The largest and most talked-about IPO in the history of the country's stock market, the *National Stock Exchange of India (NSE) IPO*, is going to be listed tomorrow, September 24, 2026. This is not just a listing, but a historic moment in the market, as the country's largest exchange is listing on its rival, the BSE.
For the past week, every investor has been wondering whether they received allotment, what is the GMP, and what will the listing price be tomorrow? So, let's explain the entire story in simple terms in 900 words.
First - Dates and Details
This NSE IPO opened on September 17 and closed on September 21. Investors invested heavily in this four-day bidding.
Allotment Basis Final: Finalized on September 22nd
Refund and Demat Credit: Processing today, September 23rd
Listing Date: September 24, 2026, Wednesday, on BSE
Price Band: ₹1,700 to ₹1,785 per share
Lot Size: 8 shares, meaning ₹14,280 per lot
Total Issue Size: ₹22,569 crore
Total Shares: 12.64 crore shares
It is important to note that this IPO is entirely an Offer for Sale (OFS). This means that the NSE company did not raise funds by issuing new shares, but rather, its existing major shareholders, such as LIC, SBI, and Tiger Global, sold their shares. Therefore, this ₹22,569 crore will go directly to those shareholders.
Even before listing, NSE had raised ₹6,746 crore from major anchor investors, including big names like LIC, Goldman Sachs, and Fidelity.
Subscription - Who bid how much?
The market welcomed this IPO. Overall, this IPO was subscribed 5.71 times. Demand for 50.58 crore shares came in against a total of 8.86 crore shares.
QIB Category: 12.68 times subscription - Foreign and domestic large institutional investors showed the most confidence.
NII (HNI) Category: 6.55 times - Large investors also bid heavily.
Employee Category: 2.40 times - NSE employees also participated.
Retail Category: 1.39 times - Retail investors showed slightly less enthusiasm, but the number was still full.
This clearly shows that large investors are very bullish on the future of NSE.
NSE IPO GMP Today - Why is the Grey Market Premium Falling?*
Now let's get to the hottest topic: GMP.
When the NSE IPO buzz began in early September, its GMP in the unlisted market reached around ₹285. People were dreaming of a listing price above ₹2,000.
But as the IPO date approached, the GMP steadily cooled.
According to the latest data from InvestorGain and Moneycontrol:
GMP on September 22: ₹45.50
GMP on September 23 (today): ₹43 to ₹48
What does this mean? If the upper price band is ₹1,785 and the GMP is ₹43, then the estimated listing price would be ₹1,785 + ₹43 = ₹1,828. This translates to a listing gain of approximately ₹2.41% to 2.55%.
While a 15% gain was initially expected, it has now fallen to 2.5%. There are two major reasons for this: first, the sudden sell-off in the market, and second, the supply pressure due to the large issue size.
*Remember: GMP is not a government figure. It is an unofficial, unregulated market price. It can change at any time before listing and does not guarantee the listing price.*
How to Check Allotment Status? - Step by Step
If you applied, your allotment was finalized yesterday. The money will be returned to your bank account today if you haven't received the allotment, and if you have, the shares will reflect in your Demat account by this evening.
You can check from three places:
1. From the BSE website:
Go to the IPO Allotment section on the BSE website at http://bseindia.com, select Equity under Issue Type, select National Stock Exchange of India Ltd in the dropdown, enter your PAN or Application Number, and search.
2. From Registrar MUFG Intime:
MUFG Intime India (formerly Link Intime) is the registrar for this IPO. You can check the status by entering your PAN, DP ID, or Application Number on their website.
3. From your broker app:
Allotment status is also displayed in the IPO section on all broker apps like Zerodha, Groww, and Upstox.
What will happen in the listing tomorrow? What are experts saying?
NSE's listing will be on the BSE, as SEBI rules prohibit an exchange from listing on its own platform. A pre-open session will be held between 9 am and 10 am, and the actual price will be revealed at 10 am.
Reports from brokerage firms Angel One, Anand Rathi, and others indicate that NSE's valuation remains attractive. At the upper end of the price band, NSE's P/E ratio is 35.4x, while its rival BSE is trading at a P/E of 54.2x. BSE's stock was listed at ₹1,080 in 2017 and has increased more than 10-fold today.
NSE's business generates revenue not just from trading, but from various businesses such as data fees, colocation services, clearing, and Gift Nifty. Its market share exceeds 90%.
Therefore, even though the GMP has fallen to 2.5%, long-term investors still consider it an opportunity to invest in a monopoly business. There is little hope of a huge rise on listing in the short term, but in the long term it will directly benefit the growth of the stock market.
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