NSE’s new issue, valued at Rs 22,568 crore, closed the bidding window with a staggering Rs 1.4 lakh crore in demand, eclipsing the Rs 7,100 crore mobilisation target and setting the share price at a band of Rs 1,700‑1,785.
The grey‑market premium (GMP) reflected shifting sentiment, dropping from a high of Rs 280 on Sept 7 to Rs 208 on Tuesday, and settling at Rs 160 by late Wednesday. This slide signals tempered investor enthusiasm ahead of the listing.
Six companies are slated for listing on the same day, each raising substantial sums: RentoMojo Rs 1,255.6 crore, Karamtara Engineering Rs 875 crore, LCC Projects Rs 427 crore, Steamhouse India Rs 414 crore, Manipal Payment Rs 805 crore, and ARCIL Rs 733 crore. Together they added Rs 4,694 crore to the market.
An NSE release disclosed that 189 institutional funds—domestic and foreign—purchased 3.8 crore shares at the top of the band, amounting to Rs 6,746 crore. Domestic investors accounted for Rs 3,863 crore, while foreign funds contributed Rs 2,883 crore.
The IPO will close on Sept 21, after which NSE will list the shares. Investors will also watch the 5.1% stake sale by existing NSE shareholders, which could influence liquidity and price discovery in the early trading period.