NSE’s unlisted shares have surged ~7% over the last six months, driven by growing optimism around its long-awaited IPO and regulatory progress toward listing approval.
Investor interest remains elevated as NSE continues to command a dominant position in India’s capital markets ecosystem, with strong institutional participation expected in the proposed OFS structure.
Q4 FY26 financial performance remained healthy, with revenue rising ~32% YoY and net profit growing ~8%, supported by strong derivatives and cash market activity.
The proposed IPO is expected to be among India’s largest listings, with estimated valuation discussions around $55 billion, reflecting the strategic importance and scale of the exchange business.
Regulatory overhang from the historical co-location case appears to be gradually easing, with SEBI’s in-principle approval and settlement progress improving listing visibility.
Market sentiment in the unlisted space remains highly speculative, with retail participation increasing sharply amid expectations of strong listing gains and limited float availability.
Despite the excitement, valuation concerns persist among experienced market participants, especially given elevated unlisted prices and uncertainties around final IPO pricing and OFS participation norms.
