NSE Listing, Share Price Highlights: Stock ends first trading day at Rs 1,817 despite weak market; jumps 5% intraday

NSE IPO Listing Live Updates: The share price of the National Stock Exchange of India (NSE) ended its first day of trading in the green despite weak sentiment in the broader market.

NSE shares, which listed on the BSE today September 24, closed at Rs 1,817, up 0.94% from the IPO issue price of Rs 1,785.

During intraday trade, the NSE share price surged as much as 5%, before giving up some of its gains by the close.

The stock made a modest debut earlier in the day, opening at Rs 1,800 per share, a 0.84% premium to its IPO issue price of Rs 1,785.

NSE is now officially listed on BSE. The exchange's share opened on BSE at Rs 1,800, marking a premium of 0.8% over the upper end of the price band, which was Rs 1,785. On Thursday, NSE's stock hit an intraday high of Rs 1, 878 on BSE.

NSE IPO Listing Live Updates: NSE enters the listed market with a substantial position across key segments. Based on the measures disclosed in the IPO documents, it accounted for 99.79% of cash-market turnover and 99.48% of equity-options turnover.

NSE IPO Listing Live Updates: The scale of NSE’s network is another defining feature of its business. As of June 30, 2026, the exchange had more than 261 million registered investor accounts and around 129 million unique investors.

NSE also had 1,328 trading members and 3,005 companies listed on its platform.

NSE IPO Listing Live Updates: The NSE listing had been closely watched for years, making it one of the most anticipated IPOs in the Indian market. The exchange’s position at the centre of India’s growing capital-market ecosystem added to the interest surrounding the issue.

A public listing also changes the way investors can access the company. After listing, NSE becomes subject to regular public disclosures, giving shareholders greater visibility into its financial performance, ownership structure and business developments.

NSE IPO Listing Live Updates: PL Capital said NSE has maintained more than 90% market share in the cash segment for several years and expects it to retain that position. In futures, the exchange has almost complete market dominance.

“Market leader in the Indian exchange landscape: NSE dominates Indian exchanges with a near-monopoly in cash equities and future trading volumes.”

However, the brokerage believes the current valuation already reflects much of NSE’s market leadership. The IPO valued the exchange at around Rs 4.4 lakh crore, with a P/E of about 32 times based on FY29E earnings.

“We believe the valuation largely captures the premium.”

NSE IPO Listing Live Updates: NSE’s public-market journey brings several factors into focus. Its dominant market position, large investor network, technology infrastructure and profitability are among the key characteristics investors may track as the company begins trading as a listed entity.

At the same time, investors will need to keep an eye on trading volumes, regulatory changes, competition, technology-related risks, market cycles and valuation. Since the IPO was entirely an OFS, NSE itself did not receive the issue proceeds.

NSE IPO Listing Live Updates: Domestic brokerage Emkay Global has initiated coverage on NSE with a "Buy" recommendation and a target price of Rs 2,050, implying an upside of around 15% from its issue price of Rs 1,785.

The brokerage's positive view on the stock is underpinned by three main factors--India's capital market development and growth, resilient leadership position over decades, and enough levers in the business models to adjust to changes in regulations and macroeconomic landscapes.

NSE IPO Listing Live Updates: The NSE shares rose 5% intraday to a high of Rs 1,878 after listing at a 0.84% premium over the IPO issue price of Rs 1,785 per share.

The country’s largest stock exchange is making its debut on the BSE, rather than its own platform.

NSE IPO Listing Live Updates: PL Capital said NSE’s revenue had grown at a 25% CAGR between FY21 and FY26. However, it expects growth to moderate to an 11% CAGR between FY26 and FY29E, mainly because of the decline in its share of index options.

“While revenue grew at 25% CAGR in FY21-26, we build a CAGR of 11% over FY26-29E due to shrinking share in index options,” added the brokerage report.

PL Capital also expects NSE’s earnings profile to improve as one-off expenses normalise. It sees the Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margin recovering to 76% by FY29E from 71% in FY26, broadly in line with an expected 11% CAGR in profit after tax (PAT).

The brokerage also highlighted the impact of regulatory changes on trading activity. These include restrictions on weekly expiries, the introduction of the Closing Auction Session (CAS) and new rules covering proprietary trading.

“Regulatory curbs on weekly expiries, introduction of Closing Auction Session (CAS) and prop trading rules have shrunk overall industry volume, likely to result in lower growth over FY26-29E.”

NSE IPO Listing Live Updates: PL Capital has initiated coverage on the National Stock Exchange of India (NSE) with an ‘Accumulate’ rating and a target price of Rs 1,950, based on 35 times estimated financial year 2029 price-to-earnings (P/E). The brokerage said NSE continues to dominate key segments of India’s exchange market, although its market share in index options has declined in recent years.

“We initiate coverage on NSE with ‘Accumulate’ rating and TP of Rs 1,950 (35x FY29E P/E). NSE dominates the exchange landscape with over ~93% share in cash market and ~100% in stock and index futures (YTDFY27), supported by strong liquidity, robust technology and a comprehensive product suite,” the report added.

According to the brokerage report, NSE’s dominance remains particularly strong in cash equities and futures. However, its position in index options has weakened. PL Capital noted that its share in index options fell from around 97% in financial year 2024 to 72% in FY26 and further to 65% in year-to-date FY27.

“Market share in index options has declined to ~65% (YTDFY27) due to regulatory hurdles; introduction of CAS and prop trading rules has impacted volumes further.”

NSE IPO Listing Live Updates: NSE’s IPO story also comes with a significant regulatory history. One of the most closely watched episodes was the co-location matter, which involved allegations that certain brokers received an unfair advantage through faster access to exchange infrastructure.

In September 2026, reports said the Supreme Court allowed a settlement between NSE and SEBI covering the co-location and dark-fibre matters. NSE paid around Rs 1,491 crore under the settlement mechanism, with reports describing the related regulatory overhang as resolved.

NSE IPO Listing Live Updates: The National Stock Exchange of India (NSE) has finally entered the listed market, but its much-awaited debut on Thursday, September 24, was relatively subdued. The country’s largest stock exchange is making its debut on the BSE, rather than its own platform.

NSE shares opened at Rs 1,800 apiece, translating into a 0.84% premium over the IPO issue price of Rs 1,785 per share. The listing gives investors their first opportunity to trade shares of the exchange in the secondary market.

The debut comes after NSE’s IPO attracted considerable demand from investors. The issue was open for subscription from September 17 to September 21 and was subscribed 5.71 times overall.

The IPO received bids worth around Rs 90,287.33 crore, compared with the issue size of Rs 22,568.94 crore.

NSE IPO Listing Live Updates: Sundararaman Ramamurthy, MD, CEO of BSE says NSE listing is a dream come true. NSE is a great company to be listed with BSE.

NSE IPO Listing Live Updates: Shares of National Stock Exchange of India Ltd (NSE) made a quiet debut on the BSE, listing at Rs 1,800 apiece, a premium of 0.84% over the issue price of Rs 1,785 per share.

NSE IPO Listing Live Updates: Just a few minutes are left for India’s largest stock exchange, the National Stock Exchange of India (NSE), to finally make its debut on the stock market. The listing marks a major milestone for the exchange after years of regulatory hurdles and delays surrounding its public-market entry.

After years of operating as one of the most important institutions in India’s financial markets, NSE is now set to have its own shares traded publicly. The market will closely track where the stock opens against its Rs 1,785 issue price and how investors respond once trading begins.

NSE IPO Listing Live Updates: NSE’s revenue comes from several parts of the financial-market ecosystem. Transaction charges form an important component, while clearing and settlement, market data, index services and listing-related activities also contribute to the business.

Its subsidiaries further expand its presence across clearing, indices, data and international-market services. This gives the group exposure to multiple financial-market activities, although some revenue streams remain closely linked to trading volumes and market activity.

Also read: NSE IPO: ‘Overpriced’ or ‘Long-term Buy’? 4 market experts weigh in

NSE IPO Listing Live Updates: The shares offered in the IPO came from existing shareholders. The selling group included institutions such as State Bank of India, MS Strategic Mauritius, Canada Pension Plan Investment Board, Aranda Investments and Bank of Baroda, among others.

State Bank of India, for instance, offered around 1.60 crore shares, while MS Strategic Mauritius offered approximately 1.10 crore shares. Since the issue was an OFS, these shareholders, rather than NSE, received the proceeds from the sale.

NSE IPO Listing Live Updates: Global brokerage Macquarie expects near-term pressure for NSE from the newly launched closing auction session. CAS is weighing on trading activity as investors adapt to the new framework, it said.

Macquarie assumes near-term pressure on cash equity, derivatives, and MTF volumes. The brokerage's industry outlook is still constructive.

Also read: Macquarie rates NSE ‘Outperform’: Why ‘The Dominator’ commands a 30x PE premium

NSE IPO Listing Live Updates: Global brokerage Macquarie has initiated coverage on NSE with an "Outperform" recommendation and has set the target price at Rs 1,965, implying an upside of 10% from its issue price of Rs 1,785.

The brokerage termed NSE as "The Dominator" due to its large market share. Entrenched network effects, industry-leading profitability and cash underpins Macquarie's positive outlook on NSE.

NSE’s road to the stock market was far from straightforward. The exchange had taken steps toward a listing several years earlier, but regulatory matters and legal issues kept the process from reaching completion.

The latest attempt gained momentum in 2026. NSE filed its fresh Draft Red Herring Prospectus (DRHP) in June, followed by the Securities and Exchange Board of India’s observation letter on September 4, clearing a key regulatory hurdle for the IPO.

NSE IPO Listing Live Updates: The portion for non-institutional investors (NIIs) was subscribed 6.55 times and the category for retail investors got 1.38 times subscription. The quota for qualified institutional buyers (QIBs) was subscribed 12.68 times.

The Rs 22,561.57 crore initial share sale comprises an offer for sale (OFS) of up to 12.64 crore shares by existing shareholders.

Since the issue is entirely an OFS, the proceeds from the offer will go to the existing shareholders and not to the NSE.

NSE IPO Listing Live Updates: The final NSE IPO comprised 12,64,36,650 equity shares. With the issue priced at Rs 1,785 per share, the offering was valued at roughly Rs 22,562 crore.

The final size was lower than the approximately Rs 30,000 crore issue that had been discussed earlier. The reduction was mainly linked to changes in the number of shares being offered by existing shareholders.

NSE IPO Listing Live Updates: The Securities and Exchange Board of India, or SEBI, reviewed NSE’s offer documents before the exchange proceeded with the issue. Its observation letter represented an important step in the long-running listing process.

However, regulatory approval should not be confused with an investment recommendation. The approval allowed the IPO process to move forward, while the company’s offer documents set out the relevant financial, business and risk disclosures for investors to evaluate.

NSE IPO Listing Live Updates: The NSE listing had been closely watched for years, making it one of the most anticipated IPOs in the Indian market. The exchange’s position at the centre of India’s growing capital-market ecosystem added to the interest surrounding the issue.

A public listing also changes the way investors can access the company. Once listed, NSE becomes subject to regular public disclosures, giving shareholders greater visibility into its financial performance, ownership structure and business developments.

NSE IPO Listing Live Updates: For most investors, NSE is the platform they use to buy and sell shares. But its business extends well beyond equity trading. The exchange operates across several segments of the financial market and provides infrastructure for trading, clearing, settlement, indices and market data.

Its product portfolio includes equities, equity derivatives, currency derivatives, commodities, debt securities and mutual funds. Behind these markets are systems for electronic trading, risk management, surveillance and the dissemination of real-time market information.

NSE IPO Listing Live Updates: The IPO opened for subscription from September 17 to September 21, 2026, with the shares priced in a band of Rs 1,700 to Rs 1,785. The shares were scheduled to make their market debut on September 24

NSE IPO Listing Live Updates: When it comes to NSE’s valuation, market veteran Ambareesh Baliga believes the pricing leaves limited room for immediate gains. He said the valuation appears reasonable when several factors are taken into account, but investors may need to take a longer-term view rather than expect a sharp move soon after listing.

“When you look at NSE, in terms of valuation, market veteran Ambareesh Baliga highlighted that the pricing of the National Stock Exchange “seemed like fair pricing, taking various factors into consideration, but there is not much on the table right now for the investors. I think one needs to look at the slightly longer term to invest because in the short- to medium-term, there may not be any fireworks. The primary reason is that it’s a very large issue.”

He believes that NSE has been one of the most “actively traded stocks in the unlisted market,” and those who had “bought it in the last 10-12 years may want to sell after 6 months when the lock-in period is over. People who have bought it pre-Covid or around Covid would make multi-bagger returns. People who have not sold in possibly the last year and a half on hopes of a better price at listing would be wanting to sell. So, I do see some amount of selling coming at that point of time (after the lock-in is over). Overall, if you’re talking of short- to medium-term, there would be pressure.”

NSE IPO Listing Live Updates: Deven R Choksey, Founder and Managing Director of DRChoksey Finserv, is bullish on the long-term prospects of the exchange business. He believes NSE could benefit from the continued expansion of India’s equity market and sees the stock as a “Buy” for long-term investors.

“NSE is a ‘Buy’ proposition from a long-term investment point of view. You see the visibility of the next many years in the business,” Choksey said.

Explaining his investment rationale, Choksey pointed to the exchange’s growth potential as India’s market capitalisation expands. “I think NSE is growing at the rate of 15% annually. India’s market cap currently is 5 trillion dollars. And this market cap is expected to become 15 trillion dollars in coming years. With that kind of situation emerging, the exchange businesses is going to remain in favour because they are cash-generating machines.”

Also read: NSE IPO: ‘Overpriced’ or ‘Long-term Buy’? 4 market experts weigh in

NSE IPO Listing Live Updates: NSE's revenue grew at 5.99% annually on a compounded basis between FY24-FY26 to Rs 16,601.31 crore. However, the FY26 revenue declined 3.15% YoY from FY25. The operating EBITDA fell 12.25% to Rs 11,097.90 crore (margin 66.85% vs 73.78%). Even in terms of the pure profit numbers, NSE's PAT declined 15.47% to Ts 10,302.06 crore in FY26. According to NSE, the decline is indicative of SEBI's derivatives measures and STT increases, which cut equity options notional ADTV to Rs 258.28 trillion from Rs 312.84 trillion.

Good news for NSE, the Q1FY27 indicated a recovery. In Q1FY27, revenue from operations rose 13.10% YoY while operating EBITDA rose 14.84% at a 78.81% margin, and PAT rose 6.71%. The Q1FY27 PAT came in at Rs 3,120.08 crore.