NSE IPO
ListedMainboardFinancial Services
5.71×
Subscribed
Price band
₹1,700 – ₹1,785
Lot size
8
1 lot = ₹14,280
Issue size
₹22.57k Cr
Open – close
17 Sept 2026
to 21 Sept 2026
Listing
24 Sept 2026
Listing gain
+0.84%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution6 of 7 dimensions read
The filing raises real questions — 3 of 7 signals read negative
Strength48/100
- Demanding valuation42.9× earnings at the upper band, with no peer set published to compare against
- Slow revenue growthRevenue compounding at only 6.0%
- High return on equityROE of 32.1%
- Almost entirely an exit100.0% of the issue is an offer for sale — nearly all of the money goes to existing shareholders, not into the company
- Minimal related-party dealingsRelated-party transactions are only 0.0% of revenue
- 1 high-severity disclosure100% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
- Institutions bid heavilyQIB portion subscribed 12.68×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens17 Sept 2026
- Closes21 Sept 2026
- Allotment22 Sept 2026
- Listing24 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB12.68x
Non-institutionalNII / HNI6.55x
Big NIIabove ₹10L7.78x
Small NII₹2L – ₹10L4.09x
Retail individualRII1.39x
Employee2.40x
38,41,852 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 21 Sept 2026.
Chance of allotment
Retail1.39× subscribed
~1 in 1.4
Minimum 1 lot · 8 shares · ₹14,280 blocked
Retail is 1.39× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII6.55× subscribed
~1 in 6.6
Minimum 15 lots · 120 shares · ₹2,14,200 blocked
HNI is 6.55× subscribed. This category is allotted proportionately, so a bid receives roughly 1/6.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹310+17.4%
over the upper band · last seen 25 Sept 2026 · flat since 13 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹1,700 – ₹1,785
Face value₹1
Lot size8shares
Minimum application₹14,280at cut-off
Total issue size₹22.57k Cr
Offer for sale₹22.56k Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
Return on equity32.08%
Related-party0.03%of revenue
ROCE11.55%
RoNW33.21%
PAT Margin58.78%
NAV142.40
P/B (x)12.54
ISININE721I01024
RegistrarLINK
Lead managersSBI Capital Markets Limited
100.0% of this issue is an offer for sale. That money goes to existing shareholders selling their stake, not into the company. The business receives only the fresh-issue portion.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 6,30,01,606 | 49.83% |
| Anchor Investor | 3,77,93,739 | 29.89% |
| QIB (Ex. Anchor) | 2,52,07,867 | 19.94% |
| NII (HNI) | 1,89,00,483 | 14.95% |
| bNII > ₹10L | 1,26,00,322 | 9.97% |
| sNII < ₹10L | 63,00,161 | 4.98% |
| Retail | 4,41,01,125 | 34.88% |
| Employee | 4,33,436 | 0.34% |
Total issue 12,64,36,650 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,2801 lot · 8 sh
Retail (Max)₹1,99,92014 lots · 112 sh
S-HNI (Min)₹2,14,20015 lots · 120 sh
S-HNI (Max)₹9,99,60070 lots · 560 sh
B-HNI (Min)₹10,13,88071 lots · 568 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted3,77,93,739
Anchor portion₹6.75k Cr
Bid date16 Sept 2026
Lock-in ends (50%)21 Oct 2026
Lock-in ends (rest)20 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01carry out the Offer for Sale of 126,436,650 Equity Shares of face value of ₹1 each by certain Selling Shareholders aggregating up to ₹ 225,615.74 million₹22.56k Cr
- 02achieve the benefits of listing the Equity Shares on BSEnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 14,780.011 | — | 8,305.741 | 23,974.405 | — |
| 2025 | 17,140.678 | — | 12,187.689 | 30,353.326 | — |
| 2026 | 16,601.309 | — | 10,302.061 | 32,113.541 | — |
Revenue CAGR 6.0%PAT CAGR 11.4%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Our Company Consolidatedthis issue | 41.62 | 42.89 | 129.75 | 33.21% |
| BSE Limited | 60.61 | 54.28 | 163.60 | 45.00% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Mostly an exithigh
100% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
mediumA decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products, constrain our growth, and adversely affect our business, financial condition, results of operations, cash flows, and prospects.
mediumAdverse macroeconomic developments in India and globally, including slowing GDP growth, rising inflation, increasing interest rates, currency depreciation, or a downgrade in India's sovereign credit rating, could dampen investor confidence and reduce participation in the Indian securities markets.
mediumGlobal headwinds such as recessionary conditions in major economies, supply chain disruptions, or commodity price fluctuations could reduce foreign portfolio investment flows into India.
mediumEscalating geopolitical tensions, including ongoing conflicts such as the Russia–Ukraine war and the conflict in the Middle East, or the imposition of international sanctions, trade embargoes, or retaliatory tariffs, could further disrupt global capital flows, with consequential effects on the India
Positives the filing discloses (1)
Healthy return on equity
ROE of 32.1%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.7%
Listed up
7 of 8
Best
+65.7%
Tonbo Imaging India Limited
Worst
0.0%
Bonfiglioli Transmissions Limited
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Tonbo Imaging India Limitedsame segment
135.9× sub+65.7%
Bonfiglioli Transmissions Limitedsame segment
46.0× sub+0.0%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About NSE
The National Stock Exchange of India Limited (NSE) is India’s premier stock exchange that provides platforms and infrastructure for trading, clearing, listing, and related market services. Its product portfolio includes cash market, futures and options, mutual funds, commodity derivatives, exchange-traded currency derivatives, wholesale debt market, and interest rate futures. The company also provides index services, market data, analytics, news and information services, data feeds, data terminal services, and licensing services. Through its subsidiaries and associates, it also provides clearing and settlement, foreign currency-denominated trading, mutual fund registry, depository, e-corporate governance, mobile trading, and other exchange-related services. NSE operates a vertically integrated technology infrastructure comprising seven data centres, including a primary data centre, member colocation data centre, disaster recovery site, and near data centre. The company operates from its corporate office in Mumbai, Maharashtra, and it also has points of presence across more than 30 locations in India, including across New Delhi, Bangalore, Noida, Kolkata, Chennai, Ahmedabad, Pune, Hyderabad, Gandhinagar, Jaipur, Indore, Chandigarh, Bhopal and Vizag. The company commenced operations in November 1992. Use of proceeds: The IPO is an offer-for-sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoter selling shareholders in proportion to the number of shares offered by them for sale. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India.
Founded 1992MD Mr Ashishkumar ChauhanSector Financial Services
Offer documents
The primary sources everything above is drawn from
Common questions
What is the NSE IPO GMP today?
The most recent grey-market premium recorded for NSE is ₹310 per share — about 17.4% over the ₹1,785 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the NSE IPO subscribed?
NSE is subscribed 5.71× overall (QIB 12.68×, NII 6.55×, retail 1.39×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the NSE IPO?
One lot is 8 shares, so a retail application at the ₹1,785 cut-off price blocks ₹14,280. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the NSE IPO?
The retail portion is subscribed 1.39×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the NSE IPO allotment date?
Allotment is scheduled for 2026-09-22, with listing on 2026-09-24. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.