Investors Watch NSE IPO as GMP Drops to ₹148

Mumbai, September 17 – The National Stock Exchange’s (NSE) much‑talked‑about IPO finally opened for retail participation on Thursday. Since the launch, the grey‑market premium (GMP) has slipped dramatically, falling about 32 percent over the last seven days. The GMP was recorded at ₹218 on September 11, dipped to ₹208 on September 12, rose slightly to ₹210 on September 13, then steadied at ₹208 on September 14. A sharp decline followed: ₹160 on September 15, ₹145 on September 16 and ₹125 on September 17. By 3 p.m. on the 17th the premium rebounded modestly to ₹148.

GMP is an unofficial gauge of market enthusiasm above the issue price, but it does not guarantee a premium at listing. The NSE IPO will stay open until September 21, with a price band of ₹1,700‑₹1,785 per share. At the upper band, the issue size amounts to roughly ₹22,561.57 crore, encompassing 12.64 crore shares offered on an OFS basis, meaning proceeds go to existing shareholders rather than the company.

Analysts also point to NSE’s weakening financial fundamentals. Revenue for FY26 stood at ₹16,601.31 crore, down from ₹17,140.67 crore in FY25 – a decline exceeding three percent year‑on‑year. Transaction charges, the primary earnings driver, fell from ₹13,635.76 crore to ₹13,057.01 crore, a four‑percent reduction, indicating a slowdown in the exchange’s core business.