The grey market premium for the NSE’s upcoming IPO has sharply declined, falling 61.46% despite strong investor demand, raising questions about the stock’s opening performance on Dalal Street.
The grey market premium for the National Stock Exchange of India’s long-awaited listing has fallen sharply even as the float drew solid demand. According to GMP-tracking platforms, the premium slipped to ₹84 by 2pm on 19 September from a peak of ₹218 on 11 September, a drop of 61.46%. The move comes as investors weigh sentiment against the scale of the issue, which is widely expected to be one of the largest public offerings in the Indian market this year.
Despite the weaker premium, the ₹22,569-crore offer was fully subscribed by the second day of bidding, with data available on the BSE showing bids for 10,28,43,656 shares against 8,86,42,911 on offer so far. The issue closes on 21 September, with a market debut on Dalal Street expected on 24 September.
NSE has set the price band at ₹1,700 to ₹1,785 a share, putting its valuation at as much as ₹4.42 lakh crore at the top end. The transaction is structured entirely as an offer for sale of up to 12.64 crore shares by existing shareholders, so the exchange itself will not receive any proceeds from the sale.
The exchange’s recent financial performance also offers some context for investor scrutiny. Revenue from operations fell to ₹16,601.31 crore in FY26 from ₹17,140.67 crore in FY25, while revenue from transaction charges, one of its main income lines, eased to ₹13,057.01 crore from ₹13,635.76 crore over the same period. Even so, market watchers caution that grey market premium is only an informal signal of sentiment and does not guarantee how the stock will open when it lists.
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