NSE IPO Day 2: Subscription Status, GMP and Key Dates

Mumbai | 18 September 2026 

Bidding for the National Stock Exchange of India (NSE) initial public offering (IPO) entered its second day on 18 September, with the issue open until 21 September and listing scheduled for 24 September. The IPO was subscribed 1.38 times overall as of 12:45 pm on Day 2, led by the qualified institutional buyer (QIB) category at 2.32 times, while the retail portion trailed at 0.79 times. 

What Is the NSE IPO Subscription Status on Day 2? 

A subscription figure shows how many times the shares reserved for a category have received bids. A figure below one means the category is yet to be fully subscribed, while a figure above one means bids have exceeded the shares on offer. 

As of 12:45 pm on 18 September, the QIB category led with 2.32 times subscription, followed by the employee category at 1.68 times and non-institutional investors (NII) at 1.47 times. Retail investors stood at 0.79 times. 

Figures as of 12:45 pm on 18 September (Day 2). 

Day 1 had closed on 17 September with the issue subscribed 0.43 times overall, on bids for 3.70 crore shares against the 8.86 crore shares on offer. By the close of Day 1, NIIs led demand at 0.72 times their reserved portion, followed by retail investors at 0.44 times and QIBs at 0.19 times. 

How Has the NSE IPO GMP Trended? 

The grey market premium (GMP) is the price at which NSE IPO shares are informally traded before they list on the stock exchange, outside any regulated platform. 

The GMP for the NSE IPO stood at ₹131 as of 11:37 am on 18 September. Against the upper price band of ₹1,785, this implies an estimated listing price of ₹1,916, a premium of about 7.34%. 

Over the last 15 trading sessions, the GMP has ranged between a low of ₹131 and a high of ₹310, with the trend currently pointing downward, reflecting softer grey market demand ahead of listing. 

GMP is an unofficial, informal indicator and does not guarantee the actual listing price or future performance of the stock. 

What Are the Price Band and Issue Structure of the NSE IPO? 

The NSE IPO price band is fixed at ₹1,700 to ₹1,785 per share, with the offer for sale worth up to ₹22,561.57 crore. The lot size is 8 shares, so a retail investor applying for the minimum one lot needs ₹14,280 at the upper price band. 

The entire issue is an offer for sale (OFS) of about 12.64 crore shares by 10 existing shareholders. There is no fresh issue component, so NSE will not receive any proceeds from the IPO; after issue-related expenses, the proceeds go entirely to the selling shareholders. 

What Is the NSE IPO Anchor Book? 

An anchor investor is an institutional investor that commits to buying shares at a fixed price before an IPO opens to the public, a step that typically signals early institutional demand for an issue. 

NSE’s anchor book, held on 16 September, drew more than 150 anchor investors. Overseas funds collectively accounted for 43% of the shares allotted to this category. 

About 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, spanning trading, clearing, settlement, listing, market data, index services and regulatory oversight across equities, derivatives, currency derivatives, commodities, debt securities and mutual funds. 

What Are the Important Dates for the NSE IPO? 

The table below lists the tentative schedule for the NSE IPO, from bidding close through to listing. 

Stay updated on Indian and global equity and commodity markets on PL Capital. 

Disclaimer: Investments in securities market are subject to market risks, read all the related documents carefully before investing.

This is a knowledge-sharing initiative by PL Capital. The information provided is only for educational purposes and should not be considered as financial advice & has no influence on the investment/trading decisions of any investors.

For detailed disclaimers/disclosure and Mandatory terms and conditions please visit our website https://www.plindia.com/regulatory-content/