The National Stock Exchange of India's IPO has been subscribed 52% by the close of its second day. Strong support appeared in the employee quota and non-institutional categories, while institutional interest remains in the early stages. Investors should note this issue is an offer for sale, with proceeds going to existing shareholders.
The ₹22,562 crore IPO of the National Stock Exchange of India reached a 52% subscription level by the end of the second day of bidding. Investors applied for 4.57 crore shares compared to the 8.86 crore shares offered to the public. The issue, which opened on September 17, is entirely an offer for sale, meaning the money raised will be paid to existing selling shareholders rather than used by the company for capital expansion.
Non-institutional investors led the subscription activity, with 90% of their allocated quota filled by the second day. Within this segment, smaller applications between ₹2 lakh and ₹10 lakh were oversubscribed at 1.16 times, while larger applications above ₹10 lakh reached 77% subscription. Retail participation also saw steady demand, with the retail category subscribed 53%. Meanwhile, the employee portion crossed full subscription, reaching 1.14 times the available shares.
Institutional interest, represented by Qualified Institutional Buyers, was at 19% by the end of the day. In the Indian IPO market, institutional investors often place the bulk of their bids on the final day, so current figures do not necessarily reflect the final demand for the shares. Before the public issue began, the exchange had already secured ₹6,746.18 crore from anchor investors, signaling significant interest from large institutional players early on.
The shares are priced within a range of ₹1,700 to ₹1,785 each. The grey market premium, which reflects unofficial demand outside the exchange, stood at ₹142. This suggests an implied listing price of approximately ₹1,927, or an 8% premium over the upper price band. It is important to remember that grey market premiums are unofficial and can be highly volatile. They should not be used as a reliable predictor of how the stock will perform on the listing day, especially since the premium has declined from its earlier peak of ₹310.
As the IPO moves into its final stages, investors may focus on the overall subscription trend on the last day, particularly from institutional bidders. The final subscription figures and the nature of the institutional demand will be key factors to watch for those interested in the issue.