One of India’s most anticipated mainboard issues, the NSE IPO has finally wrapped up its bidding process. Often regarded as the country’s second-largest issue, the offer drew robust investor participation and was subscribed 5.71 times.
The Rs 22,562 crore offer received bids for more than 50.58 crore shares against its demand of 8.86 crore shares. All the segments of the NSE IPO were oversubscribed, with the Qualified Institutional Buyers (QIBs) portion gaining the maximum traction, being overbid by 12.68 times.
Strong participation was witnessed in the non-institutional buyers category as well, which was subscribed 6.55 times. The retail applicant portion was fully booked on the final day, being oversubscribed by 1.39 times.
Eligible employees who were offered a discount of Rs 170 on the issue price also actively participated in the issue, as the portion was oversubscribed 2.40 times. The share price band for the NSE IPO was set at Rs 1,700 to Rs 1,785 per share.
📊 Day 3 Live Snapshot (As of 7:00 PM IST)
Overall, the stock exchange’s issue received 38.41 lakh applications aggregating to Rs 90,323 crore. Ahead of its opening, the NSE IPO had raised Rs 6,746.18 crore through its anchor book.
| Category | Subscription Status | Shares Offered | Bids Received |
| Qualified Institutional Buyers (QIBs) | 12.68x (1268%) | 2,52,07,867 | 31,97,15,504 |
| Non-Institutional Investors (NII) | 6.55x (655%) | 1,89,00,483 | 12,37,51,624 |
| Retail Individual Investors(RIIs) | 1.39x (139%) | 4,41,01,125 | 6,13,05,464 |
| Employess | 2.40x (240%) | 4,33,436 | 10,38,792 |
| Total | 5.71 (571%) | 8,86,07,596 | 50,58,11,384 |
NSE IPO: Response in line with expectations?
According to Kunal Sodhani, treasury head at Shinhan Bank India, the response for the NSE IPO was broadly in line with market expectations. “Given the sizeable issue size, the level of overall subscription is encouraging, while the strong participation from qualified institutional buyers is particularly noteworthy and reflects sustained institutional confidence in NSE’s franchise, market position and long-term growth potential,” Sodhani said.
He added that relatively limited retail participation was driven by the large issue size and prevailing market valuations. “Overall, the subscription pattern suggests that the market had largely anticipated strong demand for NSE, although the depth of institutional participation appears to have provided a positive surprise,” the treasury head said.
NSE IPO GMP at 3%
As per the latest update, the NSE IPO’s stock was trading at a grey market premium of Rs 58, suggesting a likely listing price of Rs 1,843. This reflects gains of 3.25% per share and a profit of Rs 464 per lot.
However, readers must know that GMP is an unofficial metric used to estimate the listing price and varies based on market mood and sentiment.
NSE IPO subscription timeline
The exchange’s IPO opened for bidding on September 18 and closed its bidding window on September 21. Its share allotment process is expected to be completed by September 22, and bidders shall receive the shares and refunds by September 23.
NSE is expected to list on BSE on September 24.
The NSE IPO is entirely an offer for sale of Rs 22,561.57 crore, as investors offloaded 12.64 crore shares of Rs 1 per share. The issue is being managed by Kotak Mahindra Capital, while MUFG Intime India is the registrar for the offer.