NSE IPO opens Sept 17: price band, GMP, and what analysts say
The initial public offering (IPO) of the National Stock Exchange of India (NSE) will open for subscription on September 17 and close on September 21, 2026. The IPO is structured as an offer for sale (OFS) of Rs 22,562 crore, meaning the company will not receive fresh capital from the issue.
The price band is Rs 1,700-1,785 per share. At the upper end, NSE's market capitalisation is estimated at around Rs 4.42 lakh crore.
Eligible employees will receive a discount of Rs 170 per share.
Analyst view: Neutral
Religare Broking assigned a 'Neutral' rating to the IPO. The brokerage cited NSE's strong market position and long-term growth opportunities alongside valuation and regulatory concerns. At a P/E of 42.9x, it said the valuation "reflects the company's established market position and future growth potential, while leaving limited room for earnings disappointments."
"While the long-term growth opportunity in India's capital markets remains favourable, the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation," Religare stated.
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NSE's registered investor base increased from 30.87 million in March 2020 to 132.37 million by June 2026, while India's mutual fund assets under management reached Rs 82.22 lakh crore in June 2026.
NSE's revenue from operations stood at Rs 16,601.31 crore in FY26, compared with Rs 17,140.68 crore in FY25. Profit after tax declined to Rs 10,302.06 crore in FY26 from Rs 12,187.69 crore in FY25. The PAT margin declined to 50.98 per cent from 55.30 per cent.
The brokerage also highlighted NSE's dependence on transaction-based income, particularly from the options business, as a key risk. Regulatory developments, including Sebi measures on options trading, remain key factors influencing trading volumes and transaction-based income.
Separately, Ravi Singh, Chief Research Officer at Master Capital Services, said the latest GMP was around 9 per cent. He said investors looking for listing gains may consider applying at the IPO price, while long-term investors may consider adding on dips after listing.
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