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NSE’s IPO debut inches up while India’s market sells off
The National Stock Exchange listed at ₹1,800 per share, up 0.84% from its ₹1,785 issue price, even as the Sensex fell 1.67%.
India’s National Stock Exchange made a modest market debut on Thursday, listing on the BSE at ₹1,800 a share, a 0.84% premium to its ₹1,785 issue price. The stock ended the session about 1.8% above the offer price while the Sensex fell 1.67%, according to analysis by LiveMint Markets.
LiveMint Markets said the result reinforces a recurring lesson from India’s mega-IPOs, where large deal size and strong subscriptions do not always translate into outsized or sustained first-day gains. In its review of India’s 20 largest IPOs, the outlet noted that some offerings beat broader market weakness, while others disappointed despite heavy interest.
For NSE, the offering size was ₹22,562 crore and it was subscribed 5.71 times. LiveMint Markets attributed the limited debut gains to sell-down pressure from existing shareholders taking profits and the company’s large free float, which helped absorb new institutional demand.
The outlet also pointed to support for demand cited by investors, including NSE’s position in equities and derivatives, high margins, and exposure to India’s capital markets expansion. It also cited factors such as a distinctive franchise, institutional participation, and pricing below earlier unlisted-market peaks, with subscriptions at 12.68 times noted in the analysis.
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