Daijiworld Media Network - Mumbai

Mumbai, Sep 19: The grey market premium (GMP) of the National Stock Exchange of India (NSE) initial public offering (IPO) has declined sharply from its peak, falling 61.46 per cent to Rs 84 by 2 pm on Saturday, according to online platforms tracking the unofficial indicator.

The GMP had touched a peak of Rs 218 on September 11. The NSE IPO, which opened for subscription on Thursday, witnessed the sharp decline in the premium during the bidding period.

The Rs 22,569-crore IPO was fully subscribed on the second day of bidding on Friday. The issue received bids for 10,28,43,656 shares against the 8,86,42,911 shares on offer, according to data available with the BSE.

The IPO comprises an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders. As a result, the proceeds from the share sale will not accrue to the exchange.

NSE has fixed the IPO price band at Rs 1,700 to Rs 1,785 per equity share, implying a market capitalisation of up to Rs 4.42 lakh crore at the upper end of the price band.

The IPO will close on September 21 and the shares are expected to make their Dalal Street debut on September 24.

The GMP is an unofficial indicator of the premium investors may be willing to pay over an IPO's issue price before listing. It is not an official market metric and does not guarantee that the stock will list at a premium.

Meanwhile, NSE reported revenue from operations of Rs 16,601.31 crore in FY26, compared with Rs 17,140.67 crore in FY25, marking a decline of more than 3 per cent year-on-year.

Revenue from transaction charges, one of NSE's key sources of income, also declined during the period. It fell to Rs 13,057.01 crore in FY26 from Rs 13,635.76 crore in FY25, a year-on-year decline of around 4 per cent.