NSE IPO price band: The National Stock Exchange (NSE) has fixed a price band of ₹1,700-1,785 per equity share for its IPO, which will open for subscription on September 17. The price band is significantly lower than the prevailing price of NSE’s unlisted shares and also lower than the peak of around ₹2,400, touched in June 2025.
According to Unlisted Arena, NSE shares are currently trading at ₹1,990 in the unlisted market. The current unlisted share price is roughly 18 per cent below the record high. The upper end of the IPO price band, ₹1,785, is around 26 per cent lower than the record high and 6 per cent below the current unlisted market price.

Companies do not decide IPO price band based on unlisted market prices, but instead consider their fundamentals and the market environment. When BSE shares were hitting new all-time highs, investors were buying NSE in the unlisted market as a proxy play.
But that does not mean it reflected NSE’s true price discovery. According to market expert Arun Kejriwal, Nifty has fallen from around 25,000 in June 2025 to 23,200 now and NSE's pricing indicates that the exchange has taken market conditions into account.

He added that the unlisted market does not offer perfect price discovery. Investors should not get carried away by such prices. When unlisted shares eventually go public, there is often a difference and listed markets are where genuine price discovery takes place,” he said.
Umesh Paliwal, co-founder, UnlistedZone, said that almost every investor who invested in NSE between 2018 and 2025 has made money. At ₹2,300-₹2,400, very few shares actually traded, and those who bought were largely investors. He said that investors should enter the unlisted market 2-3 years before an IPO.

"If you enter closer to the IPO announcement, the valuation is usually already elevated." NSE IPO OFS NSE's ₹22,569 crore IPO is entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders, compared with 14.9 crore shares planned earlier.
As per RHP, SBI has reduced its proposed OFS to around 1.60 crore shares from 2.47 crore shares, while MS Strategic (Mauritius) Ltd has cut its offer to 1.1 crore shares from 1.6 crore shares. Bank of Baroda, Stock Holding Corporation of India Ltd and General Insurance Corporation of India have also reduced their proposed share sale, while SBI Capital Markets Ltd is a new selling shareholder in the RHP.

NSE IPO: Employee discount The exchange has reserved shares worth up to ₹70 crore for eligible employees. NSE employees will also be offered a discount of ₹170 per equity share. The issue will have a reservation of 50 per cent for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors.
NSE IPO GMP In the grey market, NSE shares are trading at a decent premium. At the last check, the shares were trading at ₹1,973, implying a grey market premium (GMP) of ₹188, or 10.5 per cent, over the upper end of the IPO price band.