MUMBAI, September 24: Shares of the National Stock Exchange of India (NSE) are set to make their long-awaited stock market debut today following the exchange’s ₹22,562-crore initial public offering. NSE shares will be listed on the BSE, while the Metropolitan Stock Exchange of India (MSEI) will also allow trading in the stock under its “permitted to trade” category from September 24.
NSE Shares to Debut on BSE Today
NSE shares are expected to begin trading on the BSE at around 10 AM on Thursday, marking the culmination of the exchange operator’s decade-long effort to enter the public markets.
The listing is particularly notable because NSE is India’s largest stock exchange by trading activity across several market segments, but its shares will initially trade on rival exchange BSE rather than on NSE itself.
MSEI Also Allows Trading in NSE Shares
The Metropolitan Stock Exchange of India has announced that NSE shares will also be available for trading on its platform from September 24.
According to an MSEI circular, NSE shares will be admitted under the “permitted to trade” category. This means NSE has not signed a separate listing agreement with MSEI, even though investors will be able to trade the shares there.
BSE remains NSE’s designated stock exchange for the listing.
₹22,562-Crore IPO Subscribed 5.71 Times
The NSE IPO attracted strong investor demand during its three-day subscription period.
The issue received bids for around 505.8 million shares against 88.6 million shares available, translating into an overall subscription of 5.71 times.
Demand was led by institutional investors:
- Qualified Institutional Buyers: 12.68 times
- Non-Institutional Investors: 6.55 times
- Retail Investors: 1.39 times
IPO Priced at ₹1,785 Per Share
NSE had fixed its IPO price band at ₹1,700 to ₹1,785 per share, with the final offer price set at the upper end.
The ₹22,562-crore issue was entirely an Offer for Sale (OFS), meaning NSE itself will not receive fresh capital from the IPO. Existing shareholders sold part of their holdings through the offering.
At the upper price, the IPO valued NSE at around $46 billion.
Grey Market Signals Modest Listing Premium
Ahead of the listing, unofficial grey-market indicators suggested a modest premium over the IPO price.
Moneycontrol reported a grey-market premium of around ₹43 per share on September 23, implying an indicative price near ₹1,828 against the ₹1,785 issue price.
Grey-market prices are unofficial, unregulated and can change rapidly, so they should not be treated as the actual listing price.
NSE Dominates India’s Equity Trading Market
NSE holds a dominant position in India’s capital markets.
Reuters reported that the exchange has around 93% share of the cash-equities market and approximately 75% of the options market. Its investor base had also risen to about 129.09 million as of March 2026.
However, regulatory tightening and changes affecting derivatives trading have placed pressure on some of the exchange’s fastest-growing revenue streams.
Listing Ends NSE’s Decade-Long IPO Journey
NSE’s stock-market debut comes after years of regulatory and legal hurdles delayed its listing plans.
The exchange’s IPO is among India’s largest public offerings and follows strong institutional participation despite concerns about lower derivatives volumes and changing market regulations.
Attention will now shift to NSE’s actual listing price and first-day trading performance once the shares begin trading later this morning.
source – Reuters / Business Standard / Moneycontrol / Economic Times
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