NSE’s shares opened at ₹1,800 on the BSE, a 0.7% premium over the ₹1,785 IPO price, and the exchange’s market cap rose to ₹4.63 trillion as the stock rallied 3% in the first hour.
The new valuation propels NSE into the ninth spot among India’s listed companies, trailing only giants such as Reliance (₹16.77 trillion), HDFC Bank (₹11.25 trillion) and Bharti Airtel (₹5.65 trillion). By contrast, BSE sits at ₹1.33 trillion, underscoring NSE’s dominance in market share and liquidity.
Macquarie, which has just begun coverage, assigns an Outperform rating and a ₹1,965 target—an upside of about 10% from the IPO band’s upper end. Emkay follows with a Buy call and a ₹2,050 target, citing a 12% CAGR in revenue for FY26‑30 and NSE’s robust network effects as drivers.
The ₹22.56‑trillion IPO was an offer for sale (OFS) of 12.64 crore shares, with no fresh issue component, meaning proceeds went to existing shareholders. Investor demand was 5.71× the shares on offer, with QIBs subscribing 12.68× and retail 1.39×, reflecting high appetite for NSE’s listing.
Supply constraints remain tight as large shareholders face a six‑month lock‑in, potentially supporting the stock in subsequent trading sessions. Analysts anticipate continued revenue growth and a steady upward trajectory for NSE’s market cap.