Author: Aadarsh Patel | EQMint
New Delhi, September 15: The grey market premium (GMP) for the much-awaited National Stock Exchange of India (NSE) IPO stood at around ₹198 per share on September 15, according to market data. The latest GMP indicates that investor expectations remain positive ahead of the IPO opening, although the premium has moderated considerably from its recent peak.
The NSE IPO is scheduled to open for public subscription on September 17, 2026, and will remain open until September 21. The issue has a price band of ₹1,700 to ₹1,785 per share, with the upper end of the price band being closely watched by investors as they assess the potential listing valuation.
NSE IPO GMP Today
According to the latest reported grey market data, the NSE IPO GMP is ₹198. Based on the upper price band of ₹1,785, the implied listing price works out to approximately ₹1,983 per share.
This represents a potential premium of around 11.09% over the upper end of the IPO price band.
However, GMP is an unofficial indicator based on activity in the grey market and does not guarantee the actual listing price of the shares. The premium can change before the IPO closes and should therefore not be treated as a formal prediction of NSE’s listing price.
NSE IPO GMP Trend
The grey market premium has witnessed considerable movement in September.
The NSE IPO GMP touched ₹310 on September 5, marking the recent high during the period. It subsequently declined to ₹273 on September 6 and ₹221 on September 7. The premium moved higher to ₹257 on September 8 before falling again over the following sessions.
On September 10, the GMP stood at ₹192 before recovering to ₹218 on September 11. It remained around ₹208-₹210 over the next few days before declining to ₹198 on September 15.
The latest level represents a fall of ₹112, or around 36%, from the September 5 peak of ₹310.
NSE IPO GMP Trend
| Date | GMP |
|---|---|
| September 4 | ₹285 |
| September 5 | ₹310 |
| September 6 | ₹273 |
| September 7 | ₹221 |
| September 8 | ₹257 |
| September 9 | ₹222 |
| September 10 | ₹192 |
| September 11 | ₹218 |
| September 12 | ₹208 |
| September 13 | ₹210 |
| September 14 | ₹208 |
| September 15 | ₹198 |
The trend suggests that while grey-market sentiment remains positive, expectations have become more moderate as the NSE IPO moves closer to its subscription period.
NSE IPO Estimated Listing Price
At the upper price band of ₹1,785, adding the reported GMP of ₹198 gives an estimated listing price of approximately ₹1,983 per share.
This translates into a potential gain of around 11.09% over the IPO’s upper price band if the grey-market premium were to translate directly into the listing price.
For one lot of 8 shares, the investment at the upper price band would be ₹14,280. Based on the current GMP, the implied value of the lot at listing would be around ₹15,864, representing a potential difference of approximately ₹1,584.
However, these calculations are based entirely on the reported GMP and should not be interpreted as assured returns.
NSE IPO Price Band and Issue Details
The NSE IPO has been priced in the range of ₹1,700 to ₹1,785 per share. The issue is an Offer for Sale (OFS), meaning the shares being offered are being sold by existing shareholders rather than being newly issued by NSE.
NSE itself will therefore not receive proceeds from the IPO. Existing investors, including institutional shareholders, are participating in the share sale.
The issue is expected to value NSE at up to approximately ₹4.42 lakh crore, or around $46 billion, at the upper end of the price band. The offer size was also reduced by more than 15% from the earlier proposal, with around 126.4 million shares being offered.
When Will NSE IPO Open?
The NSE IPO is scheduled to open for subscription on September 17, 2026, and close on September 21, 2026. The shares are expected to make their stock-market debut around September 24.
The IPO is among the most closely watched public issues in India’s market, given NSE’s dominant position in the country’s equity and derivatives trading ecosystem.
The exchange also continues to report strong financial performance. According to Reuters, NSE recorded a 6.7% increase in first-quarter net profit to ₹3,120 crore, while revenue rose 13% to ₹4,560 crore.
Should Investors Rely on NSE IPO GMP?
While the NSE IPO GMP has remained above the issue price, investors should be cautious about using grey-market premium as the sole basis for an investment decision.
GMP is unofficial, can change rapidly and is influenced by market sentiment, demand expectations and broader market conditions. The actual listing price may be significantly different from the implied price calculated using the GMP.
Investors should therefore consider NSE’s financial performance, valuation, business outlook, regulatory environment and the risks associated with the issue before making an investment decision.
The decline in GMP from ₹310 to ₹198 also highlights how quickly grey-market expectations can change ahead of a major IPO.
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