Mint ·
NSE IPO looks cheap at ₹1,785. Here’s the catch
NSE’s ₹22,569 crore IPO comes at a 30% valuation discount to BSE, but its derivatives business faces slower growth and fresh regulatory risks.
The much-awaited initial public offering (IPO) of the National Stock Exchange Ltd (NSE) opens this week with a valuation paradox: at ₹1,700-1,785 a share, NSE is being offered at a roughly 30% discount to rival BSE Ltd on FY27 earnings estimates, despite being nearly three times its size. The apparent bargain, however, comes as NSE’s dominant derivatives business faces a weaker growth outlook—and investors have little room for an earnings miss.
The upper end of the price band is about 6% below NSE’s latest unlisted market price of around ₹1,900, fuelling investor interest ahead of the ₹22,569 crore IPO, which opens on 17 September. Grey market activity suggests NSE could list at an 11-12% premium to its offer price.
But the valuation gap may not be the opportunity it first appears to be.
