The National Stock Exchange of India's IPO opens for subscription today, running from September 17 to September 21, with listing scheduled for September 24. According to The Economic Times, the issue comprises an offer for sale of 12.64 crore shares with a price band set between ₹1,700 and ₹1,785 per share. The exchange has confirmed that existing investors will sell fewer shares at a revised price band, aiming to raise between ₹21,494 crore and ₹22,569 crore from existing shareholders. Share allotment is expected on September 22, with the issue size reduced by 15% from earlier proposals. Geojit Financial Services has issued a 'Subscribe' rating for the IPO, recommending it for medium to long-term investors.
NSE has demonstrated robust financial performance with topline growing ~13% YoY to ₹4,560 crore in Q1FY27, while maintaining strong EBITDA and adjusted PAT margins of ~78% and ~67% respectively. As reported by Moneycontrol, NSE commands ~93.1% market share in cash equities, ~99.7% in equity futures, and ~68.5% in equity options as of Q1FY27. The exchange processes ~13 billion messages daily and serves 132+ million investors with ~3,005 listed entities. India's equity futures market is projected to grow at a CAGR of 16-18% through FY30, supported by rising institutional participation and increasing market depth. NSE Clearing Ltd maintains the mandated ₹10,500 crore core Settlement Guarantee Fund corpus as of December 2024, reinforcing its clearing and settlement ecosystem resilience.
The ₹1,700-1,785 price band represents a 2.3% discount to some unlisted market prices, serving as a reality check for investors who purchased NSE shares at higher levels. As reported by The Economic Times, Mahesh Gupta is selling up to 500 equity shares at the upper price band of ₹1,785, having acquired them at ₹1,826.85 each in the unlisted market. If all shares are sold at the upper band, the price difference would amount to approximately ₹20,925. This demonstrates that pre-IPO prices may not always reflect fair market value, with unlisted shares often trading on expectations of IPO gains rather than fundamental valuations.
The public issue was oversubscribed 72.88 times on the final day of bidding on September 11, demonstrating exceptional investor demand. As reported by Essential Business Intelligence, the latest grey market premium (GMP) stands at ₹158, indicating strong gains of over 39% for investors. With the upper price band of ₹404, Rentomojo IPO's estimated listing price is ₹562 (cap price + today's GMP). The shares are commanding a strong premium in the grey market ahead of allotment, signaling positive investor sentiment despite the reality check for unlisted investors.
The IPO witnessed robust participation across all investor categories, with QIBs subscribing 177.29 times, NIIs subscribing 67.93 times, and RIIs subscribing 15.59 times on the final day of bidding. According to Essential Business Intelligence, this indicates strong institutional and retail investor confidence in the rental platform's growth prospects. The subscription details show bids for 1,58,68,10,712 shares compared to 2,17,72,311 shares on offer, as reported by NSE data. The mainboard IPO opened for bidding on September 9 and closed on September 11.
