57 Cr.
When will NSE list?
The tentative listing date is 24 Sep on the main board.
How do I apply for the NSE IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), NSE · as filed with SEBI · bseindia.com
- Red herring prospectus (RHP), NSE · as filed · sebi.gov.in
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 22 Sep · in.mpms.mufg.com
- BSE public issues page · listing 24 Sep · bseindia.com
- NSE company website · nseindia.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 24 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “NSE IPO”, https://buyunlistedshares.com/ipo/nse-ipo, as of 17 Oct 2026.
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- Tonbo Imaging India IPO · 15 – 19 Oct 2026
- Shellz India IPO · 15 – 19 Oct 2026
- Sahajanand Medical Technologies IPO · 15 – 19 Oct 2026
- Jio Platforms IPO · 21 – 23 Oct 2026
- Jio Platforms IPO · 21 – 23 Oct 2026
- Paras Healthcare IPO · 21 – 23 Oct 2026
Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 17 Oct 2026.
Our notes on this IPO
- Read our note: NSE IPO Live: Subscription Status, Price Band ₹1,700–1,785 & Allotment Date
- Read our note: NSE IPO Gets SEBI's Nod: Everything You Need to Know
- Read our note: NSE IPO Tomorrow: Latest GMP, Price Band, Lot Size & Key Dates (17 Sep 2026)
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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