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NSE shares rise in BSE debut after $2.4 billion IPO
The IPO valued India’s biggest derivatives exchange at about $46 billion, and regulators’ tighter derivatives rules are adding to scrutiny of near-term earnings growth.
Shares of National Stock Exchange of India Ltd. rose on their BSE debut after the company raised $2.4 billion in one of India’s largest IPOs. In pre-market trading, the stock gained 0.8% to ₹1,800, compared with an IPO price of ₹1,785, giving investors exposure to a key platform in the country’s fast-growing capital markets, according to LiveMint Markets.
The listing valued NSE at about ₹4.4 lakh crore, or roughly $46 billion, making it the world’s biggest derivatives exchange by valuation. The deal, worth ₹22,600 crore, was subscribed 5.7 times, with large institutional investors among the biggest bidders, the outlet reported.
Bloomberg Intelligence cited concerns that NSE’s earnings growth slowed in FY26 and could face further pressure due to regulatory scrutiny and higher taxes on equity futures and options trading. Additional attention is focused on how much selling comes from new supply after lock-in periods expire for existing shareholders in the months ahead, LiveMint Markets said.
The company’s outlook has also been under closer examination after regulators tightened rules aimed at curbing excessive speculation in India’s derivatives market, according to the report.