National Stock Exchange of India IPO: Dates, Price Band, GMP and What the Prospectus Shows

National Stock Exchange of India's IPO opens on 17 September 2026 and closes on 21 September 2026, at a price band of ₹1,700–₹1,785 a share for a total of ₹22,568.94 crore.

This page sets out what the filings actually say — the dates, the money, the ratios the prospectus discloses and the grey-market number doing the rounds — and is deliberately clear about which of those is a fact and which is a rumour. Live status, subscription and documents for this issue sit on its IPO Center page.

The offer, in the numbers that decide what you pay

• Price band: ₹1,700 to ₹1,785 per share, face value ₹1
• Lot size: 8 shares
• Minimum application: ₹14,280 at the upper band — one lot
• Total issue: ₹22,568.94 crore
• Type: Book Building
• Registrar: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
• Book-running lead manager: Kotak Mahindra Capital Company Limited

A retail application is capped at ₹2,00,000, so the most you can put in is 14 lots — ₹1,99,920 at the upper band. Bidding above that moves an application into the non-institutional category, where the allotment maths is different. QIB, NII and retail categories explains what changes.

Who the shares are reserved for, and what that tells you

The issue reserves 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail.

That is the standard split for an issuer meeting the ICDR track-record test. Retail gets a third of the book, which is the more forgiving of the two structures when an issue is heavily subscribed.

The financials the prospectus actually discloses

These are the ratios from the company's own red herring prospectus, for the financial year ended 31 March 2026. We checked each of them against that document rather than taking them from an aggregator.

• Earnings per share: ₹41.62
• Net asset value per share: ₹129.75
• Return on net worth: 33.21%
• Return on equity: 32.98%
• Return on capital employed: 42.80%

At the upper band of ₹1,785, the issue is priced at about 42.9 times FY26 earnings. That is roughly 13.8 times the disclosed net asset value of ₹129.75 a share. Both are arithmetic on the two numbers above, not a valuation opinion — a multiple only means something next to comparable companies, which is what peer comparison in an IPO is for.

A return on equity above 30% is high, and high returns invite the same question every time: is the equity base small, is the debt doing the work, or is the business genuinely that profitable? How to analyse IPO financials walks through separating those three.

The grey market number, and what it is not

Our desk has no grey-market reading for this issue. A blank is not a zero: it means nobody has given us a number we are willing to publish.

Now the caveat, and it is not a formality. The grey market is an unofficial, unregulated market in applications and allotments. It is not an exchange, the price is not a quotation, nobody supervises it, and the number changes daily on thin volume. It has been badly wrong in both directions. Treat it as sentiment, never as a forecast — grey-market premium risks sets out how it goes wrong, and IPO GMP explained covers what it is.

The dates that matter after you apply

• Bidding opens: 17 September 2026
• Bidding closes: 21 September 2026
• Basis of allotment: 22 September 2026
• Refunds initiated: 23 September 2026
• Shares credited to demat: 23 September 2026
• Listing: 24 September 2026

Bids have to be in before the close on the final day — an application after the cut-off does not count, and neither does a UPI mandate you never approved. That mandate is the single most common reason a valid-looking application fails; UPI mandate failures explains what goes wrong and the UPI IPO process covers doing it right.

Allotment is decided by the registrar, MUFG Intime India Private Limited (formerly Link Intime India Private Limited), and in an oversubscribed retail category it is a lottery on lots rather than a proportionate cut. How to check your allotment status and the basis of allotment cover both halves of that.

Before you decide

Nothing on this page is a recommendation. It is the filing, the arithmetic on it, and one unofficial number clearly labelled as such. IPO risks for retail investors is worth reading precisely when an issue is being written about enthusiastically.

Figures come from the company's red herring prospectus and from NSE's issue data as at the dates stated, and issues change: bands are revised, dates move, and an issue can be withdrawn. Verify against the final prospectus before you apply. CAPITA1 is an information service, not a broker, and is not registered with SEBI as an investment adviser — nothing here is investment advice.