“The price band was fixed to leave something on the table for small investors,” said a banker involved in the book-building process.
Against rival BSE Ltd’s valuation of around 47 times earnings, NSE is valued at approximately 42 times its FY26 earnings. As of August-end, NSE had an equity cash-market share of 92.2%, an equity futures share of 99.8% and an equity options share of 68.6%, according to exchange data.
“Given the regulatory curbs on the popular index options product since November 2024 and the RBI’s funding restrictions on proprietary traders, most recently from 1 July 2026, the pricing had to be competitive. As seen, it has attracted strong institutional and HNI interest,” one of the people said.
