NSE IPO Listing Highlights: Shares End 1% Higher After Flat Debut

NSE shares ended nearly 1% higher to their listing price at Rs 1,817 apiece (1.8% higher than issue price of Rs 1,785). The bourse's market cap at close stood at Rs 4,49,707 crore

An entirely OFS issue of Rs 22,561.57 crore, QIB-led bidding, a lukewarm debut, and a post-listing rally with most brokerages intitiating their coverage with bullish calls. The National Stock Exchange of India has made its presence known on the D-Street.

On that note, I bid you adieu till the next big listing. This is Khushi signing off after a dynamic day. 

Key investors in the company include market veteran Radhakishan Damani, who holds a 1.58% stake, along with Damani Estate and Finance, with a 0.07% stake. Other investors include Sunil Kant Munjal, chairman of Hero Enterprise, with a 0.41% stake, and S Gopalakrishnan, co-founder of Infosys, with 0.38% stake. Market investor Sundar Iyer and entities hold 0.24%, while Chandrakant Vallabhaji Gogri, promoter of the Aarti Group, owns 0.07% and Dolly Khanna holds a 0.06% stake.

The National Stock Exchange of India may be able to cut down India's gold imports by half, Chairman Injeti Srinivas told NDTV Profit in an interview on Thursday. 

Touching upon NSE's untapped potential, the Chairman cited a study by the World Gold Council that talks about India's 35,000-tonne gold stockpile. 

Injeti explained how NSE could introduce Electronic Gold Receipts (EGRs) to monetise this gold, the resulting value of which would exceed the country's total GDP. EGR gold refers to a digital security that represents physical gold stored in an accredited, regulated vault.

Read more here. 

National Stock Exchange of India (NSE) is working on a comprehensive, mobile-first framework that could bring investors' trading data, portfolio information and analytics under a single platform, NSE Managing Director and CEO Ashishkumar Chauhan told NDTV Profit.

Read more here. 

The stock listing is at a limited premium, and the movement of the price afterward will be an important factor to watch, according to Ravi Singh, Chief Research Officer at Master Capital Services.

"The stock’s trading trajectory, along with earnings growth, trading volumes and business performance in the coming sessions, will give greater insight into how NSE is valued by the market post-listing," he added.

According to Apurva Sheth, Head of Market Perspectives and Research long-term investors can employ a staggered accumulation strategy:

Rs 1,700: 100 shares
Rs 1,600: 200 shares
Rs 1,500: 300 shares
Rs 1,400: 400 shares
Rs 1,300: 500 shares

The strategy involves deploying progressively more capital as the stock price falls, rather than trying to identify the exact bottom.

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, says "I would not rush to sell on listing day unless one has bought it only for listing gains. If you want to buy NSE for the long term, I would ideally wait for at least a few trading sessions and allow the price to settle."

Asian Markets Securities Initiates Coverage on NSE With 'Buy' Rating; Here's Why

"NSE combines a near-monopoly liquidity franchise with asset-light economics and multiple avenues for growth. In FY26, it had 93% share of the cash market, 99.8% of equity futures and 74.7% of equity options by premium turnover.

Its scale supports an operating EBITDA margin of about 76% and a PAT margin of about 63%, placing it among the most profitable exchanges globally. We see the investment case resting on five strengths: liquidity, operating leverage, a broader revenue base, technology and balance-sheet resilience - partly offset by regulatory and litigation risk."

PL Capital has initiated coverage on NSE with an ‘Accumulate’ rating and a target price of Rs 1,950, citing its dominant position across India’s exchange landscape, strong liquidity, and robust technology platform.

NSE’s MD & CEO Ashishkumar Chauhan said the exchange plays a key role in channelising household savings into productive capital. He highlighted NSE’s listing and transaction services and its role in ensuring transparency and wealth creation.

Shanti Ekambaram said NSE’s listing will bring more trading and capital to the market. She said India has significant room for further growth in listed companies and capital markets.

NSE said it will follow the existing regulatory framework for now. The exchange added that if the regulator sees merit in aligning with global practices and allows exchanges to list or trade on their own platforms, NSE will push for it.

The exchange will follow current law, which does not allow trading or listing on its own platform

Nilesh Shah of Envision Capital said NSE is a hallmark of India’s capital markets and its listing will add depth and breadth. He expects long-term investors to continue tracking the stock.

Emkay has initiated NSE's coverage with a 'buy' rating and an estimated target price for Sept 2027 of Rs 2,050. According to the brokerage, NSE’s positive outlook is driven by India’s long-term capital market growth, its dominant market position, and strong profitability and cash generation.

The exchange is expected to benefit from rising wealth creation and financialisation, while its business model provides flexibility to adapt to regulatory and macroeconomic changes.

NSE is forecast to deliver around 13% EPS CAGR over FY27-29E, following 19% CAGR over FY22-26, with regulatory changes supporting consolidation in market activities.

Shares of NSE rose 3.30% higher from its listing price to Rs 1859.35. 

The National Stock Exchange of India (NSE) made a muted Dalal Street debut on Thursday, after receiving strong demand for its initial public offering (IPO). NSE IPO listing date was today, September 24, and the shares of the country's largest bourse have been listed on its rival BSE.

NSE shares were listed at Rs 1,800 apiece on the BSE, a premium of 0.84% to the issue price of Rs 1,785 per share.

The much-hyped NSE IPO was open from September 17 to September 21, and was subscribed by 5.71 times, generating bids amounting to Rs 90,287.33 crore as against the issue size of Rs 22,568.94 crore.

Read more here. 

NSE IPO's last recorded grey market premium (GMP) stood at Rs 40, as of 7:37 AM on Sep 24, 2026. With the upper price band set at Rs 1,785, the estimated listing price is Rs 1,825, implying a potential gain of 2.24% over the issue price.

Macquarie has initiated coverage of BSE Ltd. with a bullish 'outperform' rating ahead of its rival National Stock Exchange Ltd.'s (NSE) listing. 

The initiation with such conviction comes at a crucial time as NSE's market debut is expected to level the playing field for two of India's major stock exchanges. 

The brokerage has set a target price of Rs 4,000 for the exchange, implying an over 22% upside to its current market price. 

BSE is a "challenger" and credible competitor to NSE, according to Macquarie, which pointed to its pivot to index options. 

Read more here. 

The equity shares of the National Stock Exchange of India (NSE) are set to make their debut on Dalal Street on Thursday, September 24, with global brokerage Macquarie initiating coverage on the stock with an ‘Outperform' rating and a target price of Rs 1,965 per share.

The target price implies an upside of around 10% from NSE's IPO issue price of Rs 1,785 per share.

Macquarie described NSE as “The Dominator”, citing its leading market share, deep liquidity, technology capabilities, and entrenched network effects.

Read more here. 

NSE IPO was entirely an offer for sale of 12.64 crore shares of Rs 22,561.57 crore. The issue price band was set between Rs 1,700 and Rs 1,785 per share.

The minimum bid size for retail investors is 8 shares, requiring an investment of Rs 14,280 at the upper end of the price band. The issue includes a reservation of up to 4,33,437 shares for employees, offered at a discount of ₹170.00 to the issue price.

SEBI regulations prevent NSE from trading on NSE itself. Therefore, NSE will list & trade on BSE, its direct rival exchange.

Jefferies estimates this adds 1-2% to BSE's FY27E earnings, while assuming NSE's own daily turnover trades at levels similar to HDFC Bank, the brokerage estimates Rs 70 crore in combined cash & stock-option revenue for BSE.

NSE's options premium market share fell to 74.71% in FY26, from 96.86% in FY24, because weekly expiry rationalisation shifted volumes toward BSE's expiry day.

NSE's cash segment share has stayed steady at 93-94%, largely unaffected.

Source: NSE Investor PPT 

NSE is seeking to broaden its revenue base through new products and businesses. Transaction charges still account for 70-79% of total revenue, while colocation, listing fees, and other streams together account for about 12%. Colocation charges grew at a 29% compound annual rate between FY23 and FY26 and accounted for 8% of revenue.

The exchange received SEBI approval in April 2026 to establish a national coal trading exchange. National Coal Exchange of India was incorporated as a wholly owned unit in June. NSE has also launched electricity futures and natural gas futures, and has tied up with S&P Global to launch Dated Brent crude oil futures. It has also introduced electronic gold receipts for dematerialised gold trading.

NSE itself cannot trade on its own platform under SEBI regulations. Its shares will instead list and trade on BSE, its direct rival, while the shares will also trade on the Metropolitan Stock Exchange.

Read more here

Derivatives remain central to NSE's business. The exchange was the world's largest by number of derivative contracts traded in calendar 2025. Index options accounted for 53% of NSE's total revenue, while options contributed 77% of transaction-charge revenue in FY26.

Within transaction charges, options generated Rs 9,996 crore in FY26, or 77% of the Rs 13,057 crore total. Cash equities contributed Rs 1,555 crore, while futures contributed Rs 1,370 crore.

NSE had 106.2 lakh active individual futures and options traders in FY25, with 34.3 lakh new entrants. Options premium turnover grew 14%, according to the supplied data.

The dependence on options also leaves the exchange exposed to changes in trading patterns and regulation. NSE's options premium market share fell to 74.71% in FY26 from 96.86% in FY24, due to weekly expiry rationalisation that shifted volumes towards BSE's expiry day. NSE's cash-market share, however, remained at 93-94%.

NSE’s revenue grew at a 24.3% CAGR between FY21 and FY26, while EBITDA and PAT grew at CAGRs of 24.7% and 23.4%, respectively. In comparison, BSE recorded significantly higher growth, with revenue, EBITDA and PAT rising at CAGRs of 52.1%, 68% and 77.3%, respectively.

Despite the lower growth rates, NSE maintained a higher average EBITDA margin of 77.89% during FY21-FY26, compared with 46.5% for BSE.

On valuations, BSE’s FY26 price-to-earnings (PE) multiple stood at 54.3x, compared with 42.9x for NSE.

(Source: NDTV Profit Research)

Here's an overview of NSE as a company, with key strengths and weaknesses: 
Strength    

• Monopoly control in equity futures and options   
• Strong institutional backing    
• IPO valuations fairly priced   
• Strong brand power    

Weakness   

• Heavy regulatory oversight   
• IPO is an OFS-no fresh capital infusion    
• High dependence on options trading    
• Heavy reliance on transaction revenue   

Opportunity    

• Structural growth story-rise in retail participation   
• Foraying into non-F&O products/product diversification   
• Building strategic offshore footprints   
• Strong network effects in the industry   

Threat    

• Rise of competition-in more exchanges (MSEI, NCDEX)   
• Competition from new products being launched
• Other exchanges may focus on Demat 2.0   
• Tech and Cybersecurity risks 

Source: NDTV Profit Research

NSE Slated to become the world's seventh most valuable listed exchange operator:

NSE IPO received strong demand from investors during its bidding period from September 17 to September 21. The IPO allotment status was finalised on September 22.

The long-awaited NSE IPO was subscribed by 5.71 times in total, as the issue received bids for 50,58,11,384 equity shares as against 8,86,42,911 shares on the offer. The total amount of bids received amounted to Rs 90,287.33 crore.

Qualified Institutional Buyers (QIBs) led the demand for the issue, subscribing 12.68 times. The Non-Institutional Investors (NIIs) category was subscribed 6.55 times, while retail investors booked their quota 1.39 times.

The Grey market trends pointed to a muted premium for NSE's market debut. The GMP, last updated at 11:37 p.m., stood at Rs 40, implying gains of approximately 2.24% per share. The estimated listed price for NSE stands at Rs 1,825 ahead of its much awaited debut. 

Hello, and happy NSE Day to all the lovely primary market enthusiasts and investors. I am Khushi, and I will be taking you through all the key updates regarding the listing price, early market trends, and share price movement for one of the most awaited listings in Indian equity market history. 

Grab a cup of coffee and stay tuned!