NSE IPO GMP Hits ₹285 After SEBI Approval; Listing Likely In Week Starting Sept 21

The grey market premium (GMP) for the National Stock Exchange’s (NSE) proposed initial public offering (IPO) rose to ₹285 per share after the market regulator cleared the long-awaited issue, with the exchange targeting a listing in the week starting September 21, Reuters reported, citing sources.

The NSE received regulatory approval for its IPO on Friday, paving the way for a proposed ₹30,000 crore issue. In informal meetings, large prospective investors, including Indian mutual funds, indicated they would be comfortable buying NSE shares at around ₹1,800 apiece, Reuters reported. The formal price band is likely to be set near that level, the report added.

The IPO will be entirely an offer for sale (OFS), with existing shareholders offering up to 14.89 crore equity shares, representing nearly 6% of NSE’s paid-up capital.

There will be no fresh issue, meaning NSE itself will not receive any proceeds from the offering. Instead, the IPO will allow existing shareholders to monetise their holdings.

SBI, PSU Insurers In Focus

Shares of State Bank of India (SBI), New India Assurance (NIACL), Bank of Baroda, General Insurance Corporation of India (GIC Re) and IFCI are likely to remain in focus on Monday, following SEBI’s approval of the NSE IPO.

SBI, the largest listed selling shareholder, plans to sell around 2.47 crore NSE shares, while NIACL and GIC Re are expected to offload nearly 1.05 crore and 1.1 crore shares, respectively.

Bank of Baroda is also set to sell up to around 1.1 crore shares.

Meanwhile, IFCI has indirect exposure to NSE through its 52.8% stake in Stock Holding Corporation of India, which owns around 4.4% in NSE.

The IPO could therefore unlock significant value for these shareholders, with the impact particularly relevant for SBI and the PSU insurers given their very low acquisition costs for their NSE stakes.

At 11:17 AM, IFCI shares traded 1.61% higher at ₹103.01 apiece on the NSE. The stock has jumped over 16% in the past five sessions, more than 39% in one month, 98% in six months, and 94% so far in 2026 (year-to-date).

State Bank of India shares, on the other hand, were down over 1% at ₹1,004.60 apiece on the NSE.

General Insurance Corporation of India shares were also trading over 2% lower at ₹350.35 apiece on the NSE.

New India Assurance Company stock was also down, trading 1.25% lower at ₹227.03.