The IPO market is once again heating up, but this time investors have two very different stories to choose from. While one issue offers the heft and dominance of a market-infrastructure giant, the other brings exposure to a business riding the fast-moving electric mobility theme.
With both IPOs arriving almost back-to-back, the bigger question is not simply which one could list higher, but which business offers the more compelling opportunity for investors. The much-awaited NSE IPO is set to open on September 17, while Hero Motors is scheduled to hit the subscription window a day earlier on September 16.
Here is a closer look at the two IPOs, their GMP signals, valuations, issue structures and analyst views to assess which one appears to show more potential. NSE IPOThe grey market is signalling a strong opening for the NSE IPO, with the IPO commanding a GMP of ₹180 today.
Based on the GMP, the estimated listing price is likely to be ₹1,965, which is around 10% higher than the IPO price of ₹1,785. The ₹22,561.57 crore NSE IPO is entirely an offer for sale (OFS) of 12.64 crore shares aggregating to ₹22,561.57 crore. The NSE IPO will open for subscription on September 17, 2026, and close on September 21, 2026.
The allotment for the NSE IPO is expected to be finalised on September 22, 2026. The IPO will list on the BSE, with a tentative listing date fixed as September 24, 2026. NSE has set the issue price band at ₹1,700 to ₹1,785 per share. The lot size for an application is eight shares.
The minimum amount of investment required by an individual retail investor is ₹14,280 for eight shares, based on the upper price band. Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar of the issue.
Hero Motors IPOMeanwhile, Hero Motors is showing a stronger percentage premium in the grey market. Its GMP stands at ₹22. Against the IPO price of ₹84, this indicates a potential listing price of ₹106, representing an approximately 26.19% premium to its IPO price.
The ₹1,000 crore Hero Motors IPO is a book-built issue comprising a fresh issue of 7.14 crore shares aggregating to ₹600 crore and an offer for sale of 4.76 crore shares aggregating to ₹400 crore. The Hero Motors IPO will open for subscription on September 16, 2026, and close on September 18, 2026.
The allotment is expected to be finalised on September 21, 2026. Hero Motors will list on both the NSE and BSE, with a tentative listing date of September 23, 2026. Hero Motors has set the issue price band at ₹79 to ₹84 per share. The lot size for an application is 178 shares.
The minimum amount required from an individual retail investor is ₹14,952 for 178 shares, based on the upper price band. ICICI Securities Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar of the issue. IPO ReviewWith two high-profile IPOs arriving almost back-to-back, analyst views offer investors another lens to assess the competing opportunities.
While JM Financial is positive on NSE, Swastika Investmart has taken a more cautious view on Hero Motors. NSE IPO | Subscribe: According to JM Financial, the issue was priced at 47.3x TTM earnings, compared with 48.9x for BSE, its only listed comparable.
The brokerage noted that BSE was less than a third of NSE’s size and said buyers were paying full price for the larger and stronger business rather than a premium over it. “What that price buys is market infrastructure with no real substitute. NSE runs the exchange, clears the trades, owns the Nifty indices and sells the data, so a single trade earns it money several times over and a new product costs almost nothing to add,” said the brokerage.
JM Financial highlighted NSE’s more than nine-tenths share of cash-market turnover and almost all equity futures since FY24, margins near 76% and a balance sheet with no borrowings. It flagged index options as the main concern but said the rest of the franchise remained intact.
The brokerage assigned a “SUBSCRIBE” rating. Hero Motors IPO | Neutral: Swastika Investmart described Hero Motors as a leading powertrain provider with a first-mover advantage in global e-bike CVT hubs. However, it flagged its P/E of around 69–74x versus the peer average of 50.2x, lower RoNW and EBITDA margins than key peers, and customer concentration, with the top 10 customers contributing 73–78% of revenue.“Our View: Neutral, given the strong business and EV growth potential, but high valuation limits the upside cushion,” it recommended.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.