NSE Enters India’s Top 10 Listed Companies by Market Cap, Moves Ahead of HUL

The National Stock Exchange (NSE) entered the ranks of India’s 10 largest listed companies by market capitalisation on its first day of trading, after its shares recovered from a relatively quiet debut and moved higher during Thursday’s session. 

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NSE listed on the BSE at ₹1,800 per share on September 24, less than 1% above its IPO price of ₹1,785. Trading picked up soon after, with the stock rising as much as 4.3% from its listing price to touch ₹1,878 during the session. 

At the day’s high, the shares were 5.2% above the IPO price. 

The move took NSE’s market capitalisation to ₹4.63 lakh crore, placing the exchange ninth among India’s listed companies by market value. 

NSE moves ahead of HUL, Sun Pharma and Titan 

The listing of NSE saw it take pole position over some very well established large cap stocks. 

Hindustan Unilever had a market capitalization of ₹4.53 lakh crore, while Sun Pharmaceutical Industries had ₹4.48 lakh crore. Titan had ₹4.43 lakh crore as market value. 

NSE with ₹4.63 lakh crore outdid all of them. 

Reliance Industries was the biggest listed company of India with ₹16.77 lakh crore as market capitalization, while HDFC Bank was second with ₹11.25 lakh crore. 

The other stocks that preceded NSE in the ranking included Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance and Larsen & Toubro. 

Prior to listing, the market value of NSE was ₹4.42 lakh crore according to its IPO price of ₹1,785 per stock. Its rival exchange, BSE had ₹1.33 lakh crore as market capitalization. 

₹22,562-crore IPO was entirely an offer for sale 

NSE’s ₹22,562-crore public issue consisted entirely of an offer for sale involving 12.64 crore shares. 

There was no fresh issue of shares, which means the proceeds from the IPO will go to the existing shareholders who sold their holdings rather than to NSE. 

The exchange had set a price band of ₹1,700 to ₹1,785 per share, with investors required to bid for a minimum lot of eight shares. 

The IPO was subscribed 5.71 times overall. 

Demand was strongest among qualified institutional buyers, whose portion was subscribed 12.68 times. The non-institutional investor category was subscribed 6.55 times, while the retail portion received 1.39 times subscription. 

The issue was India’s second-largest IPO, behind Hyundai Motor India’s ₹27,870-crore public offering in 2024. 

NSE had 132 million unique investors as of Q1 FY27 

NSE operates across trading, clearing, settlement, listings, market data and index licensing. Its platform covers cash equities, derivatives, debt and mutual funds, while its international operations include NSE International Exchange at GIFT City. 

As of Q1 FY27, the exchange had 261 million registered investor accounts and 132 million unique investors. 

Its network included 1,328 trading members and 3,005 listed companies. 

NSE is also the country’s largest stock exchange by turnover in the cash and derivatives segments. 

FIIs held 26.41% stake as of June quarter 

Foreign institutional investors held 26.41% of NSE as of the June quarter. 

Individual shareholders with holdings worth up to ₹2 lakh accounted for 12.71%, while individuals holding more than ₹2 lakh owned another 9.58%. 

Alternative Investment Funds held 5.31%, while insurance companies accounted for 0.13%. 

Under SEBI rules cited in the report, pre-issue shares held by non-promoter shareholders are subject to a six-month lock-in from the IPO allotment date, except for specified categories of Alternative Investment Funds. 

With its first trading session underway, NSE’s market value of ₹4.63 lakh crore was enough to put the newly listed exchange directly into India’s top 10 listed companies by market capitalization.