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NSE IPO closes 5.67× — Evening exchange wrap is the close-day headline
Evening exchange wrap (21 Sep, ~5:02 PM IST): overall 5.67× on BSE data — bids 50.25 Cr vs 8.86 Cr offered. QIB 12.68×, NII 6.54×, retail 1.31×. Midday ~2–3× prints were intraday; GMP ~₹30 unofficial.
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The National Stock Exchange of India mega IPO — ~₹22,562 crore, 100% Offer for Sale, band ₹1,700–₹1,785 — closed Monday, 21 September 2026.
Evening exchange wrap (21 Sep, ~5:02 PM IST), citing BSE data, is our close-day headline: overall subscribed 5.67× — bids for 50.25 crore shares against 8.86 crore offered.
Category print in that wrap:
- QIB 12.68× (bids 31.97 crore vs 2.52 crore reserved)
- NII 6.54× (bids 12.35 crore vs 1.89 crore; within NII, >₹10 lakh 7.78×, ₹2–10 lakh 4.06×)
- Retail 1.31× (bids 5.77 crore vs 4.41 crore)
- Employee 2.33×
Grey market: Public wraps put unofficial GMP ~₹30 as of 21 Sep (~1.7% / ~1.68% over the upper band ₹1,785; indicative chatter near ₹1,815). Label unofficial grey market — not a forecast.
Process calendar in public wraps: allotment 22 Sep, BSE listing 24 Sep.
Intraday vs close: Midday Day-3 wraps (~2–3× overall, retail just crossing 1×) were intraday. Do not confuse them with the evening evening close-day 5.67× print. Some other EOD dumps print ~5.68× on slightly higher bid totals — same story, rounding/timestamp soft spot.
Takeaway: Close-day scoreboard is institution-led oversubscription with retail above full — wait for registrar allotment, not grey-market chatter.
Analysis
Why evening is the lead (and midday is not)
Our afternoon Day-3 piece held an afternoon update (~1:10 PM IST) at about 2.38× overall / retail ~1.02× — explicitly labelled intraday. the evening ~5:02 PM IST wrap moves the same book to 5.67× with QIB into double digits. That climb on final day is normal for Indian IPOs when QIBs load late; it is why timestamp discipline matters more than any single screen grab.
Companion Capital Chronicle pieces for the ladder:
- Morning close-day watch (Day-2 baseline) → /story/nse-ipo-closes-monday-retail-watch
- Afternoon intraday → /story/nse-ipo-day3-retail-crosses-1x
What the category split says (without allotment prophecy)
- QIB 12.68× — the evening lead demand story; FII / DFI / MF bid colour inside the same wrap (14.03 Cr / 6.80 Cr / 5.41 Cr shares bid) shows breadth, not a single desk.
- NII 6.54× — HNI book solidly above full; big-ticket NII harder than the ₹2–10 lakh slice in the evening split.
- Retail 1.31× — past full, so the “will retail fill?” morning question is answered on this print; lottery / pro-rata odds narrative applies subject to valid bids and mandates.
- Quota sketch unchanged: ~50% QIB / 15% NII / 35% retail.
We are not predicting who gets shares on 22 Sep.
OFS reminder + calendar
Cash goes to selling shareholders, not into NSE’s balance sheet as fresh issue proceeds. Band ₹1,700–1,785; issue framed ~₹22,562 crore OFS. Public wraps also note earlier anchor raise ₹6,746.18 crore at ₹1,785. Tentative path in wraps: allotment 22 Sep → listing on BSE 24 Sep (process can slip).
GMP ~₹30 — colour only
GMP ₹30 on 21 Sep ≈ 1.7% over upper band; sharply below recent grey-market highs cited in the same piece (range colour ₹142–₹310 over prior sessions, recent high ₹310). Unofficial, thin, often wrong — do not size anything off it.
Soft spots (do not flatten)
- 5.67× / 50.25 Cr bids vs other EOD tables ~5.68× / ~50.37–50.38 Cr — prefer timestamp, not inventing a single “true” decimal.
- Retail 1.31× vs ~1.35× in some broker EOD dumps — same direction.
- midday ~2.38× was not a final.
- No politics; no advice to bid, hold, or flip on listing day.
Sources
- Exchange subscription / allotment data (BSE/NSE)
- Company RHP / offer documents and exchange notices
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