Mumbai: National Stock Exchange of India Ltd (NSE) made a subdued stock market debut on Thursday, listing at Rs 1,800 on the BSE—a premium of just 0.84 percent over its issue price of Rs 1,785—before gaining ground in subsequent trading.

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The opening fell short of grey-market indications, which had pointed to a premium of about 2.2 percent ahead of the listing. However, shares later climbed to Rs 1,845, taking gains over the issue price to 3.36 percent.

The modest listing premium followed healthy demand for the roughly Rs 22,569 crore IPO, which was subscribed 5.71 times. Institutional investors drove the bidding, subscribing 12.68 times their reserved portion, while the retail segment attracted 1.39 times subscription.

The contrast points to a measured reception on debut despite strong institutional participation in the public offering. The subsequent rise, however, lifted the stock above the premium indicated by the grey market before listing.

The offering was India’s second-largest IPO, after Hyundai Motor India’s Rs 27,870 crore issue in 2024, and exceeded LIC’s Rs 21,000 crore offering in 2022.

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The listing ended a nearly decade-long wait for NSE, whose plans to go public had been delayed by regulatory hurdles, including those linked to the co-location controversy.

The IPO comprised an offer for sale of up to 12.64 crore equity shares by existing shareholders, with a price band of Rs 1,700–1,785 apiece. As the offering involved only the sale of existing shares, the proceeds go to the selling shareholders.

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