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NSE IPO
Price Band
₹1700.0–1785.0
Issue Size
₹22561.57 Cr
Lot Size
8 shares
Min Investment
₹14,280
GMP
+₹40.0 (2.24%)
Issue Price
₹1785.0
Subject to Sauda
₹200
Paid only if allotted
NSE IPO AI Summary
- NSE IPO is listed on BSE in the Exchange and Data Platform sector.
- Price band: ₹1700.0–₹1785.0 per share, lot size 8 shares (min. investment ₹14,280).
- Subscription window: 17 Sep–21 Sep 2026, listing on 24 Sep 2026.
- Current GMP is +₹40.0 (2.24%), an estimated listing price of ₹1825 — unofficial and can change daily.
NSE is India's largest stock exchange, offering a comprehensive range of services across multiple asset classes. With a strong track record and advanced technology, it is well-positioned to benefit from the growth of India's capital markets. The IPO is expected to attract significant interest, particularly from institutional investors.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
NSE IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 21 Sep 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
5.71x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
12.68x
|
13x ✓ |
| NII (HNI) |
6.55x
|
6.55x |
| ↳ bNII (>₹10L) |
7.78x
|
7.78x |
| ↳ sNII (<₹10L) |
4.09x
|
4.09x |
| Retail (RII) |
1.39x
|
1.39x |
| Employee |
2.40x
|
2.40x |
| Total | 5.71x | 5.71x |
Auto-updated every 5 min · As of 21st Sep 2026 18:56
NSE IPO Grey Market Premium (GMP) Today
GMP
+₹40.0
GMP %
+2.24%
Est. Listing
₹1825.0
Updated: 24 Sep 2026 07:45
GMP Trend (Last 13 Days)
About the Company
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. Key Strengths Largest stock exchange in India across key trading segments. Leading global multi-asset exchange by equity derivatives trading volumes. Strong brand built on trust, transparency, and market integrity. Vertically integrated business model covering trading, clearing, settlement, and market data services. Advanced technology platform designed for scale, resilience, and security. Well-positioned to benefit from India's growing capital markets and investor participation. Strong network effects driven by investors, listed companies, and intermediaries. Comprehensive product offerings across multiple asset classes. Consistent profitability, cash generation, and financial performance. Experienced management team with strong governance and regulatory expertise.
Company Financials (₹ Cr)
As of 2026-06-30
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 91,334.07 | 87,937.44 | 69,466.64 | 65,463.98 |
| Total Income | 5,252.17 | 18,713.37 | 19,176.83 | 16,352.06 |
| Profit After Tax | 3,120.08 | 10,302.06 | 12,187.69 | 8,305.74 |
| EBITDA | 4,332.04 | 14,519.09 | 16,021.36 | 11,623.83 |
| NET Worth | 34,983.74 | 31,869.72 | 30,165.05 | 23,833.10 |
| Reserves and Surplus | 34,996.73 | 31,866.04 | 30,105.83 | 23,924.91 |
Key Ratios
EPS
₹41.62
NAV
₹129.75
ROE
32.98%
ROCE
42.80%
RoNW
33.21%
P/B Value
13.76
P/E Ratio
42.89
Market Cap
₹441787.50 Cr
PAT Margin
50.98%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Bse Limited | 163.6 | 45% | 54.28 | 60.61 | 60.61 |
| National Stock Exchange of India Ltd. This IPO | 129.75 | 33.21% | — | 41.62 | 41.62 |
IPO Evaluation
Generated 27 Sep 2026Revenue Trend
Total income was ₹16,352.06 Cr in the period ending 31 Mar 2024, rising to ₹19,176.83 Cr by 31 Mar 2025. However, it decreased to ₹18,713.37 Cr in the period ending 31 Mar 2026, and further dropped to ₹5,252.17 Cr by 30 Jun 2026, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹8,305.74 Cr in the period ending 31 Mar 2024, increasing to ₹12,187.69 Cr by 31 Mar 2025. It continued to rise to ₹10,302.06 Cr in the period ending 31 Mar 2026, followed by a decrease to ₹3,120.08 Cr by 30 Jun 2026, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
The implied P/E at the issue price of ₹1,785 is approximately 42.89, compared to peers trading at a P/E range of 54.28 for BSE Limited and 42.89 for National Stock Exchange of India Ltd.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is the extra amount investors are willing to pay for shares in the grey market before they are officially listed. A positive GMP indicates strong demand for the IPO, while a negative GMP suggests weaker demand.
Subscription Demand
As of 21st Sep 2026, the IPO was subscribed 5.71 times overall. The institutional category saw the highest demand, with QIBs subscribing 12.68 times, followed by NIIs at 6.55 times and retail investors at 1.39 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk appetite, considering factors such as market conditions and the company's growth potential.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established investments may want to avoid IPOs like this, which can be subject to high volatility and market fluctuations.
IPO Timeline, Explained
The IPO opens for subscription on September 17, 2026, and closes on September 21, 2026. Allotment of shares will be done on September 22, 2026, with the listing date set for September 24, 2026.
Listing Gains — The Risk
Listing gains refer to the profit made when shares are sold on the listing day at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock.
This evaluation is generated from NSE's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is NSE IPO GMP today?
NSE IPO GMP today is +₹40.0 (2.24%), indicating an estimated listing price of ₹1825. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of NSE IPO?
The price band of NSE IPO is ₹1700.0–₹1785.0 per share.
When does NSE IPO open and close?
NSE IPO opens on 17 September 2026 and closes on 21 September 2026.
When does NSE IPO list on the stock exchange?
NSE IPO listed on 24 September 2026 at ₹1825.0.
What is the lot size for NSE IPO?
The lot size for NSE IPO is 8 shares, requiring a minimum investment of ₹14,280.
What is the price band for the NSE IPO?
The price band for the NSE IPO is ₹1,700 to ₹1,785.
What is the minimum investment required?
The minimum investment required is ₹14,280 for a lot size of 8 shares.
When does the IPO open and close?
The IPO opens on September 17, 2026, and closes on September 21, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the demand for the IPO shares in the grey market.
When will the shares be listed?
The shares are expected to be listed on September 24, 2026.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
17 Sep 2026
Close
21 Sep 2026
Allotment
22 Sep 2026
Listing
24 Sep 2026
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