Will the NSE IPO break records? The stock market is poised to explode

The NSE IPO is poised to create a stir in the stock market. Upon listing, NSE Ltd. could become one of the country's top 15 largest companies. It has selected 20 merchant bankers for its upcoming IPO. 

According to media reports, existing shareholders of the country's largest stock exchange may sell approximately 4.5-5% of their stake through an OFS (Offer for Sale),

making this issue one of Dalal Street's largest IPOs. Currently, its value in the unlisted market is estimated at approximately ₹5 lakh crore.

Currently, the market value of India's top 15 companies ranges from ₹3.77 lakh crore to ₹18.87 lakh crore. This includes companies ranging from Mahindra & Mahindra to Reliance Industries. 

Following the recent decline, this range has narrowed from ₹4.4 lakh crore. According to one analyst, at the current unlisted price, NSE's market value could be around ₹4.7 to ₹5 lakh crore. 

This would bring it closer to the top 10 companies in the country, although its exact ranking will be determined by its listing day price.

NSE may join big companies

A report also states that NSE may seek a valuation of ₹6-7 lakh crore, which is approximately 40% higher than the current unlisted price. If this happens, NSE could join the top 10 largest companies. 

After receiving the NOC and clarifying the IPO timeline, the price of NSE's unlisted shares reached ₹2,150 at one point. Currently, retail deals are occurring between ₹1,900-₹1,925, and investor demand remains strong.

The world's third largest equity exchange

In 2025, the NSE was the world's third-largest equity exchange by volume of trades. It also held the largest share in the derivatives segment, with a 50.6% market share. 

Analysts believe the NSE IPO could be one of the largest ever. Previously, Hyundai Motor India raised ₹27,858 crore in 2024, LIC raised ₹20,557 crore in 2022, and Paytm parent One97 raised ₹18,300 crore in 2021.

IPO