# NSE IPO sees 43% subscription on Day 1, GMP falls 55%

2026-09-17T16:36:45+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

The Rs 22,561.57 crore initial public offering of the National Stock Exchange of India (NSE) opened for subscription on September 17 and received bids for 3.83 crore shares against the 8.86 crore shares on offer, a subscription of 0.43 times, according to exchange data. Retail investors bid for 44% of their quota, while non-institutional investors subscribed to 72% of theirs. The IPO is entirely an offer for sale by existing shareholders and is expected to list on the BSE on September 24. The grey market premium (GMP) has fallen sharply from Rs 285 on September 4 to Rs 148 on the first day of bidding, reflecting a drop of over 55%, Livemint reports. The Times of India notes the muted response may be due to a packed IPO calendar and valuation concerns, as NSE's options trading revenue has declined 27% from its 2024 peak due to regulatory changes. Anchor investors including Goldman Sachs, LIC, and sovereign wealth funds GIC and ADIA invested Rs 6,746 crore ahead of the issue.

## Indian Opinion Analysis

Both outlets report the same subscription numbers and anchor investor details, but their framing differs. Livemint leads with the GMP and signals 'healthy' and 'decent' demand, a tone aligned with the exchange's official narrative. The Times of India leads with the word 'lukewarm' and explicitly attributes the muted response to regulatory uncertainty and a crowded IPO calendar, foregrounding the risks. Livemint omits the regulatory headwinds that Times of India highlights. The balanced reading: the subscription data is underwhelming for an IPO of this size, but Day 1 figures often improve. The closing subscription on September 21 will reveal true investor appetite.

## Coverage

- livemint.com (neutral report) <https://www.livemint.com/market/stock-market-news/nse-ipo-gmp-latest-price-today-subscription-status-day-1-response-by-investors-grey-market-signals-for-listing-gains-11789650725117.html>
  Leads with GMP and uses 'healthy' and 'decent' to describe demand.
- timesofindia.indiatimes.com (neutral report) <https://timesofindia.indiatimes.com/business/india-business/nse-ipo-why-did-indias-second-largest-initial-public-offering-not-get-fully-subscribed-on-day-1/articleshow/134316486.cms>
  Leads with 'lukewarm' and foregrounds regulatory and valuation concerns.

Tags: BSE, Goldman Sachs, IPO, NSE, SEBI
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