India's biggest stock exchange has quiet debut after mega IPO
India's largest stock exchange operator recorded a modest trading debut on Thursday, closing 1.9% higher than its issue price after raising $2.35bn in the country's second-biggest initial pu...
The National Stock Exchange (NSE) of India made a modest opening on its first day of trading on Thursday, finishing 1.9% above its issue price. The IPO raised $2.35 billion, marking the country's second-largest initial public offering. As the primary exchange for domestic equities, the NSE has been eagerly awaited for a decade, following a period of uncertainty. Shares initially traded at 1,800 rupees on rival BSE, 0.84% higher than the IPO price of 1,785 rupees, before closing at 1,818 rupees.
The IPO valued NSE at approximately 4.4 trillion rupees ($46 billion), solidifying its position as one of the world's most valuable exchange operators. The NSE has experienced significant growth due to India's retail investing boom, with millions of new traders entering the market since the pandemic. The exchange commands about 93% of India's cash equities market and has emerged as the world's largest derivatives exchange by contracts traded, primarily due to a surge in options trading among retail investors.
However, analysts had cautioned in the lead-up to the IPO that valuations might become a concern due to their stretched nature.
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