NSE IPO Listing: NSE Share Price Rises 5%, Enter Top 10 Market-Cap Club; PL Capital Says ACCUMULATE

The National Stock Exchange (NSE) share price has risen over 5% on the BSE exchange during its debut on September 24. Although the premium listing is tepid, it is enough to send NSE into the top 10 most valued companies club in India. NSE not only dethroned giants like Hindustan Unilever (HUL) and Sun Pharma but is also rivaling behemoths like LIC and Larsen & Toubro on BSE. NSE's market valuation is also more than 3 times bigger than its rival, BSE. Analysts at PL Capital have recommended ACCUMULATE the stock.

NSE IPO Premium Listing

The IPO listed at Rs 1,800 apiece on BSE, which is merely 0.84% premium from its IPO issue price of Rs 1,785 apiece. The opening price is also the IPO's new 52-week low as of now.

NSE Share Price Listing

But NSE share price has gained as much as 5.21% on BSE after it touched a 52-week high of Rs 1,878 apiece. At the time of writing, NSE shares traded at Rs 1,852.95 apiece on BSE, with market cap of over Rs 4.59 lakh crore.

Currently, the stock is higher by 3% from both listing and IPO price.

NSE Enters Top 10 Club

At over Rs 4.59 lakh crore market valuation, NSE became the tenth largest company of India. A title that was earlier enjoyed by FMCG giant Hindustan Unilever (HUL) whose market cap has fallen to near Rs 4.54 lakh crore on September 24th as the stock drops 1%.

NSE also overtakes companies like Sun Pharma, Titan Company, Adani Ports, Infosys, Kotak Mahindra Bank and Adani Enterprises, whose market valuation varies from Rs 4 lakh crore to Rs 4.50 lakh crore.

Furthermore, NSE is now racing towards LIC and Larsen & Toubro, who enjoyed a market cap of over Rs 5.15 lakh crore and Rs 5.40 lakh crore as of September 23, 2026. The gap is huge as of now and will depend on future performances.

NSE opened its Rs 22,569 crore worth of IPO from September 17 to September 21st, at a price band of Rs 1,700 to Rs 1,785. On the final day, the NSE IPO oversubscribed by 5.71 times with strong bidding from the QIB category, whose portion oversubscribed by 12.68 times. The retail and NII category portions were also fully subscribed by 1.39 times and 6.55 times, respectively.

With an IPO size of such, NSE is the second largest IPO of the country. The title of mother of all IPOs in India is held by Hyundai with Rs 27,870 crore IPO size. NSE has surpassed the LIC IPO, which was launched in 2021 with a Rs 21,008 crore offer. At fourth and fifth are Paytm and Coal India's IPO of Rs 18,300 crore and Rs 15,200 crore, launched in 2021 and 2010, respectively.

Should You BUY NSE Shares?

"We initiate coverage on NSE with 'Accumulate' rating and TP of Rs 1,950 (35x FY29E P/E). NSE dominates the exchange landscape with over ~93% share in cash market and ~100% in stock and index futures (YTDFY27), supported by strong liquidity, robust technology and a comprehensive product suite," said analysts at PL Capital in a note.

Furthermore, they highlighted that NSE's market share in index options has declined to ~65% (YTDFY27) due to regulatory hurdles; introduction of CAS and prop trading rules has impacted volumes further. While revenue grew at 25% CAGR in FY21-26, we build a CAGR of 11% over FY26-29E due to shrinking share in index options.

Their note added, "We expect EBITDA margin to recover to 76% by FY29E (vs. 71% in FY26) as one-offs get adjusted, in-line with PAT CAGR of 11%. NSE's IPO values it at Rs 4.4 trillion, with P/E of 32x on FY29E earnings. We believe the valuation largely captures the premium."

NSE dominates Indian exchanges with a near-monopoly in cash equities and future trading volumes. In the cash segment, it has consistently maintained 90%+ market share for several years, which the analysts expect it to sustain.

Also, NSE maintains a monopoly in futures, with ~100% share in YTDFY27. However, in index options, NSE's share has eroded from ~97% in FY24 to ~72% in FY26 and to 65% in YTDFY27, along with decline in notional turnover. Regulatory curbs on weekly expiries, introduction of Closing Auction Session (CAS) and prop trading rules have shrunk overall industry volume, likely to result in lower growth over FY26-29E.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.