NSE In Unlisted Market VS BSE In Listed Market

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The NSE Unlisted Share Price has shot up by 40% in the last week, rising from Rs 1,725 to Rs 2,436. One of the major reasons for this move is the highly anticipated NSE IPO, which is now in its implementation stages.

The exchange’s market cap is now around Rs 5.8 trillion. Since September 21, the share price has jumped more than threefold in the IPO market. This valuation is more than Nasdaq Inc. and at a narrow margin with Deutsche Boerse AG’s $62 billion market value, data compiled by Bloomberg shows.

Prashanth Tapse, senior vice-president for research at Mehta Equities, pointed out that this sharp surge in NSE share price also relates to the demand from retail investors and High Net Worth Individual (HNI) investors ahead of its IPO. He stated, “The surge is also driven by expectations of substantial listing gains, coupled with a significant demand-supply imbalance in the unlisted space. If the NOC is granted and listing progresses as anticipated, the price of NSE shares in the unlisted market could see further upside”

NSE Unlisted Shares Became Freely Transferable

On March 25, NSE announced that the Shares of National Stock Exchange (NSE), which earlier took 2-3 months for a transfer between shareholders, can now be transferred within a week under the new Delivery Instruction Slip (DIS) mechanism. Since then, many retail investors have entered in unlisted market for trading these shares.

NSE Shares have been in short supply as investors are trying to buy as many units as possible ahead of the expected IPO.

NSE Unlisted VS BSE Listed

Both NSE and BSE have been growing massively, but their current valuations may differ from an investment point of view. Tapse of Mehta Securities stated, “Based on the recent transactions, NSE’s current share value implies a price-to-earnings (P/E) multiple of 40x for FY26E and 35x for FY27E earnings.”

NSE Unlisted Share Graph

For BSE, he stated, “BSE is trading at a notably higher valuation of 60x and 52x for the above-mentioned periods. This indicates that NSE is available at a healthy discount to its listed peer, reinforcing expectations of potential listing gains when the IPO materialises”

Both NSE and BSE have seen a high market interest from investors, when in May, BSE joined the group of elite stocks having a market cap of Rs 1 trillion or more.

Is It The Right Time To Buy NSE Unlisted Shares?

G Chokkalingam, founder and head of research at Equinomics Research, said, “Investors can buy the unlisted shares of NSE now. The valuations are cheaper now compared to its listed peer, and the NSE is still an ‘unquestionable leader’ in the stock market. Further, the capital market business is a perennial growth story, and since it’s a duopoly market, there is a very assured business for the two players”

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