# NSE IPO to list Thursday with muted debut, GMP signals

2026-09-23T04:25:47+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

The National Stock Exchange (NSE) is set to list on BSE on Thursday, September 24, marking India's second-largest public issue and the biggest IPO of 2026 so far, reports Times Now. The Rs 22,562 crore offer-for-sale was subscribed 5.71 times, with strong institutional interest. The grey market premium (GMP) has fallen sharply to Rs 45.5 on September 23, from Rs 65 at subscription close and Rs 285 after SEBI approval, Livemint reports. At a GMP of 2.4%, the implied listing price is about Rs 1,828, or 2.41% above the upper IPO price band of Rs 1,785. Both sources note allocation finalisation on September 22 and demat crediting on September 23. Anchor investors included LIC, Goldman Sachs, Fidelity, and sovereign wealth funds. The listing will be closely watched after the steep GMP decline.

## Indian Opinion Analysis

Both Livemint and Times Now offer straight reporting with no discernible slant. The coverage is uniform: the core fact is the sharp GMP drop from Rs 285 to Rs 45-50, which signals a subdued debut despite strong institutional subscription. The subscription numbers, QIB 12.68 times, retail 1.39 times, show that while institutional demand was heavy, retail interest was cautious. The real test is Thursday's opening price: if it holds near the implied Rs 1,828, the GMP correctly forecasted the listing, a larger divergence would indicate market reassessment of valuation post-SEBI approval. The BSE sees the first trade on September 24.

## Coverage

- livemint.com (neutral report) <https://www.livemint.com/market/ipo/nse-ipo-listing-share-price-prediction-gains-or-discounted-debut-at-bse-what-gmp-signals-11790131930523.html>
  Straight data reporting with no editorial slant, focused on GMP numbers and subscription statistics.
- timesnownews.com (neutral report) <https://www.timesnownews.com/business-economy/markets/nse-ipo-listing-date-tomorrow-check-gmp-listing-date-key-details-article-156208895>
  Factual IPO details and subscription data, no analysis or judgement beyond the numbers.

Tags: BSE, Kotak Mahindra Capital, NSE, SEBI, Vaamanaa Sethi
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