NSE IPO Faces Weak Demand; GMP Falls to 3.31% of Issue Price

Mumbai – The National Stock Exchange’s IPO reached its final day of subscription on Monday, and the grey‑market premium has contracted to just ₹59 per share, or 3.31% above the issue price.

When the price band was unveiled on September 11, the GMP surged to ₹218 per share. Since then market pressure has steadily erased that premium, with the opening day on September 17 seeing a GMP of ₹142 per share (7.96%). While GMP is not a formal metric, it often reflects market sentiment ahead of listing.

The offering is priced between ₹1,700 and ₹1,785 per share, targeting an issue size of roughly ₹22,561.57 crore. A total of 12.64 crore shares are being floated through an Offer for Sale, meaning the cash raised will be handed to existing shareholders rather than funding new corporate initiatives.

Investors are wary because the NSE’s recent financial results show a slowdown. Operating income for FY26 was ₹16,601.31 crore, a decline of over three percent from the ₹17,140.67 crore recorded in FY25. Transaction‑related revenue also slipped, falling to ₹13,057.01 crore from ₹13,635.76 crore, a drop of about four percent.

These weakening fundamentals have contributed to the diminishing GMP, highlighting the cautious tone among market participants as the subscription deadline looms.