Shares of the National Stock Exchange (NSE) made their stock market debut on Thursday at ₹1,800 apiece on the BSE, a premium of 0.84% over the IPO issue price of ₹1,785.
The stock gained further in early trade, rising more than 3% to touch ₹1,845. At that level, NSE’s market capitalisation stood at around ₹4.56 lakh crore, placing it among India’s 10 most-valued listed companies.
The exchange’s ₹22,562-crore IPO was offered in a price band of ₹1,700–₹1,785 per share and was entirely an offer for sale by existing shareholders. The issue received strong demand, being subscribed 5.71 times, with more than 38.4 lakh applications.
Qualified institutional buyers showed the strongest demand, with their portion subscribed 12.68 times. The non-institutional investor category was subscribed 6.55 times, while the retail portion received 1.39 times subscription.
Ahead of the listing, Macquarie initiated coverage on NSE with an ‘Outperform’ rating and a ₹1,965 target price, citing the exchange’s market leadership, technology platform and potential for revenue growth through platform expansion.
NSE remains the leading exchange in India across cash-market turnover, equity derivatives and currency derivatives. As of June 2026, it had more than 26.13 crore registered investor accounts and 12.9 crore unique investors.
