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  3. NSE – IPO May Value Exchange Above ₹5 Lakh Crore, Among Top 10 Companies

NSE – IPO May Value Exchange Above ₹5 Lakh Crore, Among Top 10 Companies

19 Mar 2026

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Key Takeaways

Key Takeaway:
NSE’s IPO, targeting a ₹5 lakh crore+ valuation, is poised to become India’s largest listing and place the exchange among the top 10 companies, though regulatory changes in derivatives trading could temper valuation upside and investor expectations.

Key Takeaway:
NSE’s IPO, targeting a ₹5 lakh crore+ valuation, is poised to become India’s largest listing and place the exchange among the top 10 companies, though regulatory changes in derivatives trading could temper valuation upside and investor expectations.

NSE limited unlisted shares

National Stock Exchange (NSE)

DRHP filed0.00%

Expert Analysis

Expert Analysis:

  • The National Stock Exchange of India (NSE) is expected to target a valuation exceeding ₹5 lakh crore based on current unlisted market pricing, positioning it among the top 10 most valuable companies in India post listing.

  • The IPO is anticipated to be India’s largest-ever public issue, following a decade-long delay due to regulatory hurdles and governance-related scrutiny before receiving clearance to proceed.

  • NSE remains the world’s largest derivatives exchange by trading volume, competing with global peers like NYSE and Nasdaq, which underpins its strong valuation and investor interest.

  • However, the timing of the IPO coincides with regulatory tightening in the F&O segment, including higher securities transaction tax (STT) and measures to curb retail speculation, which could impact earnings visibility and valuation multiples.

  • Market experts suggest that due to these regulatory headwinds, the IPO could potentially list at a discount to current unlisted market premiums, reflecting cautious investor sentiment.

Publisher:ET Now