NSE IPO GMP Day 2: What does GMP say?
The GMP, or grey market premium, shows the premium at which IPO shares are reportedly being traded in the unofficial grey market. For the NSE IPO, the GMP was ₹142 on Day 2.
The IPO’s upper price band is ₹1,785 per share. So, if the GMP is ₹142, the estimated price based on the grey market would be ₹1,927. This means the implied premium over the upper IPO price would be around 8%.
However, remember that GMP is not an official NSE or stock exchange figure. It comes from the unofficial grey market and can change before listing. So, don’t treat the GMP as a guaranteed listing price or profit.
The GMP has been around ₹145 before the IPO opened. It moved during Day 2 as market conditions and demand changed.
NSE IPO Details
The NSE IPO is a massive ₹22,561.57 crore public issue. It is a full Offer for Sale (OFS) issue. Existing shareholders are offloading their shares. There is no fresh issue component. This means the company won’t receive proceeds from the issue.
Here are the main details:
What does NSE do?
The National Stock Exchange is one of India’s biggest financial market institutions. It operates a stock exchange where investors and traders buy and sell shares and other financial products. It also provides a market for products such as equity derivatives, currency derivatives and other securities.
As of June 2026, NSE has around 132.4 million unique registered investors, 1,328 trading members, and 3,005 listed companies. It also has a very large share of India’s equity and derivatives trading activity. This gives NSE a strong position in India’s financial markets. However, its business is closely linked to trading activity.
Transaction charges contributed around 78.7% of NSE’s FY26 revenue, while options contributed around 60.2% of revenue from operations. This makes trading volumes and changes in regulations important factors for the company’s business.
NSE IPO financials
NSE has a large and profitable business, but its latest financial numbers also show some moderation.
Revenue from operations fell from ₹17,141 crore in FY25 to ₹16,601 crore in FY26. Profit after tax also declined from ₹12,188 crore in FY25 to ₹10,302 crore in FY26.
One reason investors are watching NSE closely is its exposure to the derivatives market. Options trading has become a major part of the exchange’s business. Changes in trading volumes, transaction charges, taxes or market regulations could therefore affect its future earnings.
At the same time, NSE has other businesses such as market data, connectivity, colocation and licensing services.
What to watch on Day 3 of the NSE IPO?
The NSE IPO will remain open for one more day after Day 2. Investors can place bids until September 21, 2026. The final IPO allotment is expected on September 22, followed by share credit and refunds on September 23.
The next important numbers to watch will be the final Day 2 subscription, category-wise demand and the GMP before the issue closes.
For someone new to IPOs, it is also worth remembering that subscription numbers and GMP only show market activity or unofficial grey market expectations. They do not tell you what the share will actually trade at after listing.
The bottom line
The NSE IPO has attracted attention as it gives investors an opportunity to own shares of a major part of India’s financial market infrastructure. NSE IPO GMP Day 2 also brought a clear increase in institutional demand.
With one more bidding day left, the final subscription numbers and GMP can still change. If you’re considering the IPO, look at the company’s business and financials along with the grey market data before making your decision.
