NSE IPO: NSE to become 7th most valuable exchange, 3 times BSE’s mcap

NSE IPO: India's largest stock exchange, NSE, is set to join an elite club of global exchanges when its shares debut later this month, Bloomberg data compiled by Business Today showed.

At the upper end of the IPO price band of Rs 1,700-1,785 apiece, NSE's offer for sale (OFS) would fetch Rs 22,568.92 crore, valuing the exchange at roughly Rs 4.4 lakh crore, more than three times BSE's market capitalisation (m-cap) of Rs 1,30,959.34 crore.

At an exchange rate of Rs 95.71 to a dollar, NSE's issue would be valued at $46.18 billion, making it the world's seventh most-valued exchange, just ahead of Coinbase Global Inc, which was last valued at $45.45 billion.

The Chicago-based CME Group Inc, which operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indices, and commodity (including Brent), is the most valued exchange so far, with an m-cap of $98.54 billion.

The Atlanta-based Intercontinental Exchange Inc, which operates global commodity (WTI crude, among others) and financial products marketplace, stands at the second spot at $87.47 billion.

Hong Kong Exchanges & Clearing Ltd stands at third spot with an m-cap of $63.57 billion in US dollar terms. Deutsche Boerse AG commands an mcap of $52.10 billion, making it the fourth most-valued exchange.

Exchanges, including Deutsche Boerse AG, globally have seen correction in their market values, especially in September. This included listed BSE, whose shares have fallen 27 per cent from May peak of Rs 4,403.30 apiece.

London Stock Exchange ($55.79 billion) and Nasdaq ($51.43 billion) are two other exchanges, which enjoy a higher market value than the NSE's estimated mcap at the IPO issue price.

Meanwhile, NSE is set to become the second-biggest initial public offer (IPO) to hit Dalal Street next week. Also the IPO will take 2026 IPO fundraising past Rs 1 lakh crore, a third year in a row and fourth overall.

As NSE floats its mega Rs 22,568.92-crore initial public offering (IPO) next week, it will take total fundraising by Indian corporates via the primary market past the Rs 1,00,000 crore mark, making it the third year in a row and fourth overall that the milestone is crossed.

As per data compiled from PRIME Database, 62 mainboard IPOs together raised Rs 73,673.54 crore between January and August. Besides, 126 SME IPOs collectively raised Rs 5,738.88 crore via IPOs during the said period. Considering the ongoing issues, the total mainboard issues including NSE would hit 82.

NSE's second biggest IPO on Dalal Street, along with the ongoing issues, if subscribed fully, would take the fundraising above Rs 1 lakh crore mark. This would be against Rs 1,75,914.29 crore fundraising in 2025, 1,59,783.76 crore garnering in 2024 and Rs 1,18,723.17 fetching in 2021, as per PRIME Database.

Earlier this week, six IPOs opened on September 9, the first time in nearly three decades. Data showed IPO market has been buzzing with 23 IPOs in August, 12 in July and seven in June.