Ten years of waiting. Thousands of trading days watched over. And on Thursday (September 24), the National Stock Exchange will make history as it finally makes its stock market debut.
One of the interesting things to note here is that the NSE won’t be trading on the NSE.
Where exactly will NSE shares trade?
NSE shares will be trading on the BSE, or the Bombay Stock Exchange. Sounds odd for the country’s biggest exchange will debut on a rival’s platform, right? There is a simple regulatory reason.
Rules under the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations don’t allow a recognised stock exchange to list its own shares on its own trading system.
So BSE becomes the designated venue for this listing.
When will NSE shares be listed?
The NSE IPO shares are scheduled to begin trading on September 24. The basis of allotment was finalised on September 22, while successful investors are receiving their shares in their demat accounts before the listing.
For investors who received an allotment, September 24 will therefore mark the first day when NSE shares become available for trading on the stock market.
What is the latest grey market premium?
The grey market premium (GMP) has become one of the key numbers investors are watching ahead of the listing.
The premium has fallen sharply from the levels seen when the IPO opened. On September 23, the latest reported GMP was around Rs 43 against the final issue price of Rs 1,785. That implies an indicative price of around Rs 1,828, although the grey market is unofficial and does not guarantee the actual listing price.
This is important because GMP can change quickly depending on market sentiment and demand. The actual NSE share price will be determined on the BSE once trading begins.
NSE IPO: How big was this issue?
The offer was entirely an offer for sale (OFS) of 12.64 crore shares worth Rs 22,561.57 crore, with no fresh issuance of shares involved.
That means the money isn’t going into NSE’s own coffers. This means existing shareholders are simply selling their stake to the public.
This makes it the second-largest public issue in India after Hyundai Motor India’s Rs 27,870-crore offer in 2024 so far.
The IPO was offered through the book-building process at a price band of Rs 1,700-1,785 per share
NSE IPO: How much demand did the IPO receive?
The Rs 22,561.57 crore IPO was subscribed 5.71 times by the end of bidding on September 21.
Qualified Institutional Buyers (QIBs) subscribed 12.68 times their portion. The Non-Institutional Investor (NII) category was subscribed 6.55 times, while the retail portion saw 1.39 times subscription.
NSE: India’s largest stock exchange
During the quarter ended June 2026, India’s largest stock exchange continued to account for a large share of trading activity in the country. It handled 93.05% of the cash market, while its share in equity futures stood at 99.72%.
The exchange also accounted for 68.48% of equity options trading during the quarter. This means NSE processed nearly all equity futures trades and a significant portion of cash and options market activity in the period.
Will NSE shares list with a bang or a whimper?
For now, all eyes will turn to 10 am on Thursday, September 24, when a decade-long wait finally ends and the exchange makes its debut, albeit on another exchange.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.