NSE IPO GMP Declines Significantly Ahead of Listing
The much-anticipated Initial Public Offering (IPO) of the National Stock Exchange (NSE) is witnessing major fluctuations in the grey market. Once commanding a robust premium of around Rs 310, the NSE IPO GMP has drastically slipped to Rs 61, sparking widespread discussions among market participants and retail investors.
Market analysts note that this sharp correction reflects changing investor sentiments. While initial enthusiasm was sky-high due to expectations of massive listing gains, the subsequent cooling off in the grey market indicates a more measured response from investors as the bidding window progressed.
Subscription Status and Issue Details
The NSE IPO opened for public subscription on September 17 and closed on September 21. Within the first two days, the issue was subscribed 1.04 times overall. While retail investors showed a cautious approach with a 0.69 subscription rate, Qualified Institutional Buyers (QIBs) subscribed 1.32 times, and Non-Institutional Investors (NIIs) reached 1.46 times.
The total issue size was downscaled to Rs 22,561.57 crore from the initially projected Rs 30,000 crore. The entire issue is an Offer for Sale (OFS), meaning existing shareholders are offloading their stakes. The price band was set between Rs 1,700 and Rs 1,785 per share with a lot size of 8 shares.
