One lot is 8 shares, so a single application at the ₹1785 cut-off costs ₹14,280. Retail applications are capped at ₹2,00,000, which is 14 lots for this issue. Amounts are shown at the upper band because applications are made at the cut-off price.
About National Stock Exchange of India
National Stock Exchange of India Limited is a company that operates a vertically integrated stock exchange, offering a platform for trading, clearing, listing, and other services such as data feed, data terminal, and licensing services. Its platform covers regulatory compliance, risk monitoring and post-trade settlement. The company was incorporated in 1992 and is headquartered in Mumbai, Maharashtra. Its customers include trading members, issuers, investors, and intermediaries.
National Stock Exchange of India DRHP & RHP offer documents
The draft red herring prospectus is filed with SEBI before the issue; the red herring prospectus adds the price band and dates just before bidding opens. Both describe the business, the restated financials, the risk factors and how the proceeds will be used.
Lead managersKotak Mahindra Capital Company Limited
RegistrarMUFG Intime India Private Limited
Issue structure— fresh
National Stock Exchange of India IPO Strengths & Risks as disclosed in the DRHP
▲ Strengths (7)
NSE is the largest stock exchange in India in terms of total turnover in cash market and equity derivatives.
NSE has a market share of 11.38% in number of trades in cash equities and 51.18% in contracts traded in equity derivatives globally.
NSE ranks among the top three exchanges globally in terms of number of trades in cash equities and ranked first in contracts traded in equity derivatives.
NSE has a strong brand synonymous with trust, efficiency and transparency, across its trading platform as well as its clearing, settlement and market supervisory role.
NSE has a robust and resilient infrastructure with continuous investments in technology upgrades and security enhancements.
NSE is a first level regulator in India, committed to providing equal, unrestricted, transparent and fair access to the stock market.
NSE has a vertically integrated stock exchange model offering a comprehensive platform for trading, clearing, settlement, and data services.
▼ Risk factors (7)
Any significant decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products, constrain our growth, and adversely affect our business, financial condition, results of operations, cash flows, and prospects.
We operate in a highly regulated industry, primarily overseen by SEBI, and are subject to periodic inspections by SEBI, which may result in adverse actions.
Our Company has been, and continues to be, subject to enforcement actions, penalties, adjudication proceedings, which may or may not get settled with SEBI in respect of alleged violations and regulatory matters with applicable SEBI regulations.
Disruptions, failures, or inadequacies in our IT infrastructure, systems, or software, including those provided by third-party vendors, could adversely affect our business, reputation and results of operations, and may subject us to regulatory action or the imposition of financial disincentives by SEBI.
Our ability to attract new listings, issuances and capital formation activities on our platforms is critical to our business, and any decline may adversely affect our operations.
We are subject to cybersecurity risks and any successful cyberattack could disrupt our operations and adversely affect our business, financial condition, results of operations, and prospects.
Our dependence on proprietary, in-house technology systems and infrastructure could give rise to significant operational risks that could materially disrupt our services and adversely affect our business, financial condition and results of operations.
Allotment is decided and published by the issue’s registrar, not by the exchange and not by alphave. For National Stock Exchange of India Limited, the registrar is MUFG Intime India Private Limited — allotment is finalised in the days between the issue closing on 21 Sept 2026 and listing on 24 Sept 2026.
By MUFG Intime; check with PAN, application no. or DP ID
Refunds & UPI unblockTentative
Wed, 23 Sept, 2026
Unallotted amounts released · allotted shares credited to demat
Listing
Thu, 24 Sept, 2026
NSE · trading from 10:00 am IST
Allotment and refund dates follow SEBI’s T+3 listing timeline in trading days and are tentative until the registrar and the exchange confirm them. alphave does not hold allotment results — only the registrar can show whether an application was allotted.
The registrar publishes allotment on its own portal: MUFG Intime. Your bank will also show the blocked amount released if shares were not allotted.
National Stock Exchange of India DRHP & RHP FAQs
Where can I read the National Stock Exchange of India DRHP or RHP?
The offer document for the National Stock Exchange of India Limited IPO is linked on this page as filed with the exchange; SEBI and the lead managers also host it.
What is a DRHP?
The Draft Red Herring Prospectus is the document a company files with SEBI before an IPO. It describes the business, the financials, the risk factors, the promoters and how the money raised will be used. The Red Herring Prospectus (RHP) is the version filed just before the issue opens, with the price band and dates added.
What are the strengths disclosed in the National Stock Exchange of India DRHP?
NSE is the largest stock exchange in India in terms of total turnover in cash market and equity derivatives. NSE has a market share of 11.38% in number of trades in cash equities and 51.18% in contracts traded in equity derivatives globally. NSE ranks among the top three exchanges globally in terms of number of trades in cash equities and ranked first in contracts traded in equity derivatives. The page lists all 7 as disclosed.
What are the key risks disclosed in the National Stock Exchange of India DRHP?
Any significant decrease in the volume and value of transactions executed on our stock exchange could significantly reduce demand for our products, constrain our growth, and adversely affect our business, financial condition, results of operations, cash flows, and prospects. We operate in a highly regulated industry, primarily overseen by SEBI, and are subject to periodic inspections by SEBI, which may result in adverse actions. Our Company has been, and continues to be, subject to enforcement actions, penalties, adjudication proceedings, which may or may not get settled with SEBI in respect of alleged violations and regulatory matters with applicable SEBI regulations. The page lists all 7 disclosed risk factors.
National Stock Exchange of India IPO Registrar where allotment and refund queries go
RegistrarMUFG Intime India Private Limited
The registrar processes the allotment and the refunds. Contact details are as printed in the offer document; the exchange and your broker cannot change an allotment.
How to Apply for the National Stock Exchange of India IPO ASBA and UPI, as SEBI sets them
Apply through your broker’s IPO window or your bank’s net banking (ASBA). The money stays in your own account and is only blocked until allotment.
Choose the number of lots and bid at the cut-off price. Retail applications are capped at ₹2,00,000; above that the bid moves to the non-institutional category.
If you applied through a broker, approve the UPI mandate in your payment app. The mandate must be approved by 5 pm on the day after your bid, and by 5 pm on the closing day for bids made on the last day (21 Sept 2026).
One application per PAN. A second application under the same PAN is rejected, and both may be.
After allotment the blocked amount is released for shares not allotted. Allotment and refund queries go to the registrar, MUFG Intime India Private Limited, not to the exchange or the broker.
What is GMP in an IPO?
Grey Market Premium is the price at which an unlisted IPO application or share changes hands informally, before the stock is listed on the exchange. It is quoted as a rupee figure over the issue price: a premium of ₹90 on a ₹1,785 upper band means the grey market is dealing at ₹1,875.
The grey market is an over-the-counter market between private dealers. It is not operated or supervised by NSE, BSE or SEBI, no trade is settled through a clearing corporation, and no dealer is obliged to publish or honour a quote. Figures are collected by third-party reporters and different sources routinely disagree, which is why a premium can move sharply within a day or vanish entirely once bidding closes.
Grey Market Premium is an unofficial, unregulated over-the-counter datapoint reported by third parties. It is not a price, a forecast, or an indication of listing gains, and is not investment advice.