NSE debuts at Rs 1,800 a share, market value tops Rs 4.4 lakh crore

NSE shares opened at Rs 1,800 on Thursday, just 1% above the Rs 1,785 IPO price, marking the exchange's first public listing. Analysts had guessed a 4‑5% premium based on recent private‑market trading. The stock rose to Rs 1,818 by market close, a 1% gain from the opening price, even as the broader market fell close to 2%. During the day the share peaked at a 4.3% rise before easing back. Chairperson Srinivas Injeti told reporters that the day was long awaited and that the exchange now belongs to the whole nation, not only its owners. He said the issue was cleared quickly because the focus was on the exchange’s inherent value rather than a market‑driven valuation. The listing gave NSE a market value of roughly Rs 4.45 lakh crore, far above BSE’s Rs 1.33 lakh crore. Only about 5% of the exchange’s equity was sold in the IPO, largely to institutional and anchor investors, leaving a small free‑float. Pre‑IPO shareholders must hold their shares for six to 18 months under current rules. The issue size was trimmed after many existing shareholders chose to keep their holdings, citing lower than expected valuations. NSE shares also trade on the BSE and are allowed in the ‘permitted to trade’ segment of the Metropolitan Stock Exchange of India, a status confirmed by Managing Director Ashishkumar Chauhan, who noted that the regulator does not permit an exchange to list on its own platform. Investor demand was strong, with the IPO oversubscribed 5.71 times overall, 1.39 times by retail investors and 12.68 times by institutions. Broker Prabhudas Lilladher gave a positive outlook, citing a 25% revenue CAGR through FY26 and an expected 11% CAGR thereafter, with EBITDA margin projected to reach 76% by FY29. The broader market slipped as higher oil prices, inflation worries and rising bond yields, fueled by the ongoing West Asia conflict, pushed the Nifty 50 down 1.6% to 23,063.10 and the Sensex down 1.7% to 73,580.54, while the India VIX jumped about 23%.