From 39K To 160K Shareholders: NSE Still The Hottest Unlisted Bet?

Last Updated: October 7, 2025 | 3 min read

Piyush Jhunjhunwala
Chartered Accountant | Certified Public Accountant | Founder Stockify Worked as CFO in many MNC companies.
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Last Updated: October 7, 2025 | 3 min read

Chartered Accountant | Certified Public Accountant | Founder Stockify Worked as CFO in many MNC companies.
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.
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 are trading at Rs 2,345 per share. As the IPO nears, these shares can grow further amid the IPO speculation.
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.
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.
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*As of July 4 2025** Assumed Negligible Debt for all 3.
. This appears to be a discount in a near-duopoly equity market. But the growth valuation may have some constraints, like:NSE Trades at a 14% P/E discount to BSE and MCX, while offering higher profit, cash and market share
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.
One of the most actively traded stocks in the unlisted share market. After growing its shareholder base 4 times to 1,60,000, the can further increase in the coming months near the IPO. You can buy NSE through Stockify. We are one of India’s most trusted trading platforms for unlisted shares.
With over 1000+ satisfied clients, we ensure give our users the right information at the right time, reducing their barrier to trading in unlisted shares and gaining from their investments. with our expert team to know more.