National Stock Exchange public issue set for market debut tomorrow

The National Stock Exchange public issue is likely to list on the bourses tomorrow at 10:00 IST following the finalisation of share allotments. The public issue worth ₹22,569 crore received strong interest on its final day of bidding, getting subscribed 5.71 times overall according to data from the BSE. Institutional investors drove much of the demand, with the qualified institutional buyer portion receiving more than 12 times subscription. Bids were placed for 50.58 crore shares against 8.86 crore shares on offer. The non-institutional investor category received 6.55 times subscription, while the retail portion was subscribed 1.39 times. Market experts note that the grey market premium stands at 81 rupees. This points to an estimated listing price of ₹1,866 per share, which is 4.54 percent higher than the IPO price of ₹1,785. However, the grey market premium has dropped from 285 rupees over the past 20 sessions, showing weaker sentiment in the unofficial market. Shivani Nyati, Head of Wealth at Swastika Investmart, stated that the company is valued at around 40.9 to 42.9 times FY26 diluted earnings per share, putting it at a discount compared to the BSE valuation. Mahesh M. Ojha, Vice President of Research at Kantilal Chhaganlal Securities, highlighted that the exchange accounted for 11.38 percent of global cash-equity trades and 51.18 percent of global equity-derivative contracts in FY26. Analysts advise long-term investors who received shares to hold them, while fresh investors may wait for the stock to stabilise after listing. The offering is entirely an offer for sale, meaning the company itself will not receive any funds from the issue proceeds.