Shares of NSE in the unlisted market have surged dramatically by about 60% over the past two weeks, jumping from around Rs 1,500 to Rs 2,400. This sharp rise is driven by growing retail investor interest and widespread anticipation of NSE’s long-awaited IPO.
NSE boasts over one lakh retail shareholders—an unprecedented number for an unlisted Indian company—making it a hotspot in the grey market. Despite the recent rally, analysts believe the stock still looks attractively priced compared to peers. For instance, NSE trades at a P/E of 70, which is lower than BSE’s 83, even though NSE’s financial performance has been stronger.
Financial highlights for NSE show robust growth:
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From FY22 to FY25, revenue grew at a 33% compound annual growth rate (CAGR), reaching Rs 19,177 crore.
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Net profit surged at a 36% CAGR to Rs 12,188 crore.
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In FY25 alone, net profit rose 47% year-on-year to Rs 12,188 crore, with total income up 16.7%.
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NSE also declared a dividend of Rs 35 per share, underlining its consistent wealth generation.
Analysts note that the valuation gap with BSE points to further potential upside if NSE successfully lists. The IPO’s success depends heavily on regulatory approval from SEBI. If a No Objection Certificate (NOC) is granted, the unlisted share price could see another upward leg.
At Rs 2,400 per share, NSE’s implied market capitalization is approximately Rs 5.9 lakh crore, making it:
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India’s fifth most valuable company, and
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The fifth largest stock exchange globally, behind NYSE, Nasdaq, Shanghai, and Tokyo.
The bullish sentiment isn’t just about the IPO. NSE’s market dominance supports the optimism:
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In Q4FY25, NSE controlled 99.8% of equity futures market share, 94.6% in cash trading, 93.9% in currency derivatives, and 81.2% in equity options.
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It is the world’s largest derivatives exchange by contract volume and second only to NYSE in equity trades.
However, some caution remains due to the sharp recent gains and uncertainty around the IPO timeline. Market participants warn of possible volatility until there is clarity on regulatory approvals.
Overall, NSE’s IPO is one of the most anticipated in Indian capital markets, and a successful listing could make early unlisted investors substantial gains.
