The much-awaited National Stock Exchange (NSE) IPO is generating strong interest in the unlisted market, with its grey market premium pointing to a potentially positive debut. The indication comes at a time when several of India’s biggest public issues have struggled to deliver meaningful listing-day gains. NSE shares are currently trading at a grey market premium (GMP) of around Rs 218, or nearly 12 per cent, according to market observers. Based on the upper end of the IPO price band of Rs 1,785, the premium suggests a possible listing price of about Rs 2,000 per share. The IPO has been priced in the range of Rs 1,700 to Rs 1,785 per share. If the grey market indication holds, NSE could buck the recent trend of large IPOs making weak or disappointing debuts. The exchange has also reduced the size of its proposed issue. The IPO will now be worth Rs 22,569 crore, making it India's second-largest public issue after Hyundai Motor India's Rs 27,870 crore IPO in 2024. NSE's issue is scheduled to open for subscription on September 17. It is entirely an offer for sale (OFS), with existing shareholders looking to sell up to 12.64 crore equity shares. The number is lower than the 14.9 crore shares proposed earlier. NSE's expected listing gains stand out because the country's biggest IPOs have not exactly created a strong track record on debut. Hyundai Motor India, which raised Rs 27,870 crore in October 2024, made a subdued market debut. Its shares listed on the NSE at Rs 1,934, representing a 1.32 per cent discount to the IPO price of Rs 1,960. The stock subsequently lost more than 7% during its first trading session after the mega issue saw relatively weak subscription demand. Life Insurance Corporation of India (LIC), which raised Rs 20,557 crore in May 2022, also opened at an 8 per cent discount to its issue price. Paytm's Rs 18,300 crore IPO in November 2021 had an even tougher debut. The stock listed at a discount of more than 9 per cent and plunged over 20 per cent within the first 15 minutes of trading. Tata Capital, whose Rs 15,512 crore IPO came in October 2025, managed only a modest listing gain. The shares debuted at Rs 330 on the NSE, translating into a 1.23 per cent premium over the issue price. Coal India's Rs 15,199 crore IPO in October 2010 remains the standout performer among the five. The stock listed at Rs 342.35 against an issue price of Rs 245, delivering a substantial 39.73 per cent listing gain. The optimism surrounding NSE is also linked to the exchange's dominant position in India's capital markets and its financial performance. SAMCO Securities has recommended subscribing to the IPO for the long term, citing NSE's market leadership, profitability, technology capabilities and debt-free balance sheet. Experts suggest that the NSE offers investors an opportunity to participate in one of the strongest market infrastructure businesses in India. NSE's financial numbers provide another key factor for investors evaluating the valuation. Revenue from operations stood at Rs 16,601.31 crore in FY26, compared with Rs 17,140.68 crore in FY25. However, revenue remained above the Rs 14,780.01 crore recorded in FY24.