NSE IPO Explained: Dates, Price Band and What “GMP” Really Means
This is general information for learning, not investment advice. Markets can go down as well as up. Please read official documents and consult a SEBI-registered adviser before you invest.
The NSE IPO is one of the biggest public issues in India’s history. Here are the key facts in one place, and an honest look at a term you will see everywhere, GMP.
Key facts
- Subscription: opened on 17 September 2026 and closed on 21 September 2026. The anchor round was on 16 September.
- Price band: ₹1,700 to ₹1,785 per share.
- Lot size: 8 shares, so about ₹14,280 at the top of the band.
- Issue size: about ₹21,494 crore to ₹22,569 crore at the ends of the band. It is reported as the second-largest IPO in India after Hyundai Motor India’s ₹27,870 crore issue in 2024.
- Type: it is entirely an offer for sale (OFS) of 12.64 crore shares, reduced from 14.9 crore in the draft papers. NSE does not issue new shares.
- Expected listing: 24 September 2026.
- Reported implied valuation: about ₹4.2 lakh crore.
What is an offer for sale?
In an OFS, existing shareholders sell some of their shares to the public. The company itself does not receive the money. It is different from a fresh issue, where the company issues new shares to raise funds.
What does GMP mean?
GMP stands for grey market premium. It is the extra price at which IPO shares are said to trade in an unofficial market before listing. Please keep three things in mind:
- It is not official. GMP is not published by SEBI, the stock exchanges or the company.
- It can change quickly or be wrong. Numbers quoted on websites and social media often differ and may be unreliable.
- It is not a promise. A high GMP does not guarantee a listing gain, and the listing price can be lower than the issue price.
Trading in the grey market is not regulated, so we do not quote GMP figures.
After the issue closes
- Under SEBI’s timeline, listing happens within three working days of the issue closing, which matches the expected 24 September date.
- Check your allotment status on the registrar’s website or the exchange website. Use only official links.
- If you are not allotted shares, the blocked money is released in your bank account. Applying through UPI or ASBA keeps your money in your account until allotment.
Questions to ask before investing in any IPO
- What does the company do, and how does it earn money?
- Read the risk factors in the official offer document (RHP).
- Can you afford to lose part of this money?
- Are you investing because of the business, or because of a headline?
This is general information for learning, not investment advice. Markets can go down as well as up. Please read official documents and consult a SEBI-registered adviser before you invest. Facts are from public reports and official pages, checked on 21 September 2026 (system date). Details can change.
