Summary of this article
NSE shares list at Rs 1,800, 0.84 per cent above the IPO price
NSE’s post-listing market capitalisation stands at Rs 4,45,500 crore
The Rs 22,561.57 crore IPO was subscribed 5.71 times overall
NSE IPO Listing: Shares of National Stock Exchange of India (NSE) made a flat market debut on Thursday, September 24, listing at Rs 1,800 a share on its rival BSE (formerly Bombay Stock Exchange). That is 0.84 per cent above the issue price of Rs 1,785.
The grey market had indicated a stronger debut for NSE. Its last recorded grey market premium (GMP) of Rs 38 on the morning of listing implied an estimated listing price of Rs 1,823 per share, suggesting a potential gain of 2.13 per cent over the issue price.
After listing, NSE's market capitalisation stood at Rs 4,45,500 crore, Rs 3,712.50 crore above the Rs 4,41,787.50 crore valuation implied by its initial public offering (IPO) price of Rs 1,785.
Incorporated in 1992, NSE is India's largest stock exchange and the world's largest derivatives exchange by the number of contracts traded. As of June 30, 2026, it had 261.36 million registered investor accounts, 129 million unique investors, 1,328 trading members and 3,005 listed companies. The total listed market cap was about Rs 474.08 lakh crore. As of March 31, 2026, NSE had a 92.99 per cent market share in the cash market, 99.79 per cent in equity futures and 74.71 per cent in equity options. In exchange-traded currency options, it held 100 per cent of premium turnover.
NSE IPO Details
The Rs 22,561.57 crore issue was the second largest IPO in terms of size. It was entirely an offer for sale of 126.44 million shares, so NSE received no proceeds and all funds raised went to the selling shareholders.
The IPO was available for public bidding from September 17 to September 21, and the price band was Rs 1,700 to Rs 1,785. The final price was fixed at the upper end. Retail investors had to bid for a minimum of 8 shares, which meant Rs 14,280. Employees got up to 4,33,436 shares at a discount of Rs 170 to the issue price.
NSE had appointed 20 investment banks as book running lead managers, one of the largest groups for a single public offering. The list included Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), JP Morgan India and SBI Capital Markets. MUFG Intime India Pvt Ltd was the registrar.
NSE IPO Subscription
The NSE IPO was subscribed 5.71 times overall, with 506 million shares bid for against 88.64 million on offer. The issue drew 38,41,852 applications. Qualified institutional buyers (QIBs) bid 12.68 times their quota, while non-institutional investors (NIIs) bid 6.55 times. Within that category, bids above Rs 10 lakh were subscribed 7.78 times and those below Rs 10 lakh 4.09 times. Retail investors subscribed 1.39 times and the employee portion 2.40 times.
NSE’s Financial Performance
NSE reported total income of Rs 18,713.37 crore in FY26, down 2.42 per cent from Rs 19,176.83 crore in FY25, but higher than Rs 16,352.06 crore in FY24.
Profit after tax (PAT) stood at Rs 10,302.06 crore in FY26, a decline of 15.47 per cent from Rs 12,187.69 crore in FY25. In FY24, PAT stood at Rs 8,305.74 crore, before surging 46.74 per cent in FY25.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) came in at Rs 14,519.09 crore in FY26, down 9.38 per cent from Rs 16,021.36 crore in FY25. In comparison, Ebitda had risen 37.83 per cent in FY25 from Rs 11,623.83 crore in FY24.
For the June 2026 quarter (Q1FY27), NSE reported total income of Rs 5,252.17 crore, while PAT stood at Rs 3,120.08 crore and Ebitda at Rs 4,332.04 crore. As of June 30, 2026, its total assets stood at Rs 91,334.07 crore, while net worth was Rs 34,983.74 crore and reserves and surplus stood at Rs 34,996.73 crore.
NSE’s Key Performance Indicators
NSE’s return on equity (RoE) stood at 9.26 per cent at the end of June, compared with 32.98 per cent at the end of March. Return on capital employed (RoCE) fell to 11.55 per cent from 42.80 per cent over the same period. The sharp decline in these ratios needs to be viewed in the context of the June figures covering a single quarter, compared with the full-year March figures.
Return on net worth remained unchanged at 33.21 per cent. PAT margin improved to 58.78 per cent in June from 50.98 per cent at the end of March. Price-to-book value declined to 12.54 times from 13.76 times. At the IPO price of Rs 1,785, NSE was valued at 42.89 times its pre-issue earnings and 35.4 times its post-issue earnings.
