NSE Unlisted Shares Surge 60% in 2 Weeks: IPO Buzz, Retail Frenzy & What Comes Next

If you thought the IPO party was over, think again. The National Stock Exchange of India (NSE) — with over one lakh retail shareholders, a record for any unlisted company in the country — is stealing the spotlight in the grey market. And if you ask some market veterans, the rally might just be warming up.

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NSE's Meteoric Rise: What's Fueling It?

Let's start with the numbers. NSE's unlisted stock has jumped from around ₹1,500 to ₹2,400 in just a fortnight — that's a jaw-dropping 60% gain. For an unlisted stock, that's no small feat.
So, what's behind the buzz?

In part, it's the retail wave — regular investors hoping to get in on the action before the official listing. But it's also the whispers about the IPO. Ever since SEBI Chief Tuhin Kanta Pandey commented on the possibility of clearing the decks for NSE's IPO, the market has been all ears. It's not official yet, but hopes are high.

Still, Room to Run?

Now, here's the kicker — even after that 60% sprint, analysts still believe the stock is "attractively priced." Hard to believe? Let's look at the math.

At ₹2,400 per share, NSE's implied market capitalisation is ₹5.9 lakh crore — enough to make it India's fifth most valuable company and the fifth-largest stock exchange globally, just behind the NYSE, Nasdaq, Shanghai, and Tokyo.

However, what sets NSE apart is not just valuation. It's about domination. In Q4 FY25 alone, NSE had:

• 99.8% market share in equity futures
• 94.6% in cash trading
• 93.9% in currency derivatives
• 81.2% in equity options

That's not market leadership — that's market ownership.

The Numbers Don't Lie

Financially, NSE isn't just keeping pace — it's sprinting ahead. Between FY22 and FY25, the exchange clocked a 33% compound annual growth rate (CAGR) in revenue, reaching ₹19,177 crore, while net profit grew at a 36% CAGR to ₹12,188 crore. Just this past fiscal year, profit surged 47% year-on-year.
Oh, and they paid a ₹35-per-share dividend — cherry on top for investors who've stayed the course.

What Happens If the IPO Hits?

Here's where it gets interesting. Analysts state that the valuation gap with the BSE suggests there's still room to grow — provided the NSE goes public. The IPO could act as a value unlocker, letting institutional investors and mutual funds pile in. And let's face it: given NSE's financial firepower and market stranglehold, a successful IPO could shift the game entirely.

Final Word: Watch This Space

For retail investors, this isn't just about chasing grey market premiums. It's about getting in on a company that could reshape India's capital markets landscape post-listing. Yes, there's excitement. Yes, there's risk. But if you're tracking India's financial evolution, NSE isn't just another stock — it's the heartbeat of the market itself.