NSE Stocks Surge After First Day Listing Following $2.4 Billion IPO

National Stock Exchange of India has been listed on the stock market on September 24 after issuing stocks to the public at a valuation of $2.4 billion through an initial public offering. 

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Shares of the company rose 0.8 percent to ₹1,800 in pre-opening trade as against the IPO offer price of ₹1,785 per share. This public offer valued the stock exchange at ₹4.4 lakh crore, which is around $46 billion. 

The ₹22,600-crore IPO received subscription 5.7 times and had institutional investor participation in it. This listing of the company comes as NSE has entered the public domain after delaying its IPO plans from 2016. 

NSE stocks opened above IPO price 

NSE stocks were quoted at ₹1,800 in pre-market trading on its first day, ₹15 above the IPO price of ₹1,785. 

The slight premium followed the massive response to the public offer as it garnered multiple times more offers than the number of shares. 

With its IPO valuation of ₹4.4 lakh crore, NSE emerged as the world’s eighth largest stock exchange in terms of market capitalization. This is in comparison to London Stock Exchange Group whose market capitalization stood at about $52.5 billion. 

NSE’s IPO was also one of the biggest ever IPO in India with a ₹22,600-crore size trailing only behind Hyundai Motor India's ₹27,900-crore public issue in 2024. 

NSE IPO subscribed 5.7 times 

NSE's IPO bid 5.7 times, showing immense demand for the same. 

Some of the key bidders from the main book in NSE IPO included domestic institutional players such as Life Insurance Corporation of India, Norges Bank Investment Management, ICICI Prudential Asset Management, Quant Mutual Fund and Mirae Asset Mutual Fund. 

The anchor book also drew participation from Goldman Sachs Asset Management, HSBC, Fidelity, Singapore sovereign wealth fund GIC, Abu Dhabi Investment Authority and Eastspring. 

NSE had reduced both the size and pricing of the proposed listing before the issue reached the market. 

Derivatives business remains an important part of NSE’s revenue 

NSE enters the listed market at a time when changes in India’s derivatives segment remain an important consideration for the exchange. 

Regulatory measures have been introduced to curb excessive speculation in derivatives trading. This is particularly relevant for NSE because transaction fees generated from options trading accounted for more than 60% of its operating revenue in FY26. 

The report also noted that NSE’s earnings growth slowed during FY26. 

Alongside its derivatives business, the exchange has operations across equities and is developing revenue streams from commodities, data and other businesses. 

Listing ends NSE’s long wait for public-market debut 

NSE’s September 24 debut brings to a close a lengthy path towards becoming a publicly traded company. 

The exchange first attempted to go public in 2016, but the process was held up by regulatory and governance issues. 

Nearly a decade later, the completed IPO has brought NSE to the listed market at a valuation of ₹4.4 lakh crore. 

Its first trading indication showed a relatively narrow premium to the IPO price, with shares at ₹1,800 against the ₹1,785 issue price. The listing follows a ₹22,600-crore offer that was subscribed 5.7 times and drew participation from several major domestic and international institutional investors.