The National Stock Exchange (NSE) initial public offering is indicating a muted debut in the unofficial market. As of September 23, 2026, the Grey Market Premium (GMP) for the issue was quoted at ₹59 per share. Set against the upper end of the price band at ₹1,785, this projects a debut price of ₹1,844 per equity share, representing an expected listing gain of approximately 3.31%. The grey market activity has experienced notable volatility leading up to the listing. The premium stood at ₹43 on September 22, ₹65 on September 21, ₹48 on September 20, and ₹61 on September 19. Prior to that, the premium traded at higher levels, logging ₹111 on September 18, ₹142 on September 17, and ₹145 on September 16. Subscription Breakdown The issue closed with an overall subscription of 5.71 times, driven predominantly by institutional interest: Qualified Institutional Buyers (QIB): Booked 12.68 times Non-Institutional Investors (NII): Subscribed 6.55 times (Big NIIs at 7.78 times; Small NIIs at 4.09 times) Retail Individual Investors (RII): Subscribed 1.39 times Employee Reservation: Subscribed 2.40 times In total, market participants placed bids for 8,86,42,912 equity shares across 1,10,80,364 application lots. Offer Overview The ₹22,561.57 crore public offering was structured purely as an Offer for Sale (OFS), with shares carrying a face value of ₹1 each. The price band was set between ₹1,700 and ₹1,785 per share. Due to cross-listing regulations, the shares will be listed exclusively on the Bombay Stock Exchange (BSE). Grey market premiums serve strictly as informal indicators of investor sentiment and are subject to sharp fluctuations before the final listing. Disclaimer: This report is published solely for educational and informational purposes and must not be regarded as financial or investment advice. Securities trading involves market risk; readers should consult a certified financial advisor and evaluate all offer documents before making investment choices. Post navigation Why Are India’s Exports to China Suddenly Rising?
