NSE listing: Shares debut at ₹1,800, 0.84% above IPO price
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Shares of the National Stock Exchange of India (NSE) made their much-awaited stock market debut on Thursday (September 24), listing at ₹1,800, 0.84% premium over the issue price of ₹1,785. NSE, the country’s largest exchange, listed with a market capitalisation of ₹4,45,500 crore.
The ₹22,562 crore IPO, the second-largest public issue in India after Hyundai Motor India’s ₹27,870 crore offering, was subscribed 5.71 times during the September 17-21 bidding period.
NSE listing puts valuation in focus
NSE’s market debut is being closely watched as investors assess the valuation of one of India’s largest market infrastructure institutions. The IPO was entirely an offer for sale (OFS) of 12.64 crore shares, with no fresh equity issued by the exchange. At the upper end of the ₹1,700-1,785 price band, NSE was valued at around ₹4.42 lakh crore.
The shares are listed on the BSE, while they have also been admitted for trading on the Metropolitan Stock Exchange of India (MSEI) under the permitted-to-trade category.
Grey market premium moderated ahead of debut
NSE’s listing came after strong demand across investor categories, although its unofficial grey market premium (GMP) had moderated sharply ahead of the debut.
The GMP was around ₹75-85 on the morning of September 24, implying a potential listing premium of roughly 4-5% over the IPO’s upper price band, according to market reports.
The GMP had fallen considerably from earlier levels. It stood at ₹142 when the issue opened on September 17, declined to ₹111 on September 18 and fell further to ₹61 on September 19. After touching ₹48 on September 20, the premium recovered to ₹65 on September 21 before falling to around ₹43 after allotment.
The grey market premium is an unofficial indicator and does not guarantee the actual listing price or subsequent stock performance.
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