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NSE is set to debut on the stock market amid market expectations of moderate gains. Traders quote a grey market premium of around ?83 per share, down significantly from earlier estimates. The IPO was subscribed 5.71 times, highlighting strong institutional interest despite expectations for lower listing gains. Strict supply rules could limit immediate trading shares, impacting initial price movements post-listing. View More
Mumbai: The long-awaited public debut of the National Stock Exchange ( NSE ) Thursday could be a relatively modest affair if grey market prices for the bourse's shares are considered an accurate proxy for listing-day demand. However, exit curbs on most large investors could crimp immediate stock supply and boost prices later, analysts said. Traders in the unlisted market are quoting a grey market premium (GMP) -the amount investors are willing to pay over the expected IPO issue price before listing - of around ₹83 a share, or about 4.8%, over the IPO price of ₹1,785, compared with ₹250-310, or around 14-17%, earlier. The sharp contraction points to expectations of modest listing gains. ET Bureau "While investors have been waiting for the NSE listing for long, the enthusiasm has moderated because of the large issue size and expected supply," said Abhay Doshi, co-founder of UnlistedArena.com. NSE's ₹22,561-crore IPO, the largest so far in 2026, was subscribed 5.71 times, riding a bullish primary market wave over the past three months. The issue received bids for 505.81 million shares against 88.6 million shares on offer, led by demand from institutional and high net-worth investors. At the IPO price of ₹1,785 a share, NSE commands a valuation of ₹4.42 lakh crore. Rival BSE's market cap is at ₹1.33 lakh crore. Some market participants said the demand-supply dynamics could have a significant bearing on NSE's share price in the initial days after listing. Live Events Read more: Gautam Adani reclaims top spot as India’s richest, edges out Mukesh Ambani: Hurun Rich List "At a valuation of ₹4.42 lakh crore, the NSE IPO would immediately position it among India's top companies by market capitalisation," said Manish Bhandari, founder, CEO and portfolio manager at Vallum Capital Advisors. "While GMP indicators hint at a muted 2-5% premium, the real story lies in its tight initial supply." Experts said that while the grey market could be pointing to a more modest listing pop, the current limited supply of shares makes the grey market prices more unpredictable. According to unofficial estimates, of NSE's 2,475 million outstanding shares, 2,348.6 million, or 94.9%, constitute pre-issue capital. Rules Limit Stock Supply Under Sebi rules, pre-issue shares held by non-promoter shareholders, barring some categories of Alternative Investment Funds (AIFs), are locked in for six months from the IPO allotment date. Read more: NSE IPO shares all set to list: GMP signals 2% listing gain ahead of market debut To be sure, although the Life Insurance Corp is the biggest owner of stock in the bourse, the NSE has no identifiable promoter. While the IPO involved the sale of 126.4 million shares, equivalent to about 5.1% of NSE's total equity, 37.8 million of the IPO shares went to anchor investors. These shares are also locked in after listing. That leaves only about 88.6 million shares immediately available for trading when NSE lists on Thursday. NSE's book-built issue was entirely an offer for sale (OFS) of up to 126.4 million equity shares by 10 existing shareholders, including state-owned insurers and banks. In the absence of large supply on account of selling soon after listing day, any fresh purchases from institutional or deep-pocketed investors could drive up the stock sooner than what the grey market expects, said brokers. As of the June quarter, foreign institutional investors (FIIs) held 26.41% of NSE, while individual shareholders with holdings of up to ₹2 lakh accounted for 12.71%. Individuals with holdings above ₹2 lakh held another 9.58%. Alternative investment funds (AIFs) held 5.31% and insurance companies 0.13%. Among NSE's major shareholders, LIC held 10.7%, followed by SBI Capital Markets with 4.33% and State Bank of India with 3.23%. PI Opportunities held 2.4%, while investor Radhakishan Damani owned 1.58%. Sunil Kant Munjal held 0.41%, S Gopalkrishnan 0.38% and Indian Bank 0.34%. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
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PM Cona Industries Ltd has initiated the process for an initial public offering (IPO) by submitting preliminary documents to Sebi. This IPO features a fresh issuance of equity shares valued at up to Rs 120 crore, alongside an offer for sale from a promoter. The funds raised will facilitate various expenditures, notably the opening of new showrooms. View More
Electrical products maker PM Cona Industries Ltd has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 120 crore and an offer for sale (OFS) of 45 lakh equity shares by promoter Prakash Naraindas Motwani, according to the draft red herring prospectus (DRHP) filed on Tuesday. The company plans to use the proceeds from the fresh issue for capital expenditure, including purchase of plant, equipment and machinery, setting up 50 new display showrooms, brand building and marketing initiatives, and general corporate purposes. Mumbai-based PM Cona Industries is an established manufacturer of electrical products, primarily catering to the low-voltage electrical equipment market for domestic and commercial applications. The company manufactures fast-moving electrical goods and wires under the 'PM CONA' brand. Live Events The equity shares are proposed to be listed on BSE and NSE. Valmiki Leela Capital is the book-running lead manager to the issue, while KFin Technologies is the registrar. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
NSE shares are set to make their much-awaited market debut on September 24, with trading scheduled on both BSE and the Metropolitan Stock Exchange of India (MSEI). The listing follows a Rs 22,562 crore IPO that drew strong demand, with the issue subscribed nearly six times and QIBs bidding nearly 13 times their quota. View More
Shares of NSE will also list on its newest peer, the Metropolitan Stock Exchange of India (MSEI), when they make their much-awaited market debut on Thursday. MSE, in a circular released on Wednesday, said the equity shares of NSE will be admitted for trading on the capital market segment of the exchange under the ‘Permitted to trade’ category, with effect from September 24 onwards. Metropolitan Stock Exchange is a Sebi-recognised national stock exchange providing an electronic trading platform across capital markets, equity derivatives, currency derivatives, and debt segments. Its platform spans equity, and index derivatives, debt and currency derivatives, with more than 250 listings and over 3100 companies available for trading. This comes days after NSE MD and CEO Ashish Chauhan clarified that the stock exchange will not seek Sebi approval to trade its shares on its own platform. The market regulator’s rules currently do not allow a recognised stock exchange to list its own securities on its own platform. NSE shares will begin trading tomorrow on BSE as well as MSEI. Markets are currently keeping a close eye on grey market trends for one of the most awaited listings this year so far. Live Events NSE IPO GMP Ahead of listing, the unlisted shares of NSE were trading with a mere 2% premium over the IPO price, signalling a muted listing tomorrow. NSE’s scheduled market debut tomorrow will wrap up its long running process to list as India’s second listed stock exchange after BSE. The company’s initial public offering was launched earlier this month to raise Rs 22,562 crore entirely through an offer for sale (OFS) of 12.64 crore shares by existing shareholders. This means none of the IPO proceeds will go to NSE, as they will be received by the selling shareholders. NSE shares were offered at a price band of Rs 1,700 to 1,785 apiece. With a lot size of 8 shares, the minimum retail application amount comes to Rs 14,280. A day before the IPO opened for public bidding, the stock exchange raised Rs 6,746 crore from more than 150 anchor investors. Also read: NSE IPO Tracker: Catch all the highlights here Foreign portfolio investors accounted for Rs 2,883 crore, or 43% of the anchor book. More than 20 foreign long-only funds participated, with the list including Singapore sovereign wealth fund GIC , Abu Dhabi Investment Authority and Norges Bank. Domestic institutional demand was also broad-based, with more than 25 mutual funds and 11 insurance and pension companies investing around Rs 3,588 crore, or 53% of the anchor book. LIC, NSE's largest shareholder with a 10.72% stake, invested more than Rs 500 crore through LIC, LIC Mutual Fund and LIC Pension Fund during the anchor round. The investment comes even as LIC's existing holding is larger than the stake being offered in the IPO. The SBI group, which is selling a 1% stake in NSE through State Bank of India and SBI Capital Markets, also invested in the exchange through SBI Mutual Fund, SBI General, SBI Life and SBI Pension Fund. Its combined investment exceeds Rs 400 crore. ALSO READ: Sebi sees potential for Rs 2 lakh crore IPO fundraising as fresh capital gains prominence The maiden public issue of NSE saw strong investor interest during its three days of public bidding, being subscribed nearly 6 times its offer size between September 17 and September 21. Qualified institutional buyers (QIB) led the demand, booking their reserved portion around 13 times, while the portions kept for retail investors and non-institutional investors (NII) were booked 1.4 times and 6.6 times, respectively. What analysts expect for NSE’s mega listing? NSE is India’s leading exchange, with a dominant market share across cash and equity derivatives, noted Shivani Nyati, Head of Wealth at Swastika Investmart . At Rs 1,700–1,785, the IPO is valued at around 40.9x–42.9x FY26 diluted EPS, at a discount to BSE’s 54.28x, offering valuation support. Also read | 70% IPOs in September gave a listing bounty for investors. Can NSE beat its weak GMP? However, around 79% of revenue is linked to trading activity, making earnings sensitive to market volumes and regulatory changes, she added. “Our pre-listing view is Subscribe, with minor listing gains expected, but the IPO remains suitable for a long-term investment play, supported by NSE’s strong market position, scale and relative valuation advantage,” she further said. Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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