Notification/Circular No. – 93/2025 dated July 30, 2025
Effective Date – August 04, 2025
The National Stock Exchange (NSE) has announced a revision to the price band mechanism for SME Initial Public Offers (IPOs) to ensure uniformity in price discovery across exchanges during the special pre-open session. This move follows an earlier circular (NSE/SME/62757 dated July 4, 2024) that introduced an upper price band of 90% over the issue price.
With effect from August 4, 2025, the NSE Emerge platform will implement both upper and lower limits for SME IPOs during the special pre-open session.
A new lower band of 20% below the issue price has been introduced, in addition to the existing upper band of 90% above the issue price.
The change is applicable only to SME IPOs listed on the NSE Emerge platform and does not affect Mainboard IPOs, relisted securities, or public debt issuances.
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