NSE IPO listing today: GMP signals 4-5% gains; exchange may enter India’s top 10 by market cap

NSE IPO listing: Shares of the National Stock Exchange of India (NSE) are set to make their stock market debut on Thursday, September 24, and India’s leading exchange is likely to deliver positive returns to investors on its listing, if one goes by the current grey market premium (GMP). Ahead of its debut, NSE shares were commanding a GMP of Rs 75-85, signalling around 4-5 per cent listing gains.

If listed at the given premium, NSE shall become India’s 10th-most-valued company on its debut, with a total market capitalisation of Rs 4.6-4.62 lakh crore, surpassing Hindustan Unilever Ltd (HUL), which had a market cap of Rs 4.58 lakh crore as of Thursday’s close. NSE shall surpass the likes of Infosys Ltd, Sun Pharma, Titan Company Ltd, Kotak Mahindra Bank Ltd and others in mcap terms.

"We expect NSE to list at a premium of around Rs 50-80, depending on market conditions. NSE will enter the market as India's 10th largest companies by market capitalisation," said Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities. One shall not rush to sell on listing day unless the one has bought it only for listing gains, he said.

If you want to buy NSE for the long term, wait for at least a few trading sessions and allow the price to settle. Don't make your decision based only on the listing price. Let the stock settle, observe its price action, and if you have a long term view, consider accumulating gradually rather than trying to time the market, Sheth added.

To recall, National Stock Exchange raised Rs 22,562 crore from its primary stake sale, which was sold in the price band of Rs 1,700-1,785 per share, with a lot size of eight equity shares and multiples thereof. The issue was entirely an offer-for-sale of 12.64 crore equity shares by its existing shareholders. The IPO was overall subscribed 5.71 times, attracting over 38.4 lakh applications.

On an individual basis, the portion reserved for qualified institutional bidders (QIBs) was subscribed 12.68 times, while the portion for non-institutional investors (NIIs) was subscribed 6.55 times. The allocation for retail investors was subscribed 1.39 times, while the allocation for employees was booked 2.40 times during the three-day bidding period.

NSE holds a dominant market share across cash and equity derivatives. It is India’s leading exchange, with a dominant market share across cash and equity derivatives. NSE IPO is valued at around 40.9–42.9 times FY26 diluted EPS, at a discount to BSE’s 54.28 times, offering valuation support, said Shivani Nyati, Head of Wealth at Swastika Investmart.

"However, around 79 per cent of revenue is linked to trading activity, making earnings sensitive to market volumes and regulatory changes. Our pre-listing view is Subscribe, with minor listing gains expected, but the IPO remains suitable for a long-term investment play, supported by NSE’s strong market position, scale and relative valuation advantage," she added.

Mumbai-based NSE has maintained its leadership position in India in cash market turnover, equity derivatives trading, and currency derivatives trading. As of June 30, 2026, it served over 26.13 crore registered investor accounts, 12.9 crore unique investors, 1,328 trading members and 3,005 listed companies, with a total listed market capitalisation of more than Rs 474.08 lakh crore.

The IPO of NSE was managed by 20 book-running lead managers, while MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on BSE only, but they shall also trade on the Metropolitan Stock Exchange of India (MSEI) from September 24 onwards under the 'Permitted to Trade' category.