NSE Shares Defy the Over ₹20,000-Crore IPO Trend, List at a Premium

National Stock Exchange of India began life as a listed company on September 24 with its shares opening above the IPO price, breaking from the weak debut seen in some of India’s other mega public issues. 

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NSE shares opened at ₹1,800 on the BSE, against an issue price of ₹1,785. That translated into a listing premium of 0.8%. 

The debut followed NSE’s ₹22,560-crore initial public offering, which ranks as India’s second-largest IPO on record. Unlike NSE, two other public issues exceeding ₹20,000 crore Hyundai Motor India and Life Insurance Corporation of India had opened below their respective issue prices. 

NSE shares move higher after debut 

The stock built on its modest listing gain as trading progressed. At 11:04 am, NSE shares were at ₹1,839, taking the gain on the first day to around 4%. 

At that level, NSE was valued at ₹4.56 lakh crore. 

The valuation put the exchange among the world’s 10 largest listed exchanges and made it India’s tenth-largest listed company by market capitalisation. 

The report placed this alongside rival BSE, which entered the stock market in 2017 and had a valuation of ₹1.32 lakh crore. 

IPO attracted bids for 505.81 million shares 

NSE’s public issue was subscribed nearly six times before closing on Monday. 

Investors placed bids for 505.81 million shares against 88.64 million shares available for subscription, with qualified institutional buyers and non-institutional investors accounting for strong demand. 

The IPO comprised an offer for sale of up to 126.4 million shares. 

Ahead of the public issue, NSE raised ₹6,746 crore from anchor investors by allotting 37.79 million shares at ₹1,785 each. 

Since the IPO was entirely an offer for sale, NSE did not receive fresh capital from the issue. The proceeds went to the shareholders selling their stakes. 

NSE listing comes after decade-long process 

The September 24 debut capped a listing effort that had stretched for about a decade. 

Before the IPO, NSE had reduced the size of the offering and lowered its IPO price amid tighter regulation of derivatives trading and declining volumes. 

The issue eventually received 5.7 times subscription overall. Retail participation was more measured, with investors in the category bidding for only slightly more shares than were available to them. 

At the IPO price, NSE was valued at 43 times its FY26 earnings, according to LSEG data cited in the report. BSE, by comparison, was trading at 47 times trailing earnings. 

NSE debut differs from Hyundai Motor India and LIC 

The positive opening also distinguished NSE from the listing-day performance of two of India’s other biggest IPOs. 

Hyundai Motor India, which launched India’s largest-ever IPO in 2024, saw its shares fall more than 7% on debut after muted participation from retail investors. 

LIC had a similar start when it entered the market in 2022. Shares of the state-owned insurer fell nearly 8% on listing day. Its public offering was India’s largest IPO at the time. 

Paytm, whose IPO was worth ₹18,000 crore, had also listed at a discount. 

At ₹22,560 crore, NSE’s issue ranks behind Hyundai Motor India’s 2024 offering in the list of India’s biggest IPOs. 

More than 190 IPOs raise $9.9 billion in 2026 

NSE has entered the listed market during another busy year for Indian public offerings. 

More than 190 IPOs have raised a combined $9.9 billion in India so far in 2026, according to LSEG data cited by Moneycontrol. The amount raised is 0.9% lower than during the corresponding period last year. 

NSE’s debut comes after the listings of LG Electronics India and HDB Financial Services. Jio Platforms is also expected to list later in 2026. 

For NSE, the September 24 session marked the end of a long wait for a public listing. The exchange entered the market at ₹1,800 a share and moved further above its ₹1,785 issue price during the opening hours of trade.