The NSE is finally getting ready to enter the stock market with its much-awaited IPO. But there is something else making this IPO interesting. At the upper IPO price of Rs.1,785 per share, NSE is valued at around Rs.4.42 lakh crore ($46.24 billion). That puts it surprisingly close to Nasdaq, which was valued at around $51.43 billion, according to Fortune India.
So, can India's biggest stock exchange actually catch up with Nasdaq after listing? Let's look at the numbers and see how close NSE really is.
How Close Is NSE to Nasdaq?
At the upper IPO price of Rs.1,785, NSE's implied market value is around $46.24 billion, compared with about $51.43 billion for Nasdaq in Fortune India's September 11 comparison. That leaves a gap of roughly $5.43 billion.
At the lower IPO price of Rs.1,700, the gap is larger, at around $7.43 billion. So NSE might not be starting from far behind. In fact, based on this comparison, NSE would already sit around 7th among listed global exchange companies by market capitalisation, even before its shares begin trading. That could be a major milestone for an Indian financial-market company.
What Is the Difference Between NASDAQ and NSE?
NSE is India's largest stock exchange by trading activity. It operates markets for equities, equity derivatives, currencies and other products, and is home to major Indian indices such as the Nifty 50. Nasdaq is a US-based stock exchange and financial-market company best known for its strong presence in technology and growth companies. Companies such as Apple, Microsoft and Nvidia trade on Nasdaq.
There is another important difference. Nasdaq is already listed, while NSE is only now preparing to become publicly listed. So when we compare the two at the IPO stage, we are comparing the market value of the exchange operators, not the total value of all companies traded on their exchanges.
Simply means, NSE is a big exchange operator in India, and Nasdaq is a big exchange operator in the US. Both run important financial markets, but they operate in different countries and have different mixes of listed companies and trading products.
Can NSE Overtake Nasdaq After Listing?
If NSE lists at the upper end of its price band and the stock gains around 15%, its market capitalisation could move above the current Nasdaq level used in the comparison. That could push NSE into 6th place globally.
And a gain of around 20% from the upper IPO price could potentially take NSE past the London Stock Exchange (LSE) and into the global Top 5. These are not predictions of where NSE will trade. They are simply scenarios based on the market values available at the time of the comparison.
The ranking can also change because the share prices of Nasdaq, LSE and other listed exchange companies move every day. Still, the numbers could show how close NSE is to the world's biggest exchange operators.
Why Is NSE Worth So Much?
To understand why NSE is valued so highly, it helps to look at its business. NSE total income for FY26 was Rs.18,713 cr and profit after tax was Rs.10,302 cr. The profit is mainly from trading with transaction charges alone accounting for Rs.13,057 cr or about 79% of its operating revenue.
Of this, options trading alone accounted for around Rs.9,997 cr or just over 60%. The NSE is also a major player in India’s trading market, especially in derivatives. High trading volumes and strong profits are leading investors to value NSE at up to Rs 4.42 lakh cr in its IPO.
NSE Is Nearly Three Times the Size of BSE by Market Value
The difference between NSE and BSE becomes even clearer when we look at their market values. BSE, India's oldest stock exchange, has a market value of around Rs.1.38 lakh crore, or $14.45 billion, according to the comparison in Fortune India. If NSE moves up the global rankings, BSE could move further down the list.
At its current market value of around $14.45 billion, Fortune India places BSE around 13th among listed global exchanges. At Rs.1,785 per share, NSE's valuation is around Rs.4.42 lakh crore. That makes NSE's valuation roughly three times BSE's. The gap is mainly linked to NSE's much larger trading volumes and, particularly, its strong position in derivatives. So while both are Indian stock exchanges, their businesses operate at very different scales.
Also Read: NSE vs BSE: Detailed 101 Market Share Comparison
What Could Work in NSE's Favor?
There are several reasons why NSE's valuation could remain strong after it goes public.
1. Strong market position
NSE is the leader in India's trading market, particularly in the area of derivatives.
2. Large and growing investor base
In India, there has been rapid growth in both retail participation and domestic investment, which has in turn increased trading activity.
3. High profitability
In fiscal year 2026, the company made a profit of over Rs.10,000 crore, which shows just how profitable it is.
4. Strong position in derivatives
A major strength of NSE is the size of its derivatives business.
5.Listing
At the time that the stock is listed on the NSE, investors will be able to observe a clear market price for the company, which may draw in greater interest from large institutional investors and from global markets.
What Are the Risks In NSE IPO?
The IPO also comes with risks, and these should not be ignored.
A.Dependence on options
Options contribute a very large share of NSE's transaction revenue. A sustained fall in options activity could affect earnings.
B.Regulatory changes
Changes in rules around derivatives, taxes, funding or trading mechanisms can affect market volumes.
C.High valuation
Although NSE is highly profitable, the IPO valuation is already high. Investors still need to consider whether future growth can justify that valuation.
D.Listing performance is uncertain
The 15% or 20% scenarios discussed above are possibilities, not guarantees. If NSE lists below its IPO price, its global market-cap ranking could move in the opposite direction.
What Does NSE's IPO Mean for Unlisted Share Investors?
The IPO gives NSE unlisted share investors a clearer idea of how the company is being valued before it starts trading on the stock exchange. The IPO price band is set at Rs.1,700-Rs.1,785 per share, which values NSE at around Rs.4.20 lakh crore to Rs.4.42 lakh crore.
The IPO is an offer for sale (OFS). Around 126.4 million shares are being offered. For unlisted share investors, the IPO therefore provides a useful valuation benchmark, but the actual listing price and what happens after listing will be more important to watch.
Also Read: NSE IPO 2026: Know The Latest Price Band Released & RHP Details
