- NSE shares debuted on BSE at Rs 1,800, 0.84% above issue price of Rs 1,785
- NSE IPO was subscribed 5.71 times, with bids totaling Rs 90,287.33 crore
- IPO price band was Rs 1,700-1,785, with 12.64 crore shares offered for sale
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 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.
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NSE IPO price band was set at Rs 1,700-1,785 per share. The issue consisted entirely of an offer for sale (OFS) of 12.64 crore equity shares by existing shareholders.
NSE IPO listing today was weaker than the Street estimates, as indicated by the grey market premium (GMP). Ahead of the listing, NSE IPO GMP today signalled the debut at around 2.2% premium to the issue price.
Meanwhile, global brokerage Macquarie initiated coverage on the stock with an ‘Outperform' rating and a target price of Rs 1,965 per share.
NSE share 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.
Brokerage firm Emkay Global Financial Services also initiated coverage on NSE with a ‘Buy' rating and September 2027 target price of Rs 2,050, implying a 15% upside potential.
Emkay forecasts NSE to deliver around 13% EPS CAGR over FY27-29E, on the back of strong ~19% CAGR over FY22-26 as regulatory changes drive consolidation in market activities.
“Given its strong brand, dominant leadership position, profitability, and cash generation, we see a strong case for NSE shares to be part of every India-focused equity portfolio,” said Emkay Global.
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