NSE IPO may see modest debut despite strong institutional demand

The NSE IPO, India's second-largest public issue at about Rs 22,569 crore, is set for a modest listing debut on Thursday with an expected premium of around 4.5 percent (about Rs 81), despite strong institutional demand. Over 100 qualified institutional buyers bid for Rs 4,498 crore worth of shares, with the QIB portion (excluding anchor) subscribed roughly 12.7 times; the grey market premium, however, fell sharply from about 21 percent to 2 percent over the bidding window amid valuation concerns and tepid retail interest.