NSE IPO: Exchange likely to raise Rs 30,000 crore— Are unlisted shares trading at premium?

National Stock Exchange of India (NSE) has filed draft papers (DRHP) with the capital market regulator SEBI to launch its primary offering, raising nearly Rs 30,000 crore at a valuation of Rs 5 lakh crore. The issue is entirely an offer-for-sale (OFS) from select existing shareholders, who shall be offloading nearly 14,89,05,525 equity shares, representing nearly 6 per cent equity.

Based on the expected IPO size and issue structure, NSE is likely to raise funds around Rs 1,900-2,000 per share. However, the exact price band and lot has not been announced officially and this is based on the calculations as per the offer documents and reports.

NSE shares, which are available in the unlisted market, are trading at Rs 2,000-2,050, commanding a total market capitalization of Rs 4.95-Rs 5.05 lakh crore. This means that NSE is trading at par in the unlisted market, based on the expected IPO price for the company.

However, investors should not forget that a stock trades at premium in unlisted markets and historically, companies have launched their IPOs much below the price in pre-IPO market. The list includes names like Tata Capital, HDB Financial Services, Tata Technologies, UTI Asset Management Company, Waaree Energies and others.

Hitesh Dharawat, Co-founder of Mumbai-based Dharawat Securities said that IPO at current levels is unlikely as the exchange will leave something on the table for investors. “One should wait for June quarter results to see the performance as actual valuations will depend on the financials mostly.

NSE said its platform processed an average of 12 billion to 14 billion messages daily as of March 31, 2026. Its revenue from operations stood at Rs 16,601 crore in FY26, while net profit rose to Rs 10,302 crore. The company announced a dividend of Rs 35 per share along with its March 2026 quarter results.

At Rs 2,050, NSE valuations appear fairly hefty and it basically mirrors its dominant spot in India’s capital markets. People will likely dig into the financial statements, the growth pattern, regulatory concerns, and the usual IPO valuation yardsticks to see if there is more upside left, or if the story is already mostly ‘priced in’ or left any value, said Piyush Jhunjhunwala, Founder & CEO at Stockify.

“For long-term investors, the valuation does look like it can be defended based on the exchange’s fundamentals. But in the end, the final IPO price and the broader market conditions will decide whether Rs 2,050 feels like a bargain or just fully valued,” he added.

Shareholders of NSE includes names like Stock Holding Corporation of India, Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC RE), State Bank of India (SBI), SBI Capital Markets, Radhakishan Damani, Premji Invest, Temasek’s Aranda Investments,  Tata Investment, JM Financial, MCX, HDFC Bank, Canara Bank, Punjab National Bank, Bank of Baroda and others.

‘With the NSE IPO, investors will have a wider choice to participate in the long-term growth of India’s capital markets. That said, investment returns will ultimately depend on the valuation at which the IPO is offered, said Prasenjit Paul, Fund Manager at 129 Wealth & Research Analyst at Paul Asset 

If NSE IPO is launched at a meaningful discount to BSE on comparable parameters, it could create an attractive short-term opportunity. Otherwise, the story is more suited for long-term investors who want exposure to the structural growth of the Indian capital market ecosystem”.