
The unlisted shares of National Stock Exchange (NSE) surged to an all-time high of Rs 2,100 on Monday, continuing their strong upward momentum ahead of the stock exchange's much-anticipated initial public offering (IPO). The latest valuation pegs the exchange's market capitalisation (m-cap) at around Rs 5.2 lakh crore, according to Wealth Wisdom India.
Krishna Patwari, Founder and Managing Director of Wealth Wisdom India, said the rally in NSE's unlisted shares highlights strong investor demand and optimism around potential gains post-listing. "The rise in NSE's unlisted share price reflects strong investor demand ahead of the IPO, with expectations of significant returns post-listing," he noted.
"NSE, which is the fifth-largest stock exchange globally by total m-cap, recently achieved a significant milestone by facilitating 268 IPOs in 2024. This includes 90 mainboard IPOs and 178 in the SME segment, raising a total of Rs 1.67 lakh crore. This marks the highest number of IPOs in a single calendar year, underscoring growing confidence in India's capital markets," Patwari also said.
Speaking at a recent event, Sebi chairperson Tuhin Kanta Pandey confirmed that regulatory issues delaying NSE's IPO are largely being addressed. "All the outstanding issues will be resolved and we will move forward. I can't give you the timeline, but it will be done soon. NSE and Sebi are talking. They are resolving the issues,” he said.
Investor anticipation remains high, especially in grey markets, where optimism is building amid signs of progress on regulatory clearances. The IPO, which has been stalled for years, appears to be moving closer to reality.
However, it is required to be mentioned here that investing in unlisted shares comes with risks. These include limited liquidity, valuation ambiguity, and reduced transparency. Furthermore, any delays or changes in the IPO process could impact investment returns and timelines.
On the financial front, NSE reported a consolidated net profit of Rs 2,650.11 crore for the quarter ended March 31, 2025 (Q4 FY25), marking a 7 per cent year-on-year (YoY) increase. However, the exchange's revenue from operations declined 18 per cent YoY to Rs 3,771 crore, down from Rs 4,625 crore in the same quarter last year. NSE also announced a Rs 35 per share dividend for the financial year 2024–25 (FY25).