The National Stock Exchange of India (NSE) is set to list its shares on Thursday, September 24, 2026, with market analysts forecasting positive returns for investors. Current grey market premium (GMP) trends suggest a 4-5% gain on its debut, indicating a strong start for one of India's leading exchanges.
NSE Poised to Enter India's Top 10 by Market Cap
Should the NSE list at the projected premium, its market capitalization is expected to reach between Rs 4.6-4.62 lakh crore. This valuation would position the NSE as India's 10th most valuable company on its listing day, surpassing major entities like Hindustan Unilever Ltd (HUL), Infosys Ltd, Sun Pharma, and Kotak Mahindra Bank Ltd.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, commented, "We expect NSE to list at a premium of around Rs 50-80, depending on market conditions. NSE will enter the market as India's 10th largest company by market capitalisation." Sheth advised against rushing to sell on listing day unless the investment was purely for short-term gains, suggesting that long-term investors allow the price to settle before accumulating shares.
IPO Details and Subscription Performance
The NSE's primary stake sale successfully raised Rs 22,562 crore. Shares were offered within a price band of Rs 1,700-1,785 per share, with a lot size of eight equity shares. The initial public offering (IPO) was an entirely an offer-for-sale of 12.64 crore equity shares by existing shareholders.
The IPO saw robust demand, being overall subscribed 5.71 times, attracting over 38.4 lakh applications. Qualified Institutional Bidders (QIBs) led the subscription with 12.68 times, followed by Non-Institutional Investors (NIIs) at 6.55 times. Retail investors subscribed 1.39 times, and the employee portion was booked 2.40 times during the three-day bidding period.
NSE's Dominant Market Position and Valuation
The NSE holds a commanding position in the Indian financial markets, maintaining leadership in cash market turnover, equity derivatives trading, and currency derivatives trading. As of June 30, 2026, it served over 26.13 crore registered investor accounts and hosted 3,005 listed companies, with a total listed market capitalisation exceeding Rs 474.08 lakh crore.
Shivani Nyati, Head of Wealth at Swastika Investmart, noted that the NSE IPO is valued at approximately 40.9–42.9 times FY26 diluted EPS, which presents a discount compared to BSE’s 54.28 times, offering valuation support. "However, around 79 per cent of revenue is linked to trading activity, making earnings sensitive to market volumes and regulatory changes. Our pre-listing view is Subscribe, with minor listing gains expected, but the IPO remains suitable for a long-term investment play, supported by NSE’s strong market position, scale and relative valuation advantage," she added.
While the shares will primarily be listed on the BSE, they will also commence trading on the Metropolitan Stock Exchange of India (MSEI) from September 24 onwards under the 'Permitted to Trade' category.