Key facts
- The National Stock Exchange of India's shares debuted on Thursday, September 24.
- The IPO issue price was 1,785 rupees ($19).
- Shares opened 0.8% higher than the IPO price.
- The stock settled at 1,800 rupees, a 1% premium.
- The IPO was India's second-largest, raising 22,569 crore rupees ($2.4 billion).
- The IPO was subscribed 5.71 times.
The National Stock Exchange of India (NSE) made its stock market debut on Thursday, September 24, with shares opening 0.8% higher than their initial offering price of 1,785 rupees ($19). The company completed India's second-largest IPO ever, raising 22,569 crore rupees ($2.4 billion) and was subscribed 5.71 times, driven by strong demand from institutional investors.
By the end of trading on the BSE, NSE shares settled at 1,800 rupees, representing a 1% premium to the IPO issue price. Macquarie sees potential for NSE's valuation to rise if new products gain traction, noting that at the IPO's upper price band, the exchange was valued at approximately 22 times FY29 estimated EV/EBITDA and 29.5 times FY29 estimated P/E.
NSE Chairperson Srinivas Injeti stated that the addition of GIFT IFSC would contribute to the exchange's globalization, marking a new chapter in its journey. NSE Managing Director and CEO Ashishkumar Chauhan thanked the Securities and Exchange Board of India (Sebi) and the government for supporting the listing, noting the growth in the investor base from 200,000 to 3.6 million.