NSE IPO GMP at ₹179 Signals 10% Listing Gain
- 15th September 2026
- 11:00 AM
- 4 min read
Summary
The grey market premium (GMP) for the National Stock Exchange of India (NSE) initial public offering (IPO) stood at ₹179 on 15 September, easing further ahead of the issue's 17 September opening. Against the upper price band of ₹1,785, this implies a listing price of around ₹1,964, a premium of about 10%.The GMP for the NSE IPO was reported at ₹179 on 15 September, down from ₹208 a day earlier and ₹218 on 11 September. The figure has cooled sharply from a recent high of ₹310 on 5 September, a decline of ₹131, or around 42.3%.
What Is the Current NSE IPO GMP?
With the IPO’s price band fixed at ₹1,700 to ₹1,785, the current GMP of ₹179 implies a listing price of ₹1,785 plus ₹179, or ₹1,964, a premium of approximately 10.03% over the upper band. At the ₹310 peak recorded on 5 September, the implied premium would have been about 17.37%, so the gap between grey market expectations and the upper price band has narrowed considerably since then.
For an investor applying for one lot of eight shares, the current GMP translates into an indicative gain of around ₹1,432 per lot, if the premium were to hold through listing.
GMP is an unofficial, informal indicator and does not guarantee the actual listing price or future performance of the stock.
How Has the NSE IPO GMP Trended in September?
The GMP climbed from ₹285 on 4 September to a recent high of ₹310 on 5 September, before easing to ₹273 on 6 September and ₹221 on 7 September. It then recovered to ₹257 on 8 September and ₹222 on 9 September, then moved to ₹192 on 10 September, its lowest point in the period, before recovering to ₹218 on 11 September. Three of the five sessions since have been declines, taking the GMP to ₹179 by 15 September.
| Date | GMP (₹) | Estimated listing price (₹) |
|---|---|---|
| 4 September | 285 | N/A |
| 5 September | 310 | N/A |
| 6 September | 273 | N/A |
| 7 September | 221 | N/A |
| 8 September | 257 | N/A |
| 9 September | 222 | N/A |
| 10 September | 192 | 1,977 |
| 11 September | 218 | 2,003 |
| 12 September | 208 | 1,993 |
| 13 September | 210 | 1,995 |
| 14 September | 208 | 1,993 |
| 15 September | 179 | 1,964 |
Estimated listing price is based on the ₹1,785 upper price band plus the reported GMP. Not available for earlier dates in the source data.
What Are the Key Details of the NSE IPO?
The NSE IPO is a bookbuilding issue, entirely an offer for sale of 12,64,36,650 shares, aggregating up to ₹22,561.57 crore. There is no fresh issue component.
| Detail | Figure |
|---|---|
| Issue type | Bookbuilding IPO |
| Sale type | Offer for sale only |
| Price band | ₹1,700 to ₹1,785 per share |
| Face value | ₹1 per share |
| Lot size | 8 shares |
| Minimum investment (retail) | ₹14,280 |
| Employee discount | ₹170 per share |
| Offer for sale | 12,64,36,650 shares (up to ₹22,561.57 crore) |
| Total issue size | 12,64,36,650 shares (up to ₹22,561.57 crore) |
| Share holding, pre and post issue | 2,47,50,00,000 shares |
| Listing at | BSE |
| Lead manager | Kotak Mahindra Capital Co. Ltd |
| Registrar | MUFG Intime India Pvt. Ltd |
| Implied market capitalisation (at upper price) | ₹4,41,787.50 crore |
Of the net offer, up to 50% has been reserved for qualified institutional buyers, not less than 35% for retail investors and not less than 15% for non-institutional investors. Anchor investor allocation is scheduled for 16 September.
Retail investors can bid for a minimum of one lot of 8 shares, up to a maximum of 14 lots (112 shares), requiring ₹1,99,920 at the upper price band. Small HNI investors can apply for a minimum of 15 lots (120 shares, ₹2,14,200) up to 70 lots, while big HNI investors need a minimum of 71 lots (568 shares), requiring ₹10,13,880.
Important dates
| Event | Date |
|---|---|
| IPO opens | Thursday, 17 September 2026 |
| IPO closes | Monday, 21 September 2026 |
| Basis of allotment (expected) | Tuesday, 22 September 2026 |
| Refund initiation | Wednesday, 23 September 2026 |
| Credit of shares to demat | Wednesday, 23 September 2026 |
| Listing date (tentative) | Thursday, 24 September 2026 |
What Is the National Stock Exchange of India (NSE)?
Incorporated in 1992, NSE is India’s largest stock exchange and one of the world’s leading multi-asset exchange platforms. It operates a vertically integrated ecosystem spanning trading, clearing, settlement, listing, market data, index services and regulatory oversight across equities, derivatives, currency derivatives, commodities, debt securities and mutual funds.
NSE has consistently led the Indian market in cash market turnover, equity derivatives trading and currency derivatives trading. As of 30 June 2026, the exchange served over 261.36 million registered investor accounts and 129 million unique investors, through 1,328 trading members and 3,005 listed companies.
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