The grey market premium for the NSE IPO stood at around 11-12% after the company fixed the price band and announced other crucial details about its much-awaited public issue that aims to raise around Rs 22,662 crore from India’s primary market.NSE has reduced its offer size to 12.64 crore shares, according to the red herring prospectus (RHP) filed on Thursday. The initial public offering thereby has missed the mark of becoming India’s largest IPO so far by overtaking Hyundai Motor India’s 2024 mega issue which was valued at around Rs 27,870 crore.Here are 10 key things about NSE IPO that investors should know.1. NSE IPO key datesNSE’s mega IPO will open for public bidding on September 17 (Thursday) and close on September 21 (Monday). The anchor book for the IPO is scheduled to open on September 16 (Wednesday).The shares of India’s biggest exchange by trading volumes is expected to debut on its older peer BSE later this month on September 24.2. NSE IPO structureNSE’s mega initial public offering will entirely comprise an offer for sale (OFS) of 12.64 crore shares by existing shareholders including SBI, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte. Ltd., MS Strategic Mauritius Ltd., New India Assurance, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company.Since there is no fresh issue component in the mega IPO, none of the IPO proceeds will be received by the stock exchange as all will be directed towards the selling shareholders.3. NSE IPO price bandNSE has fixed the price band for its mega IPO at Rs 1,700-1,785 apiece, with each share carrying a face value of Rs 1. At the upper end of the price band, NSE IPO will be valued at Rs 22,561.57 crore, making it the second-largest IPO in Indian history, after Hyundai India’s market debut in 2024.At this price, NSE will likely have a market capitalisation of around Rs 4.41 lakh crore. Eligible employees participating in the IPO will receive a discount of Rs 170 per share.Also read | NSE IPO price band for Rs 22,561-crore offer announced4. NSE GMPAhead of listing, the unlisted shares of NSE were trading around Rs 190-222 higher than the IPO price in the grey market, according to sites tracking the unofficial market. This implies a grey market premium (GMP) of 11-12% over the IPO price.NSE has been one of the most active and widely tracked names in the unlisted market. Many investors entered the stock ahead of the IPO, betting that the exchange’s strong franchise, dominant position and long wait for listing would lead to a premium debut.5. What is the lot size for NSE IPO?The lot size has been set at eight shares, meaning retail investors will need to invest a minimum of Rs 14,280 to bid for one lot, and in multiples of eight shares thereafter.Also read | NSE unlisted shares vs Nifty: Where did investors make more money ahead of mega IPO?6. NSE IPO retail quotaRetail investors have been allocated 35% of the NSE IPO, while 50% has been reserved for eligible institutional bidders (QIBs). The remaining portion will be available to non-institutional investors (NIIs).Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 ONE WAM are the book running lead managers for the IPO.7. About NSENSE commands a near-total share of trading volumes across India's two most actively traded asset classes, a position that has made it one of the most closely watched unlisted names on Dalal Street for years.The company has played a pivotal role in transforming the capital markets in India by democratizing access and enabling efficient capital flows through a transparent, technology-driven ecosystem.8. NSE financialsNSE reported a 7% year-on-year increase in profit for the June quarter, supported by higher transaction charges and strong operating margins. Net income stood at Rs 3,120 crore in Q1, while total income rose 9% YoY to Rs 5,252 crore.Analysts, however, have cautioned investors about the exchange’s dependence on derivatives trading volumes. Earnings remain closely linked to activity in the derivatives segment, which can be volatile, particularly following regulatory changes in the futures and options market.9. NSE IPO historyNSE IPO will mark the culmination of a long process which was first initiated in December 2016, when NSE filed its first DRHP for a Rs 10,000-crore issue.The process was subsequently stalled due to the co-location controversy. Later, the Supreme Court dismissed Sebi’s appeal against NSE in the co-location case, removing a key regulatory overhang for the exchange’s listing plans. Earlier this month, market regulator Sebi approved the exchange’s draft offer plan.10. NSE dividend historyNSE is India's largest stock exchange in terms of cash market turnover, equity derivatives turnover and exchange-traded currency derivatives turnover. NSE's strong and consistent cash generation is reflected in its shareholder payouts.The exchange paid a dividend of Rs 35 per share in both FY25 and FY26, while the FY24 dividend stood at Rs 18 per share on a bonus-adjusted basis.This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.