Mumbai, Sept. 24 -- The National Stock Exchange (NSE) tests investor appetite in a landmark public debut on Thursday, concluding a decade-long journey to the stock market. The NSE stock is likely to make a modest debut despite strong institutional participation, with more than 100 qualified institutional buyers (QIBs), excluding anchor investors, bidding for Rs.4,498 crore worth of shares, according to three people familiar with the share sale allotments. Institutional participation has been strong, while retail investor bidding has been relatively subdued. The unofficial grey market premium (GMP) fell from around 21% at the start of bidding on 17 September to 2% at the close of bidding on 21 September, amid concerns over the valuation. "The NSE is likely to witness a flat to modest premium at listing, given the relatively tepid retail appetite," said Ambareesh Baliga, an independent market analyst. The exchange is expected to list at a modest premium of 4.5%, or Rs.81, based on the latest GMP reported by IPO tracker Chittorgarh. National Pension Scheme Trust (NPS Trust), LIC, BNP Paribas Financial Markets, Societe Generale, ICICI Mutual Fund, Nomura Singapore, Quant Mutual Fund, WhiteOak Capital Mutual Fund and Mirae Asset Mutual Fund were among the top 10 bidders, the people said, requesting anonymity. "Some of the investors that participated in the anchor book have also come in the QIB portion," one of the people said. Entities such as Societe Generale also act as participants in the participatory-notes market, with several investors, including hedge funds, investing through them in the IPO, the person added. The QIB portion excluding anchor investors accounted for 19.94% of the total issue, or Rs.4,499 crore, and was subscribed around 12.7 times. The top 10 buyers accounted for Rs.2,234.15 crore of this, according to the second person, citing allotment documents reviewed by Mint. NPS Trust received the largest allocation at Rs.362.47 crore, followed by LIC at Rs.342.98 crore, BNP Paribas Financial Markets at Rs.317.59 crore and Societe Generale at Rs.285.44 crore. The mutual fund investors among the leading QIBs included ICICI Mutual Fund, with an allocation of Rs.229.43 crore, followed by Quant Mutual Fund at Rs.185.22 crore, WhiteOak Capital Mutual Fund at Rs.104.15 crore and Mirae Asset Mutual Fund at Rs.92.13 crore. Based on subscription levels, NSE generated the highest demand per rupee raised, at four times, compared with large issues above Rs.15,000 crore such as LIC (2.06 times), Hyundai Motor India (1.93 times), Tata Capital (1.65 times) and Paytm (1.48 times), the second person said. At Rs.22,569 crore, NSE's IPO is India's second-largest public issue. The largest was Hyundai Motor India's Rs.27,859 crore IPO, which listed in October 2024. NSE reported operating revenue of Rs.16,601 crore and net profit of Rs.10,302 crore in FY26, compared with BSE Ltd's total revenue of Rs.5,035.50 crore and net profit of Rs.2,496.98 crore, according to exchange filings....