NSE IPO GMP Day 3: What does GMP indicate?
GMP shows the premium at which the shares are reportedly being traded in the unofficial grey market before their stock market listing. As of September 21, on the final day of the NSE IPO, its GMP stood at ₹52. This indicates a gain of 2.91% over the upper price of ₹1,785. As a result, the indicative listing price can be estimated to be around ₹1,837.
However, this is only an estimate. The grey market premium can change quickly. It doesn’t guarantee that the share will list at the same price. It can also move between the end of the IPO and the actual listing.
NSE IPO GMP Day 3: What changed in three days?
The NSE IPO started with very small participation from investors. On Day 1, the issue received 0.43 times subscription. QIB demand was still at 0.19 times, while NII investors subscribed 0.72 times and retail investors 0.44 times.
The picture changed quite a bit on Day 2. By the end of the 2nd day, the issue had received bids for around 10.28 crore shares against 8.86 crore shares available. That took the overall subscription to 1.16 times. QIBs subscribed 1.53 times and NIIs 1.68 times. The retail portion stood at 0.72 times.
Now, as Day 3 ends, the subscription jumped sharply, reaching nearly 6 times. The QIB portion saw a subscription rate of 12.59 times, while the retail segment was subscribed approximately 1.25 times, and the HNI portion around 6.47 times.
NSE IPO Day 3 wraps up: What happens next?
Day 3 has ended, and the NSE issue is closed. However, that doesn’t mean the process has concluded. After the bidding closes, the applications go through the allotment process. The current IPO timeline is:
Now that the bidding has closed, the application process moves to the allotment stage. The basis of allotment is expected to be finalised on September 22. After that, refunds or unblocking of funds and credit of allotted shares are expected around September 23.
If you have applied for the IPO, the next thing to check after closure will be whether you received an allotment. The exact allotment depends on the category and the final basis of allotment.
The final GMP and Day 3 subscription numbers give investors more information about the demand seen during the 3-day NSE IPO. However, neither number can guarantee how the stock will actually trade after listing.
About the National Stock Exchange and its IPO
Most people know NSE because of the shares they buy and sell through brokers connected to the exchange. But NSE does more than just handle stock trading. It provides a platform for trading in areas such as equities, equity derivatives, currency derivatives, commodities and debt-related products. It also has businesses around indices, market data, technology and other market infrastructure services.
As of June 30, 2026, NSE had about 132.37 million unique registered investors and 3,005 listed entities. Its vast scale is one of the main things that investors are looking at as the exchange moves toward becoming a listed company.
The NSE IPO is a large Offer for Sale (OFS). The total issue size is ₹22,561.57 crore. It involves the sale of around 12.64 crore existing shares. Given that this is exclusively an Offer for Sale (OFS), it is important to note that the capital raised from the public issue will be allocated to the selling shareholders, rather than being utilised for NSE’s business activities. Here are the main details of the NSE IPO you should know:
The bottom line
The NSE IPO Day 3 has now closed for subscription, but the real journey of the NSE stock starts from here. If you applied for the IPO, you can check your allotment status on September 22.
If you get the shares, they are expected to be credited to your demat account on September 23. The NSE shares are expected to list on the Bombay Stock Exchange (BSE) on September 24. If you don’t get an allotment, your application money is expected to be unblocked on September 23.
