The National Stock Exchange’s ₹22,561.57 crore IPO closed for bidding on 21 September 2026, its final day, with subscription still climbing through the session and allotment expected on 22 September.
Subscription Numbers Through Day 3
As bidding entered its final hours on 21 September 2026, the NSE IPO‘s overall subscription was moving quickly. The most recent reading available showed the issue subscribed around 2.56 times, with retail, NII and QIB portions all rising through the day.
Because bidding was still open when this was checked, the final Day 3 number will only be confirmed once the exchanges close the book and publish the official figure. Here is how the subscription built up over the three days:
| Day | Overall Subscription |
|---|---|
| Day 1 | 0.43x |
| Day 2 (close) | 1.16x |
| Day 3 (latest available, still climbing) | ~2.56x |
Issue Details: Price Band, Lot Size And Size
The NSE IPO is priced in a band of ₹1,700 to ₹1,785 per share, with a lot size of eight shares. At the upper end of the band, one lot costs ₹14,280, and the maximum retail investment allowed is ₹1,99,920 across 14 lots.
The issue size is ₹22,561.57 crore, and it is entirely an offer for sale (OFS) existing shareholders, including the State Bank of India, Canada Pension Plan Investment Board, and sovereign funds from Norway and Abu Dhabi, are selling shares. This means NSE itself does not receive any of the IPO proceeds.
What Happens Next: Allotment, Refunds And Listing
With bidding closing today, the basis of allotment is expected to be finalised on 22 September 2026. Refunds for those who did not get shares, and demat credit for successful applicants, are expected on 23 September 2026.
NSE shares are scheduled to list on the BSE and NSE on 24 September 2026.
Grey Market Premium: What It Does And Doesn’t Tell You
In the unofficial grey market, NSE shares have been commanding a premium of around ₹48 to ₹55, or roughly 3% over the upper price band, at different points today. If that premium held, it would imply a listing price of about ₹1,833.
GMP is not recognised by SEBI, changes constantly, and is not a reliable predictor of where a stock will actually list. Investors should treat it as a talking point, not a guide to expected listing gains.
Why This IPO Matters
At the upper price band, NSE’s implied market capitalisation works out to roughly ₹4.42 lakh crore, making this one of India’s largest-ever IPOs. NSE’s FY26 revenue from operations stood at ₹16,601.31 crore, though profit after tax slipped to ₹10,302.06 crore from ₹12,187.69 crore in FY25.
The scale of the issue and the profile of the selling shareholders have made it one of the most closely tracked listings of the year on Dalal Street.
Tracking Your Application
If you applied for the NSE IPO, you can check your allotment status once it is announced on 22 September, either on the registrar’s website or through your broker. To actually hold and sell the shares once listed, you will need an active demat account.
Investors who want to follow the stock once it lists, or place orders the moment trading opens, will need it linked to an online trading platform.
Investments in securities are subject to market risk. GMP is unofficial and not a guarantee of listing price. This is not investment advice.
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