NSE’s IPO, priced at ₹1,700‑₹1,785 per share, drew a 1.26× total subscription by day two, with the grey‑market premium contracting to ₹48 from ₹142 on day one—an 8% drop from the upper band.
Institutional demand remained robust: QIBs subscribed 1.59×, non‑institutional investors 1.89×, and retail investors hit 81% of the 8.86 crore shares offered. The anchor book, comprising 98 mutual‑fund schemes and 27 life‑insurance companies, was allotted 3,77,93,739 shares at ₹1,785 each, raising ₹6,746 crore from anchor investors.
Demand for the anchor portion ran at roughly ₹1.2 lakh crore—about 20 times the allocation—underscoring the appetite for NSE exposure as India’s capital markets expand. The book‑running lead managers include Kotak Capital, JM Financial, Morgan Stanley India, and HDFC Bank, among others.
At the upper price band, NSE is projected to command a market cap of ₹4.41 lakh crore. Final allotments are slated for September 22, with shares credited to demat accounts on September 23. Analysts remain cautious; Religare rates the issue as ‘Neutral’ despite strong pre‑market demand.
Looking ahead, the IPO’s offer‑for‑sale structure means proceeds go to selling shareholders rather than the exchange, and the final market cap will hinge on post‑listing liquidity. Traders should watch the first‑day trading for signs of price consolidation around the ₹1,700 band.