NSE IPO Could Rank Exchange Among India's Top 10 Firms

The National Stock Exchange's proposed IPO, pegged at roughly Rs 30,000 crore, is back on the table. The exchange filed its draft prospectus with the Securities and Exchange Board of India on Wednesday, reviving a listing process that stalled years ago.

At its unlisted valuation of over Rs 5 lakh crore, NSE would land among India's 10 most valuable listed companies on debut. That bracket includes Bajaj Finance at Rs 5.96 lakh crore, Larsen & Toubro at Rs 5.78 lakh crore, Life Insurance Corporation at Rs 5.28 lakh crore, and Hindustan Unilever at Rs 5.16 lakh crore, exchange data showed. No listed firm currently sits between Rs 6 lakh crore and Rs 7 lakh crore. Tata Consultancy Services leads at Rs 8 lakh crore.

A Rs 5 lakh crore valuation would put NSE ahead of Infosys, which closed Wednesday at Rs 4.7 lakh crore. Reliance Industries remains the most valuable Indian company at over Rs 18 lakh crore, followed by HDFC Bank at Rs 12.11 lakh crore, Bharti Airtel at Rs 11.43 lakh crore, and ICICI Bank at Rs 9.6 lakh crore.

The exchange dominates equity and derivatives trading in India, handling the bulk of daily volumes. Its listing would give investors direct exposure to the country's largest exchange operator, a business that has long been one of the most valuable unlisted entities in the market.

“NSE's proposed DRHP filing is a landmark development for Indian markets and is likely to be viewed by international investors as a high-quality opportunity to participate in India's financial market infrastructure story,” said Mrugank Paranjape, managing partner at MCQube. “NSE represents scale, technology, liquidity and institutional trust.”

The IPO size of roughly Rs 30,000 crore would make it one of the largest public offerings in India. The exchange's draft papers did not specify the exact number of shares or the price band, the valuation range implies a significant premium over the unlisted market's current pricing.

For context, NSE's INFY stock page shows an Alpha Score of 57, reflecting moderate fundamentals. The exchange's own financials are not yet public in the same way, its monopoly-like position in Indian derivatives trading has historically generated strong margins.

The listing timeline depends on SEBI's review of the draft prospectus. If approved, the IPO could hit the market in the second half of the year, subject to market conditions.