NSE – May Eye ₹6–7 Trillion IPO Valuation Ahead of Listing

Expert Analysis:

• The National Stock Exchange of India (NSE) is likely targeting an IPO valuation of ₹6 trillion to ₹7 trillion ($65–75 billion), which would place it among the top 7 most valuable listed companies in India.

• Based on this valuation, the IPO size is estimated at ₹28,000 crore to ₹38,000 crore, potentially making it India’s largest IPO, surpassing Hyundai Motor India’s ₹27,870 crore issue.

• The offering is expected to be entirely an Offer for Sale (OFS), with existing shareholders planning to divest around 4.5%–5% stake, indicating no fresh capital infusion into the exchange.

• Despite the large issue size, investment banking fees are expected to be ₹300–400 crore, lower than the ₹493 crore paid in Hyundai’s IPO, reflecting competitive fee structures across multiple appointed bankers.