The National Stock Exchange (NSE) is again making headlines for all the good reasons. The stock exchange’s shareholder base has quadrupled from April to June 25, reaching 1,60,000 shareholders. This reflects the hype NSE is creating for what is expected to be India’s largest public offering, according to many merchant bankers.
Why Is NSE Shareholder Base Surging So Fast?
NSE had 39,201 Shareholders on March 25, which rose to 1,60,000 shareholders by the end of June. This is due to the high anticipation of SEBI giving a No Objection Certificate (NOC) any day to the stock exchange for issuing an IPO.
This led to the NSE unlisted share price rising by 45% from Rs 1550 in March 25 to Rs 2250 by the end of June 25. Currently, the NSE Unlisted shares are trading at Rs 2,345 per share. As the IPO nears, these shares can grow further amid the IPO speculation.
Merchant Banker Expecting IPO Higher Than Current Price
Mint spoke with two merchants who are expecting the offer price to be higher than the current unlisted price of Rs 2,345 per share. “The offer could be at a valuation of Rs 7 Trillion, a premium to the current valuation of Rs 6 Trillion”, one of the two bankers said. This means an offer price of around Rs 2,800 per share and a 19.4% premium to the current price of Rs 2,345 per share.
NSE To Come Up With 5% OFS Pre-IPO
In the IPO, NSE will be coming up with a 5% Offer for Sale (OFS) by the existing shareholders of NSE, at a Rs 7 Trillion Valuation. This means an issue size of around Rs 35,000 crore, more than Hyundai Motor India’s IPO 27,870 crore, which was the largest till date.
As per SEBI regulations, private companies with more than Rs 1 trillion must come up with at least 5% OFS. So NSE will qualify for the 5% OFS in their IPO as its current market valuation crosses Rs 1 trillion.
How Has NSE Performed Financially?
- NSE announced results for the quarter ending March 2025 with a consolidated net profit of Rs 11,605 crore, which is 38% up from Rs 8,406 crore reported in the same period last year.
- The consolidated revenue of Rs. 16,434 cr., which grew to Rs Rs.19,177 cr. in FY 25, i.e. a 17% increase.
- The Consolidated EPS saw a 46.7% growth from Rs 33.56 per share in FY 24 to Rs 49.24 per share in FY 25.
Also Read: NSE Unlisted Shares Financial Results FY24-25 Analysis
NSE Unlisted Share Price Valuation Check
| Metric | NSE | BSE | MCX |
| Market Cap* (In Rs crores) | 5,70,000 | 1,07,738 | 45,312 |
| P/E Ratio* | 68.6X | 81.8X | 81X |
| Enterprise Value/EBITDA ** | 43X | 65X | 32X |
*As of July 4 2025
** Assumed Negligible Debt for all 3.
NSE Trades at a 14% P/E discount to BSE and MCX, while offering higher profit, cash and market share. This appears to be a discount in a near-duopoly equity market. But the growth valuation may have some constraints, like:
- Co-location case uncertainty is not settled.
- A Potential 15% dilution, lowering the value of a share today.
- Pre-Listing Liquidity Issues: lower volumes, longer wait times.
In spite of all these constraints, investors have eyed a positive growing valuation for NSE Unlisted Shares. NSE FY 25 performance shows its financial strength, market leadership and operational growth.
How to buy NSE unlisted shares?
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