The NSE IPO opened for subscription on September 17, drawing strong investor attention across India’s capital markets. The Rs. 22,568.94 crore issue carries a Rs. 1,700 to Rs. 1,785 price band. The offering will remain open until September 21, with listing expected on September 24. 

NSE has offered 12.64 crore existing shares through an offer for sale. The issue ranks among India’s largest public offerings, with existing shareholders receiving the proceeds. Retail investors need Rs. 14,280 for one lot containing eight shares.

The NSE IPO GMP stood around Rs. 125 on Thursday, indicating an estimated 7% premium at the upper price band. Grey market levels have weakened from higher readings earlier this month, reducing expectations for immediate listing gains. 

The unofficial market showed a GMP near Rs. 218 on September 11, before declining toward the IPO opening. GMP figures can change quickly and do not guarantee listing gains or future returns.

NSE has already secured Rs. 6,746.18 crore from anchor investors before the public issue opened. The exchange allotted 3.78 crore shares to institutional investors at Rs. 1,785 each. The anchor book included large institutions such as LIC, ADIA and Norges Bank. The strong institutional participation adds another important element to the IPO launch.

Brokerage reviews remain broadly positive, although analysts have highlighted several risks. Choice Broking assigned a Subscribe rating and emphasized NSE’s dominant market infrastructure position. “There is no other way to own Indian market infrastructure at this scale,” Choice Broking said. 

Ventura also recommended Subscribe, citing NSE’s diversified businesses across clearing, indices and market data. Swastika highlighted NSE's 93% cash market and 99.8% equity futures market share.

LKP Securities also recommended Subscribe, while Religare Broking maintained a Neutral stance. Religare flagged NSE’s dependence on transaction income and sensitivity to trading activity. Swastika compared the NSE’s upper price band valuation of approximately 42.9x FY26 earnings against BSE’s multiple of 54.28x.

NSE’s business remains closely linked with market volumes and derivatives activity. Transaction charges generated about 78.7% of FY26 operating revenue, while options contributed around 60.2%. Regulatory changes could therefore affect trading activity and earnings growth. The exchange also faces technology, cybersecurity and operational risks.

The NSE IPO offers a rare opportunity to own India’s leading exchange infrastructure business. The current GMP points toward moderate listing expectations rather than a major opening surge. Investors weighing the NSE IPO can therefore consider valuation, market dependence, regulatory exposure, and investment horizon alongside brokerages’ positive views.

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