The National Stock Exchange of India Ltd (NSE) officially listed its shares on the Bombay Stock Exchange (BSE) on Thursday, marking a significant milestone. The shares debuted at Rs 1,800 per share, reflecting a slight premium of 0.84% over its initial public offering (IPO) price of Rs 1,785 per share.
This market debut immediately propelled NSE into the league of India's most valuable companies. Post-listing, the market capitalization of India's largest exchange by trading volumes reached Rs 4.53 lakh crore, positioning it among the top 11 most valued firms on the BSE.
NSE Market Cap Achievement
The impressive market entry saw NSE's valuation surpass several established Indian corporate giants. The exchange now boasts a higher market capitalization than:
- Sun Pharma: Valued at Rs 4.47 lakh crore
- Titan Company: With a market cap of Rs 4.32 lakh crore
- Adani Enterprises: Standing at Rs 4.21 lakh crore
- Infosys: With a market capitalization of Rs 4.16 lakh crore
Despite its strong showing, NSE's market cap still trails behind a few other prominent companies. It currently lags behind Hindustan Unilever (Rs 4.55 lakh crore), Larsen & Toubro (Rs 5.35 lakh crore), and Bajaj Finance (Rs 6.21 lakh crore) in terms of market valuation on the BSE.
IPO Details and Subscription
The IPO for NSE shares was offered within a price band of Rs 1,700 to Rs 1,785 per share. Investors could apply for a minimum lot size of eight equity shares, with subsequent applications in multiples of eight.
The issue successfully raised a substantial Rs 22,562 crore from investors, attracting over 38.4 lakh applications with bids totaling more than Rs 90,300 crore. The subscription demand was particularly robust from Qualified Institutional Buyers (QIBs), whose reserved portion was subscribed 12.68 times. Non-institutional investors (NII) also showed strong interest, with their category subscribed 6.55 times. The retail portion saw a subscription of 1.39 times, while the employee quota was subscribed 2.40 times.
Regulatory Context
It is noteworthy that the NSE stock made its market debut exclusively on the BSE. This is in accordance with SEBI (Securities and Exchange Board of India) regulations, which prohibit shares of a stock exchange from being listed on its own trading platform to maintain impartiality and prevent conflicts of interest.