NSE may surpass Infosys, Titan, Kotak Mahindra Bank, HCL Tech in m-cap on market debut

NSE IPO: The National Stock Exchange of India (NSE) is all set to make its stock market debut on Thursday, September 24. Even with the flat listing, NSE is set to pip domestic giants like Infosys Ltd, Titan Company Ltd, Kotak Mahindra Bank Ltd, Sun Pharma and Adani Group stocks to become India's 11th-largest company in terms of market capitalisation (mcap), as of the close on September 22.

Interestingly, if the stock settles even at a 3-5 per cent premium, it will enter the top-10 club on its debut, surpassing Hindustan Unilever Ltd. NSE launched its Rs 22,562 crore IPO at a market cap of Rs 4.41 lakh crore, and a 3-5 per cent premium listing shall push it to Rs 4.55-4.63 lakh crore. It will be next in line to Life Insurance Corporation of India (LICI), Larsen & Toubro Ltd (L&T) and Bajaj Finance Ltd.

NSE has fixed its issue price at Rs 1,785, and the issue was overall subscribed 5.71 times, fetching more than 38.28 lakh applications between September 17-21. It became India's second-largest IPO, after Hyundai Motor India Ltd, which raised Rs 27,859 crore in October 2024. Shares of NSE shall be listed on BSE only.

At its current mcap of Rs 4.41 lakh crore, NSE is valued more than other top stocks like Adani Ports, Axis Bank, Adani Power Ltd, Maruti Suzuki India, Adani Enterprises Ltd, HCL Technologies, Mahindra & Mahindra, ITC, Eternal, Hindustan Aeronautics, Bajaj Auto, JSW Steel, UltraTech Cement and others.

Mukesh Ambani-led Reliance Industries Ltd (RIL) continues to be India's largest company, with a total market capitalisation of Rs 16.80 lakh crore. The company is said to launch the IPO of its digital arm, Jio Platform, in late October or early November to raise around Rs 38,000-40,000 crore from its maiden stake sale. It filed the DRHP in June this year.

RIL is followed by HDFC Bank Ltd and Bharti Airtel Ltd, which have a total valuation of Rs 11.39 lakh crore and Rs 11.34 lakh crore, respectively. Other blue-chip stocks like ICICI Bank Ltd (Rs 9.61 lakh crore) and State Bank of India (Rs 9.10 lakh crore) are also among the top five biggest companies in India. Tata Consultancy Services Ltd (TCS), with an mcap of Rs 7.61 lakh crore, has slipped to sixth spot.