India's NSE lists after decade-long wait; valued at $47 billion

The National Stock Exchange of India (NSE) made its market debut on Thursday, marking a decade-long effort to list and becoming one of the world's 10 most valuable publicly traded exchanges. The stock rose as much as 5% during the day, closing at 1,818 rupees, which valued the NSE at $46.90 billion. The IPO size of 225.6 billion rupees ($2.3 billion) makes it India's second-largest on record, after Hyundai Motor India's 2024 offering.

NSE's listing has been in line with expectations, and investors are now focused on potential growth opportunities. Vipul Bhowar, executive director and head of equities at Waterfield Advisors in Mumbai, noted that NSE's growth has largely come from the derivatives segment in recent years, though activity has slowed due to tighter regulations, higher taxes, and concerns over the closing auction.

Rival BSE, formerly the Bombay Stock Exchange, lists at a valuation of $13.55 billion, while NSE trades at 43 times fiscal 2026 earnings. Analysts attribute the valuation difference to BSE's smaller earnings base, which could lead to a steeper growth rate. NSE's IPO was subscribed 5.7 times, with retail investors bidding for only slightly more shares than available.

The debut follows strong listings by LG Electronics India, HDB Financial Services, and Jio Platforms is expected to list later this year. India's primary market has been vibrant, with domestic IPOs raising $9.9 billion from over 190 deals in 2026, down 0.9% from the previous year.