Shares of the much-awaited National Stock Exchange (NSE) made a muted debut on Thursday, September 24, listing at ₹1,800 apiece on the BSE, a premium of less than 1% over its IPO price of ₹1,785 per share.
The subdued opening, however, did not last long. Following its market debut, NSE shares climbed as much as 4.3% from the listing price to hit an intraday high of ₹1,878. From the IPO issue price, the stock was up 5.2% at its day’s high.
NSE enters top 10 Indian listed companies
Following its listing, NSE’s market capitalisation stood at ₹4.63 lakh crore, making it the ninth-largest listed company in the Indian stock market.
The newly listed stock has moved ahead of major companies including fast-moving consumer goods (FMCG) major Hindustan Unilever (HUL), which had a market capitalisation of ₹4.53 lakh crore. Moreover, its market cap also exceeds pharmaceutical major Sun Pharmaceutical Industries at ₹4.48 lakh crore, and Tata Group firm Titan at ₹4.43 lakh crore.
NSE, the country’s largest stock exchange by turnover in the cash and derivative segments, now sits below the country’s biggest listed companies by market capitalisation.
At ₹4.63 lakh crore, NSE ranks behind Reliance Industries, which has a market capitalisation of ₹16.77 lakh crore, and HDFC Bank at ₹11.25 lakh crore.
The other companies ranked ahead of NSE include Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance and LT, according to stock exchange data.
At its IPO price of ₹1,785 per share, the National Stock Exchange (NSE) commanded a valuation of ₹4.42 lakh crore ahead of its market debut. In comparison, rival BSE had a market capitalisation of ₹1.33 lakh crore.
Under Securities and Exchange Board of India (Sebi) rules, pre-issue shares held by non-promoter shareholders, except certain categories of Alternative Investment Funds (AIFs), are subject to a six-month lock-in period from the date of IPO allotment.
Should you buy NSE shares post listing?
Emkay has initiated coverage on NSE with a Buy rating and a September 2027 estimated target price of ₹2,050, implying an upside of around 15%.
The brokerage’s positive view is based on three key factors. It believes India’s capital market development and growth story has significant room to run as wealth creation and financialisation increase, with India’s per capita GDP expected to rise from around $3,000 to $10,000 over the coming decades.
Emkay also highlighted NSE’s long-standing leadership across capital market business segments. The brokerage said NSE’s business model has enough levers to respond to changes in regulation and macroeconomic conditions while continuing to generate profitable growth.
“India’s capital market development and growth story has a long runway as wealth creation and financialisation gain momentum,” Emkay said, highlighting the structural opportunity for NSE.
Meanwhile, PL has initiated coverage on NSE with an ‘Accumulate’ rating and a target price of ₹1,950, based on 35x FY29E price-to-earnings (P/E).
PL said NSE continues to dominate the exchange landscape, with more than around 93% share in the cash market and around 100% share in stock and index futures for YTD FY27. The brokerage attributed this position to strong liquidity, robust technology and a comprehensive product suite.
However, NSE’s market share in index options has fallen to around 65% in YTD FY27 due to regulatory hurdles. PL noted that the introduction of CAS and proprietary trading rules has further affected volumes. PL said the IPO values NSE at ₹4.4 trillion, equivalent to 32x FY29E earnings, and believes the valuation largely captures the premium.
ICICI Securities also highlighted NSE’s long-term growth potential, citing its dominant franchise, market leadership and sustained profitability. The brokerage said continued investment in technology and product innovation should support the company’s fundamental resilience.
“NSE remains a play on long term growth potential of India’s capital market,” analysts at ICICI Securities said in an IPO note. The brokerage added that NSE commanded a valuation of 42.9x FY26 EPS at the upper end of the IPO price band.
NSE IPO details
The ₹22,562-crore NSE IPO was entirely an offer for sale (OFS) involving 12.64 crore shares. Since there was no fresh issue component, NSE itself will not receive any proceeds from the offering, with the funds going to existing shareholders selling their stakes.
The exchange had fixed the IPO price band at ₹1,700-1,785 per share, with a lot size of eight shares. The issue was subscribed 5.71 times overall. The retail portion was subscribed 1.39 times, while the non-institutional investor (NII) category saw 6.55 times subscription. Qualified institutional buyers (QIBs) recorded the strongest demand, with their portion subscribed 12.68 times.
As of the June quarter, foreign institutional investors (FIIs) held 26.41% of NSE. Individual shareholders with holdings of up to ₹2 lakh accounted for 12.71%, while individuals holding more than ₹2 lakh owned another 9.58%. AIFs held 5.31%, while insurance companies accounted for 0.13%.
The IPO was India’s second-largest, behind Hyundai Motor India’s ₹27,870-crore issue in 2024.
NSE operates an integrated capital-market infrastructure platform covering trading, clearing, settlement, listing, market data and index licensing. Its offerings include cash equities, derivatives, debt and mutual fund platforms, along with international operations through NSE International Exchange at GIFT City.
As of Q1FY27, NSE had 261 million registered investor accounts, 132 million unique investors, 1,328 trading members and 3,005 listed companies.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
