National Stock Exchange of India made its stock-market debut on 24 Sep 2026, listing at a premium of 1.85% over the issue price. Key details on record: a ₹22,563 Cr book-built issue, price band of ₹1700–₹1785 per share, grey market premium of +₹49 (+2.7%).
Last updated: 20 Oct 2026, 13:21 IST · auto-refreshed from live GMP, subscription feeds and the company's RHP
Grey-market premium is captured at close, then matched against the actual debut. The gap between GMP-implied gain and the real listing is the prediction error — directional signal only, magnitude is never promised. Past performance does not guarantee future results.
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One market lot comprises 8 shares. Applications above ₹2 lakh fall under the non-institutional (HNI) category.
Mark these dates, the full subscription-to-listing cycle typically wraps up in under two weeks. India now runs on a T+3 settlement cycle, meaning bidding closes, allotment is finalised and shares hit Demat accounts within roughly three working days of the close, with listing following the very next trading day. Refunds for unsuccessful applicants happen automatically, ASBA/UPI blocks are released without any forms or follow-ups:
The issue was subscribed 5.71x as of Sep 21, 2026 18:54. Demand has been brisk. Qualified institutional buyers (QIBs) bid 12.68x their reserved portion; Non-institutional investors (NIIs) bid 6.55x their reserved portion; the retail category bid 1.39x their reserved portion; the employee quota bid 2.4x their reserved portion.
QIB demand reflects what mutual funds, insurers and alternative funds think of the valuation; NII (HNI) bookings often track expected listing pops; retail demand shows crowd sentiment. A book that is strong across all three categories is far more reassuring than one carried by a single segment. Remember: heavier oversubscription also means a lottery-style retail allotment, so apply only what you can comfortably bid for.
Live figures from the registrar/exchange; they change while bidding is open.
Here is how the books have moved over the last three financial years:
| Particulars | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 91,334.07 | 87,937.44 | 69,466.64 |
| Total Income | 5,252.17 | 18,713.37 | 19,176.83 |
| Profit After Tax | 3,120.08 | 10,302.06 | 12,187.69 |
| EBITDA | 4,332.04 | 14,519.09 | 16,021.36 |
| Net Worth | 34,983.74 | 31,869.72 | 30,165.05 |
| Reserves | 34,996.73 | 31,866.04 | 30,105.83 |
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Total change is the full swing from the oldest to the newest restated year and is what the Financial Growth score uses. CAGR is the same journey expressed per year, which stops a small base year from making a large-looking jump. Margin is profit after tax as a share of total income.
Profits have scaled from ₹12,187.69 Cr to ₹3,120.08 Cr over two years. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:
Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.
As disclosed under "Competitive Strengths" in the company's offer document.
visit MUFG Intime India Pvt.Ltd., open the IPO status page, select "National Stock Exchange of India IPO", enter PAN or application number and view your status.
Enter your application number and PAN on the exchange allotment page to see the shares allotted.
The mandate shows "blocked" until allotment, then the amount is either debited for allotted shares or released automatically.
The stock listed on 24 Sep 2026 at a premium of 1.85% and is currently trading around -2.33% versus the issue price. Grey-market expectations have now given way to actual price discovery.
New listings open with a special pre-open call auction: the exchange matches buy and sell orders to discover an opening price, after which normal trading begins. Newly listed counters trade in price bands (circuit limits) on day one, which caps how far the stock can swing from its base price. If you applied and were allotted, shares are already in your Demat before the bell, you can sell at open or hold; if you missed the allotment, you can still buy on debut, but chasing a euphoric opening is a well-known way to overpay.
A detailed business-model breakdown is added by the research desk once the official prospectus (DRHP/RHP) disclosures are fully parsed.
Peer comparison data is not available in the RHP for this issue. Some SME IPOs do not include a peer group section in the offer document.
The stated objects, typically a mix of debt repayment, working-capital funding, capacity expansion and general corporate purposes, are set out in the Red Herring Prospectus. The DostIpo desk summarises the object-by-object break-up here once the RHP is parsed in full; until then, treat the prospectus as the authoritative source.
Verify every claim against the primary source. These are statutory public disclosures filed with SEBI / the Registrar of Companies, free to read, no registration needed:
Official SEBI filing with the complete and authoritative picture.
Open RHP →Quick PDF summary of the issue for fast reading.
Open PDF →Links point to SEBI's official filings repository. The RHP contains the authoritative financials, risk factors, promoter details and objects of the issue.
Applying takes under five minutes if your Demat account and UPI ID are ready. There are two standard routes:
Open Zerodha Console, Groww, Upstox, Angel One or any UPI-enabled broker, go to the Invest/Orders IPO section, select National Stock Exchange of India, enter your lot quantity and bid price (or choose cut-off), add your UPI ID and approve the mandate in your UPI app. Funds stay blocked in your own account until allotment, nothing leaves upfront.
Log in to your bank’s net-banking, find the IPO/ASBA section, pick the issue, enter your Demat DP ID and bid details, then submit. The exact amount is blocked and released automatically if no shares are allotted.
Track National Stock Exchange of India IPO GMP day-by-day on the dedicated GMP page →
The sections below are generated automatically by the DostIpo intelligence engine from timestamped snapshots: RHP disclosures, live subscription captures and grey-market tracking. Every claim traces back to a stored data point; where inputs are still missing, the engine says so instead of filling gaps.
Composite of seven weighted categories, category-by-category evidence below.
How complete and internally consistent the inputs behind the 32/100 X-Ray score are — this is not a prediction accuracy claim.
Checks: Price band is present and matches across prospectus and exchange filings. Status: Verified by the consistency engine — no conflict across sources.
Checks: Open, close, allotment and listing dates are present and chronological. Status: Verified by the consistency engine — no conflict across sources.
Checks: Issue size agrees with the objects-of-the-issue maths. Status: Verified by the consistency engine — no conflict across sources.
Checks: Subscription figures are captured and pass sanity bounds. Status: Verified by the consistency engine — no conflict across sources.
Checks: Lot size is present and consistent with price-band maths. Status: Verified by the consistency engine — no conflict across sources.
Checks: A grey-market quote exists with enough history to read a trend. Status: Verified by the consistency engine — no conflict across sources.
Checks: RHP sections extracted: business, risks, peers, industry, objects. Status: Present with a soft inconsistency — usable, but flagged.
Checks: Listed-peer table extracted from the RHP for valuation context. Status: Not available yet — shown as missing, never scored as if present.
Checks: Share of the seven X-Ray pillars actually scored versus left pending. Status: Present with a soft inconsistency — usable, but flagged.
GMP implies 3% listing premium on the upper band
Formula: score = min(|GMP| / upper_band x 100 / 60, 1) x 10 (full 10 at >=60% implied premium; no quote -> skipped, never 0; GMP is only 10% of Fundamental X-Ray by design)
Full rulebook: Data Methodology → X-Ray formula
Overall subscription at 5.71x during the window; QIB portion at 12.68x
Formula: base = min(total_x / 10, 1) x 15; with QIB: score = base x 0.7 + min(qib_x / 5, 1) x 15 x 0.3
Full rulebook: Data Methodology → X-Ray formula
PAT moved from Rs12187.7 Cr to Rs3120.08 Cr (-74%) across restated years
Formula: score = min(pat_growth_pct / 80, 1) x 20, pat_growth_pct = (newest - oldest) / |oldest| x 100 across restated years (simple change, NOT CAGR). The score uses total change; PAT CAGR, Revenue CAGR and PAT-margin trend are displayed alongside as evidence but are NOT scored
Full rulebook: Data Methodology → X-Ray formula
Post-IPO P/E of 35.4x looks fullish but within range for quality names
Formula: post-issue P/E <= 25 -> 18; <= 40 -> 12; else 5 (max achievable is 18/20 by design — perfection is not claimable pre-listing)
Full rulebook: Data Methodology → X-Ray formula
Promoter holding and issue-structure data pending — category skipped, not scored 0
Formula: base = 8 if pre-holding >= 65% else 5 if >= 45% else 3; +2 if fresh_share >= 50% (cap 10)
Full rulebook: Data Methodology → X-Ray formula
EBITDA margin compressed 84% to 82%; 3 material litigation item(s) per RHP (-6); 3 related-party transaction(s) per RHP (-3); regulatory action flagged in RHP: Subject to enforcement actions, monetary penalties, and adjudication proceedings
Formula: start 0; D/E<=0.5 +5, <=1.0 +3; margin stable/up +4; fresh>OFS +2; clean RHP read +4; -2 per litigation item (max -6); -1 per related-party item (max -3); regulatory flag -3; clamp 0..15
Full rulebook: Data Methodology → X-Ray formula
Industry overview captured from RHP (1 points); relative valuation vs peers pending
Formula: ratio = post_PE / peer_median_PE: <=0.80 -> 10; <=1.00 -> 8; <=1.25 -> 6; <=1.60 -> 4; else 2 (fallbacks: industry bullets -> 7, sector only -> 6)
Full rulebook: Data Methodology → X-Ray formula
| Strongest Pillar | Subscription Strength (15/15) |
|---|---|
| Weakest Pillar | Financial Growth (0/15) |
This is an automated reading of the evidence above, not investment advice.
3/3 signals signals contributed.
sub velocity 13/100gmp velocity 0/100eod acceleration 50/100
Market sentiment and fundamentals are broadly aligned.
Certificate dated September 10, 2026 each issued by Manian &; respect to the Key Performance Indicators. (Source: AI-read of full RHP)
For details of the related party transactions, as per the re; ‘Related Party Disclosures’ read with the SEBI ICDR Regulati (Source: AI-read of full RHP)
Subject to enforcement actions, monetary penalties, and adjudication proceedings with SEBI — The outcome of current and potential future proceedings is uncertain and could have a material adverse effect on the business, reputation, f (Source: AI-read of full RHP)
PAT grew just -74% across restated years (Rs12187.7 Cr to Rs3120.08 Cr). (Restated financials)
EBITDA margin compressed from 84% to 82%. (Restated financials)
Demand has plateaued; most of the book formed early in the window.
Data: 5.71x subscribed but momentum 18/100
All intelligence outputs are data-based observations for education, not recommendations. Methodology: see the Data Methodology page.
| Strongest Pillar | Subscription Strength (15/15) |
|---|---|
| Weakest Pillar | Financial Growth (0/15) |
DostIpo is not SEBI-registered. This is an automated, data-based signal for education only. Read the RHP risk factors and consult a SEBI-registered adviser; whether to invest is entirely your decision.
The price band is ₹1700–₹1785 per share.
Lot size is 8 shares; minimum estimated investment ~₹13,600 (lower band).
The IPO opens on 17 Sep 2026 and closes on 21 Sep 2026.
The allotment date is 22 Sep 2026 (official registrar/exchange date; minor delays are possible).
Estimated grey market premium is +₹49. GMP is unofficial and not a listing-price guarantee.
DostIpo's model gives an indicative 2.5% listing-range estimate (data signal, not guaranteed). Any application decision should follow your own research and risk assessment.
Listing is scheduled for 24 Sep 2026 on BSE. The listing price is set by market demand on debut day, GMP is only an unofficial hint.
MUFG Intime India Pvt.Ltd. is managing the issue. Allotment status can be checked on its official portal using PAN, application number or DP/client ID once the basis of allotment is finalised.
You can apply through any UPI-enabled broking app (Zerodha, Groww, Upstox, Angel One etc.) or via ASBA through your bank's net-banking. One lot is the minimum application; retail applications are capped at ₹2 lakh.
Subscription shows how many times the shares on offer were bid for. As of the latest update, the issue is subscribed 5.71x overall. Higher retail and QIB demand generally signals stronger conviction, though it also means lottery-based allotment.
Last updated: 20 Oct 2026, 13:21 IST