NSE listing sees India's biggest exchange near bottom of Rs 10,000 crore IPO club

NSE made a muted stock-market debut on Tuesday, listing at just about 0.8% premium to its IPO price, putting India’s largest exchange among the weakest listings in the Rs 10,000 crore-plus IPO club.

The stock listed around Rs 1,800 against the upper issue price of Rs 1,785, giving investors only a small listing gain. The tepid debut came despite strong institutional interest in the Rs 22,561.57 crore public issue and the exchange’s dominant position in India’s capital-market ecosystem.

The listing was broadly in line with the grey market trend, where NSE’s premium had cooled sharply ahead of debut. The GMP had fallen to nearly 2% before listing, after being much higher when the issue was announced.


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Among large IPOs, NSE’s debut now sits closer to the lower end of the pack. LG Electronics had delivered a 50% listing gain, while HDB Financial listed with a 13% gain. Tata Capital listed with a 1% gain, broadly similar to NSE. Hyundai India listed at a 1% discount, while LIC and Paytm fell 8% and 9%, respectively, on debut.

That makes NSE’s listing better than the weak debuts of Paytm, LIC and Hyundai India, but far below the stronger listings of LG Electronics and HDB Financial.

The exchange had fixed a price band of Rs 1,785 per share at the upper end, valuing the exchange at about Rs 4.42 lakh crore. The issue was one of the biggest public offers in India and the largest IPO of 2026 so far.

Also Read: NSE shares get ‘The Dominator’ tag as Macquarie initiates coverage with Outperform

The muted listing also shows that size alone does not guarantee a big debut. In the Rs 10,000 crore-plus IPO universe, listing performance has been mixed. Some large issues have rewarded investors immediately, while others have struggled to hold investor interest from day one.

Brokerages remain constructive

Macquarie initiated coverage on NSE with an Outperform rating and a target price of Rs 1,965, implying about 10% upside from the upper price band. The brokerage described NSE as “The Dominator,” citing its leading market share, technology platform, deep liquidity and role in India’s financialisation.

It said NSE’s full suite of services and strong network effects make it a key part of India’s capital-market growth story. It expects NSE’s revenue to grow at a 12% CAGR over FY26-30, led by non-transaction revenue and new products, partly offset by modest share losses in cash equities and F&O.

The brokerage also flagged near-term pressure from the Closing Auction Session. It said CAS could weigh on cash equity, derivatives and margin trading volumes as investors adjust to the new framework. But it remained positive on the long-term industry outlook.

Macquarie said NSE’s valuation premium is backed by superior fundamentals. It noted that NSE trades at a premium to global exchanges, but also delivers stronger growth and returns because of India’s structural financialisation tailwinds.

PL Capital also has a positive view on the stock, with a target price of Rs 1,950. The brokerage expects NSE’s transaction income to grow at 9% CAGR over FY26-29 and overall operating revenue to grow at 11% CAGR.

It expects cash transaction income to grow at about 15% CAGR over FY26-29, with NSE maintaining a dominant cash-market share of around 89% by FY29. In index options, however, it expects NSE’s market share to decline to 65% by FY29 from 72% in FY26.

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The brokerage said CAS, the securities transaction tax hike and proprietary trading rules could affect trading volumes. It expects muted 9% CAGR in index options over FY26-29, but sees non-transaction income growing at a healthier 14% CAGR.

PL Capital said exchanges remain well placed to benefit from the deepening of India’s capital markets and rising retail participation. It also pointed to NSE’s diversification into colocation, corporate services, data services and new segments.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclourses here.