NSE IPO: Sebi chief hopeful of early NSE resolution; unlisted stock hits Rs 2,300 level

SEBI chairman Tuhin Kanta Pandey said on Wednesday the application for initial public offer (IPO) of India's largest bourse NSE was not something that cannot be sorted. On May 22, Pandey said the most-anticipated IPO, in the past few years, was close to receiving approval from the stock market regulator.

Pandey expressed confidence last week that all outstanding issues with the NSE would be addressed, indicating that the market regulator is on track to move forward. While he didn’t provide a specific timeline, he reassured that "It will be done soon." He also mentioned that discussions between NSE and SEBI are ongoing, with both parties eager to resolve the matters in a timely manner.

Meanwhile, price of unlisted shares of NSE reached Rs 2,300 today, rising 53% in just five trading sessions. The market cap of stock exchange surged to Rs 5.70 lakh crore mark. 

The National Stock Exchange (NSE) has advanced its long-awaited plans to go public by seeking a No Objection Certificate from the Securities and Exchange Board of India (SEBI). The exchange, which filed its IPO prospectus in December 2016, is currently seeing its shares actively traded in the unlisted market. NSE is the second largest stock exchange in the world by number of trades, with a 17.5% market share in 2024. It also tops the global derivatives exchange list with 81.7% of contracts traded.

"Market observers said it may take around six months for the issue to hit the market post the SEBI clearance," noted insiders.

As of March 31, 2025, NSE commanded a dominant position in various market segments, holding 93.6% market share in the equity cash segment and 99.9% in equity futures. This robust performance is reflected in its FY25 financial results, showing a 16% year-on-year growth in revenue to Rs 17,141 crore and a 47% surge in net profit to Rs 12,188 crore.

"NSE has always been a sought-after name in the unlisted space, thanks to its clear leadership, robust business model, and the critical role it plays in India’s financial infrastructure. But with such healthy FY25 performance, demand from investors has only intensified—leading to this milestone of crossing 100,000 shareholders," commented InCred Money.

Recently, Drew Investment Management expressed bullish sentiments towards NSE, highlighting its favourable market conditions.

"We have identified a unique opportunity and have set up a Delaware Limited Partnership called the Drew Exchange LP to invest in only one company in India. The investment is the National Stock Exchange of India (NSE), the dominant stock exchange in India with a market capitalisation of approximately $50 billion with a trailing P/E ratio of 30. The company maintains exceptional operating margins above 60% and carries virtually no debt," stated Monsoon Pabrai of Drew Investment Management, further underscoring NSE's financial solidity and growth potential.