Mumbai, September 17: India’s largest public issue by the National Stock Exchange of India (NSE) has gone live today, ending a long awaited moment for both retail and institutional investors. The IPO is aiming to raise ₹.22,569 crore through the markets, with a price band of ₹ 1,700 to ₹ 1,785 per share.
A day before the issue, institutional investors have already poured in ₹ 6,746 crore, from a pre-IPO fundraise that included Goldman Sachs, Fidelity, GIC Singapore, Life Insurance Corporation of India (LIC) and the Abu Dhabi Investment Authority (ADIA), among other investors.
This IPO remains the second largest in India, only behind Hyundai Motors’ 2024 filing. The listing allows retail and institutional investors to own a part of a debt free, vertically integration, near monopoly business, handling roughly 93% of the domestic cash market.
With the IPO allowing NSE to command a valuation of about $46 billion, this makes it amongst the world’s most valuable stock exchanges, comparable to Nasdaq ($54 billion) and ahead over regional counterparts like the Singapore Exchange ($14 billion). With a post-issue price-to-earnings (P/E) ration of 42.9, the company’s robust operating margins and dominant trading volumes give it a strong position in the global capital markets.
