NSE becomes India's 10th most-valued firm, shares debut at Rs 1,800

National Stock Exchange of India Ltd (NSE) listed at Rs 1,800 apiece on Thursday, a premium of 0.84 per cent over its issue price of Rs 1,785 apice on BSE. The scrip rose over 3 per cent to a high of Rs 1,845 apiece in early trade, commanding a market capitalisation (m-cap) of Rs 4.56 lakh crore, making it India’s 10th-most-valued company, ahead of large-cap peers such as Hindustan Unilever Ltd (HUL), Infosys Ltd, Sun Pharma, Titan Company Ltd and Kotak Mahindra Bank Ltd.

Ahead of its listing, Macquarie initiated coverage on NSE with an 'Outperform' rating and a target price of Rs 1,965, implying 10 per cent potential upside over IPO issue price of Rs 1,785 apiece. The foreign brokerage said platform expansion may drive NSE's revenues.

Macquarie called NSE, India’s largest stock exchange, 'The Dominator', citing its leading market share and market power, and said its full suite of services, technology stack and deep liquidity make it a lynchpin of India’s financialisation. "Entrenched network effects, industry-leading profitability and cash underpin our positive outlook," it said in the report.

India's largest stock exchange had earlier raised Rs 22,562 crore through its primary stake sale, which was offered in the price band of Rs 1,700-1,785 per share. The issue was entirely an offer-for-sale of 12.64 crore equity shares by its existing shareholders. The IPO was subscribed 5.71 times overall and attracted more than 38.4 lakh applications.

Its shares are listed on BSE. The stock will also trade on Metropolitan Stock Exchange of India (MSEI) under the 'Permitted to Trade' category.

Of the different investor categories, the portion reserved for qualified institutional bidders (QIB) was subscribed 12.68 times, while the non-institutional investors' portion was subscribed 6.55 times. The retail investors' allocation was subscribed 1.39 times and the employees' portion was booked 2.40 times during the three-day bidding period.

NSE has maintained its leadership position in India in cash market turnover, equity derivatives trading and currency derivatives trading. The exchange served more than 26.13 crore registered investor accounts, 12.9 crore unique investors, 1,328 trading members and 3,005 listed companies. Its total listed market capitalisation stood at more than Rs 474.08 lakh crore as of June 30, 2026.

The NSE IPO was managed by 20 lead managers, like Kotak Mahindra Capital, JM Financial, Morgan Stanley, Citigroup Global, HSBC Securities (India), JP Morgan, Anand Rathi Advisors, Avendus Capital, Axis Capital, HDFC Bank, DAM Capital, Equirus Capital, IDBI Capital Markets, ICICI Securities, Motilal Oswal, Nuvama Wealth, 360 One WAM and Pantomath Capital, while MUFG Intime India was the registrar.