The much-awaited NSE IPO is witnessing some cooling in grey-market sentiment after its recent surge. The NSE IPO GMP has reportedly slipped to around ₹273 from ₹285, indicating some profit booking in the unofficial market ahead of the proposed public issue.
The decline in GMP comes as investors turn cautious after the sharp rally triggered by the Securities and Exchange Board of India's approval for the National Stock Exchange's IPO. The GMP had climbed to around ₹250–₹280 after the regulatory clearance and was subsequently reported at ₹285.
Profit booking hits NSE-linked stakeholder stocks.
The NSE IPO buzz has also influenced shares of some major stakeholders. IFCI shares fell as much as 7% to ₹95.30 on September 8, after gaining nearly 30% over the previous month. The decline was attributed to profit booking amid heightened investor interest around the upcoming NSE IPO.
The broader Indian market was also under pressure on Tuesday, with and Nifty extending their decline amid rising crude oil prices and geopolitical concerns. This wider market weakness may have added to the pressure on individual stocks.
NSE IPO price and listing expectations
The NSE is expected to proceed with its long-awaited IPO after receiving regulatory clearance. Reports indicate that the issue could be priced around ₹1,800 per share, although the official price band is yet to be announced. The IPO is expected to be an offer-for-sale by existing shareholders rather than a fresh issue by NSE.
Reuters has reported that the IPO could move towards book-building around September 11, with the listing targeted for the week beginning September 21, subject to the final timetable.
What does the fall in GMP mean?
The decline in GMP does not necessarily mean that the NSE IPO has lost investor interest. Grey-market premiums are unofficial and can change rapidly depending on market sentiment, demand, and expectations.
Therefore, the move from ₹285 to around ₹273 should be viewed as a change in unofficial market sentiment rather than a confirmed indication of the eventual NSE IPO listing price.
With the official price band and final issue details still awaited, investors will be watching the next GMP moves closely.
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