NSE IPO set for modest debut as institutional demand surges

NSE's initial public offering is likely to open with a modest premium despite strong institutional interest. More than 100 qualified institutional buyers, not counting anchor investors, placed bids for about ₹4,498 crore of shares. Institutional demand was high while retail bidding stayed subdued, with the unofficial grey market premium sliding from roughly 21% on 17 September to just 2% by the close on 21 September. Analyst Ambareesh Baliga said the listing is expected to see a flat to modest premium, and the IPO tracker Chittorgarh projects a 4.5% premium or about ₹81 per share. The QIB portion, excluding anchors, made up 19.94% of the total issue and was subscribed around 12.7 times, raising ₹4,499 crore. The top ten bidders accounted for ₹2,234.15 crore, led by National Pension Scheme Trust with a ₹362.47 crore allocation, followed by LIC (₹342.98 cr), BNP Paribas Financial Markets (₹317.59 cr) and Societe Generale (₹285.44 cr). Mutual‑fund investors among the QIBs included ICICI Mutual Fund (₹229.43 cr), Quant Mutual Fund (₹185.22 cr), WhiteOak Capital Mutual Fund (₹104.15 cr) and Mirae Asset Mutual Fund (₹92.13 cr). Based on demand per rupee raised, NSE generated the highest ratio at four times, outpacing large issues such as LIC (2.06×) and Hyundai Motor India (1.93×). At ₹22,569 cr, the IPO is India’s second‑largest, behind Hyundai Motor India’s ₹27,859 cr issue. NSE reported FY26 operating revenue of ₹16,601 cr and net profit of ₹10,302 cr, compared with BSE Ltd’s revenue of ₹5,035.50 cr and profit of ₹2,496.98 cr. Shares will list on the BSE and also trade on the Metropolitan Stock Exchange of India under a permitted‑to‑trade arrangement, which does not require additional disclosures beyond the BSE filing. Brokers expect the stock to consolidate after listing, and no one sees a risk of a dud debut.