The National Stock Exchange's much-awaited initial public offer opened for bidding on September 17, yet the first day saw a tepid investor response. The Rs 22,561.57 crore offer for sale garnered merely 0.42 times subscription by the close of day one, meaning only 42 per cent of the total issue was booked.
Day 1 Subscription Numbers
Ahead of the public issue, anchor investors had already secured a large portion by committing Rs 6,746.18 crore. Despite this head start, participation from retail and institutional investors remained mixed. Market observers point to the modest grey market premium as a key factor behind the subdued enthusiasm.
Key Dates and Timeline
The bidding window stays open until September 21. Share allotment is expected to be finalised on September 22, with a tentative listing on the BSE scheduled for September 24. All eyes are now on whether subscription momentum will pick up in the remaining sessions.
Grey Market Premium and Listing Estimates
As of 4:37 PM on September 17, the NSE IPO was trading at a grey market premium of Rs 148 per share. Based on this GMP, the estimated listing price works out to Rs 1,933 per share, implying a gain of roughly 8.29 per cent over the issue price.
Brokerage Views
Of the 25 brokerages that have reviewed the IPO, 65 per cent have issued a positive 'Apply' rating. One brokerage noted in its report, "We believe NSE's strong franchise, significantly larger scale and established market ecosystem provide a solid base to navigate the evolving derivatives landscape."
