The much-awaited National Stock Exchange (NSE) IPO opened for subscription on Thursday, putting the spotlight on its grey market premium (GMP). According to LiveMint, the NSE IPO GMP stood at ₹125 on September 17, down from ₹160 a day earlier.

GMP falls sharply from ₹285

Market observers quoted by LiveMint said the NSE IPO GMP was around ₹285 on September 4, when SEBI approved the public issue. It has since declined to ₹125, representing a fall of more than 55% over the period.

The decline has reduced the grey market's implied premium compared with the levels seen ahead of the IPO opening.

What listing price does the GMP indicate?

The NSE IPO has an upper price band of ₹1,785 per share. Adding the current GMP of ₹125 gives an implied grey-market price of approximately ₹1,910.

That translates into an implied premium of about 7% over the upper issue price. However, this is only a grey-market indication and does not guarantee the actual listing price.

₹22,569-crore IPO

The NSE IPO is valued at around ₹22,569 crore, with a price band of ₹1,700–₹1,785 per share. The offering is entirely an Offer for Sale (OFS), meaning existing shareholders are selling shares rather than NSE issuing fresh shares to raise new capital.

The IPO opened on September 17 and will remain open until September 21. The minimum lot size is eight shares, requiring a minimum investment of ₹14,280 at the upper end of the price band.

Subscription begins

The IPO began receiving bids on Thursday. Reuters reported that the issue had been partially subscribed during the early part of the trading session.

How reliable is the GMP?

Grey market premium is not official exchange data. It is based on informal, unregulated trading before an IPO's official listing. As a result, the GMP-derived price can differ significantly from the actual listing price.

Market observers cited by LiveMint have also cautioned that GMP should not be treated as a standalone indicator of listing performance. Investors typically consider factors such as the company's financial performance, valuation, subscription demand and broader market conditions as well.

NSE's business and market concerns

The IPO also comes amid questions around changes in derivatives trading activity and regulatory developments affecting NSE's core business. Reuters reported that NSE's FY2026 revenue declined 3.1%, while profit fell 15.5%.