# NSE IPO subscribed 43% on day one, GMP signals moderate listing gain

2026-09-18T08:33:11+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 4 independent outlets

The National Stock Exchange's ₹22,568.94 crore IPO was 43% subscribed on day one and 57% by day two. The issue is entirely an offer for sale (OFS) of 12.64 crore shares, so NSE receives no proceeds. The price band is ₹1,700-1,785 per share. Retail investors subscribed 44% of their reserved portion on day one, with the QIB portion at 19%. The grey market premium (GMP) is around 8% or ₹142 per share, indicating an implied listing price of ₹1,927. The anchor book received bids worth nearly ₹1.2 lakh crore, about 20 times the ₹6,746 crore allocation. Brokerages have mostly given a Subscribe rating, but note the valuation of 42.9 times FY26 earnings as not inexpensive. The issue closes on September 21 and is expected to list on September 24.

## Indian Opinion Analysis

All four outlets covering the NSE IPO report the same facts: the issue opened September 17, closes September 21, is an OFS with no fresh issue, and saw 43% first-day subscription. The divergence is in framing. NDTV Profit leads with subscription percentage rising to 51% on day two, while Times of India leads with a moderate GMP of 8%, adding caution. Business Today focuses on institutional demand with the 20x anchor book figure, a bullish signal absent from the other stories. Spherical Insights provides a long-term pipeline context but is promotional in tone. The uniform subscription data and moderate GMP indicate measured demand absent exuberance. The closing subscription figure on September 21 will settle whether institutional participation built toward the end as brokerages predicted.

## Coverage

- businesstoday.in (neutral report) <https://www.businesstoday.in/bt-tv/market-today/video/nse-vs-bse-valuations-gaurang-shah-compares-indias-leading-stock-exchanges-and-their-growth-556211-2026-09-17?utm_source=rssfeed>
  Leads with anchor book 20x demand, no day one subscription stat
- businesstoday.in (neutral report) <https://www.businesstoday.in/bt-tv/market-today/video/nse-ipo-can-indias-stock-market-growth-drive-long-term-wealth-creation-556188-2026-09-17?utm_source=rssfeed>
  Leads with anchor book 20x demand, no day one subscription stat
- businesstoday.in (neutral report) <https://www.businesstoday.in/bt-tv/market-today/video/nse-anchor-book-gets-20x-demand-gaurang-shah-on-investor-confidence-valuation-556183-2026-09-17?utm_source=rssfeed>
  Leads with anchor book 20x demand, no day one subscription stat
- timesofindia.indiatimes.com (neutral report) <https://timesofindia.indiatimes.com/business/india-business/nse-ipo-day-2-after-43-subscription-on-first-day-gmp-stands-at-8-what-brokerages-are-saying/articleshow/134326592.cms>
  Leads with 43% subscription and 8% GMP, add caution
- ndtvprofit.com (neutral report) <https://www.ndtvprofit.com/markets/nse-ipo-day-2-check-nse-ipo-gmp-today-subscription-status-price-band-review-12062466>
  Leads with 57% subscription on day two, bullish but factual
- ndtvprofit.com (neutral report) <https://www.ndtvprofit.com/markets/nse-ipo-day-2-check-nse-ipo-gmp-today-subscription-status-price-band-review-12062466#publisher=newsstand>
  Leads with 57% subscription on day two, bullish but factual
- sphericalinsights.com (neutral report) <https://www.sphericalinsights.com/blogs/india-s-ipo-boom-how-the-primary-market-has-transformed-over-the-last-three-years>
  Broad IPO market overview, NSE as one name in pipeline

Tags: BSE, Gaurang Shah, Geojit Investments, IPO, NDTV Profit, NSE
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