'Former neighbour': Anand Mahindra recalls NSE's journey from Mahindra Towers to IPO

As the National Stock Exchange (NSE) made its stock-market debut on Thursday, Mahindra Group Chairman Anand Mahindra recalled a time when the exchange’s first registered office operated from a floor at Mahindra Towers in Mumbai’s Worli.

"Congratulations to a former neighbour on a historic IPO!" Mahindra said in a post on Thursday.

Mahindra said he started working at Mahindra Towers in the 1990s, when the NSE's first registered office was located on one of the building's floors.

"That was where India's electronic, screen-based trading revolution was born, before they moved to their iconic BKC home," he said.

Read More: BTTV Exclusive: Ashishkumar Chauhan explains why NSE went public now

From Mahindra Towers to BKC

Mahindra also recalled how the NSE installed a large satellite dish on the roof of Mahindra Towers.

"Back then, they installed a massive satellite dish on our roof, which to the rest of us Mahindra folks, was just an oversized sculpture!" he said. "A true full-circle moment. Today, the nation’s greatest ‘lister’ gets listed," he said, adding: "Here’s to the next chapter of growth!"

In Case You Missed It: NSE becomes Asia's second most-valued stock exchange, m-cap at $46.89 billion

NSE makes market debut

The NSE's shares opened at Rs 1,800 on the BSE on Thursday, up 0.84% from the issue price of Rs 1,785. The stock later climbed 3.36% to Rs 1,845.

At that level, the exchange had a market valuation of Rs 4,53,123 crore.

The Rs 22,569-crore IPO was nearly six times subscribed on the final day of bidding on Monday, driven by strong institutional demand.

It was India's second-largest IPO after Hyundai Motor India's Rs 27,870-crore issue in 2024. The offering also surpassed LIC's Rs 21,000-crore IPO in 2022.

The NSE's listing marked a major milestone after its plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.

The IPO generated nearly Rs 90,300 crore of demand against the Rs 22,568-crore issue size.

The offer included an Offer for Sale of up to 12.64 crore equity shares by existing shareholders. The exchange had set a price band of Rs 1,700-1,785 per share.