3 hrs ago
NSE IPO Set for Listing With Modest Gains, Analysts Say
The National Stock Exchange of India is offering its shares to the public.
The IPO raised Rs 22,562 crore from existing shareholders selling their shares.
Many investors applied, so the issue was subscribed 5.71 times.
Analysts expected the shares to begin trading somewhat above the offer price.
They said investors seeking quick profits could consider selling on the listing day.
Investors with a long-term view were advised to wait for the price to settle before buying more.
NSE is a large exchange with a strong position in Indian stock and derivatives trading.
However, much of its revenue depends on trading activity, which can change with markets and regulations.
The NSE IPO raised Rs 22,562 crore through an offer-for-sale priced at Rs 1,700-1,785 per share.
Analysts expected the shares to list at a premium of about Rs 50-80, implying modest listing gains.
The issue was subscribed 5.71 times, with more than 38.4 lakh applications received.
NSE reported dominant market shares and more than 26.13 crore registered investor accounts as of June 30, 2026.
Analysts cited NSE’s market position and valuation advantage but warned that trading-linked revenue creates market and regulatory risks.
- Who
- The National Stock Exchange of India, its existing shareholders, investors and market analysts.
- What
- NSE completed an IPO involving the sale of 12.64 crore existing equity shares and was expected to list at a modest premium.
- Where
- The shares were to be listed on the Bombay Stock Exchange and permitted to trade on the Metropolitan Stock Exchange of India.
- When
- The report discusses the listing day; shares were scheduled to trade on the Metropolitan Stock Exchange of India from September 24.
- Why
- The IPO was conducted as an offer-for-sale by existing shareholders, while investor interest reflected NSE’s dominant market position and scale.
Cautious or Short-Term View
Long-Term Investment View
Listing-day strategy
Cautious or Short-Term View
Investors who bought only for listing gains may consider selling if the shares list at the expected premium.
Long-Term Investment View
Investors with a long-term view should avoid relying only on the listing price and wait for the stock to settle.
Business risks
Cautious or Short-Term View
About 79% of revenue is linked to trading activity, making earnings sensitive to market volumes and regulatory changes.
Long-Term Investment View
NSE’s dominant position, scale and leadership across cash and derivatives markets provide support for long-term investment.
Valuation
Cautious or Short-Term View
The IPO’s valuation remains high, at about 40.9-42.9 times estimated FY26 diluted earnings per share.
Long-Term Investment View
Analysts said the valuation was at a discount to the Bombay Stock Exchange’s 54.28 times multiple, offering relative valuation support.
Key facts
- IPO proceeds
- Rs 22,562 crore
- Price band
- Rs 1,700-1,785 per share
- Overall subscription
- 5.71 times
- Applications
- More than 38.4 lakh
- Expected listing premium
- About Rs 50-80 per share, depending on market conditions
- NSE investor accounts
- More than 26.13 crore registered accounts as of June 30, 2026
- Listed companies on NSE
- 3,005 as of June 30, 2026
Quotes
Shivani Nyati
Head of Wealth at Swastika Investmart
“However, around 79 per cent of revenue is linked to trading activity, making earnings sensitive to market volumes and regulatory changes. Our pre-listing view is Subscribe, with minor listing gains expected, but the IPO remains suitable for a long-term investment play, supported by NSE’s strong market position, scale and relative valuation advantage.”
businesstoday.in
“We expect NSE to list at a premium of around Rs 50-80, depending on market conditions. NSE will enter the market as India's 10th largest companies by market capitalisation.”
businesstoday.in
Sources
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