The National Stock Exchange of India (NSE) is preparing for its highly anticipated stock market debut on Thursday, September 24. The company has fixed its issue price at Rs 1,785, following an IPO that was subscribed 5.71 times, attracting over 38.28 lakh applications between September 17 and 21.
Upon its listing, even with a flat debut, the NSE is projected to become India's 11th-largest company by market capitalization (mcap). This positioning would see it surpass established domestic giants such as Infosys Ltd, Titan Company Ltd, Kotak Mahindra Bank Ltd, Sun Pharma, and several Adani Group stocks, based on market close figures from September 22.
Potential Top 10 Entry
An intriguing aspect of the NSE IPO is its potential to break into India's top-10 club. Should the stock settle at a modest premium of just 3-5 percent on its listing day, it would outrank Hindustan Unilever Ltd. The IPO, valued at Rs 22,562 crore, launched with a market cap of Rs 4.41 lakh crore. A 3-5 percent premium would push this valuation to between Rs 4.55 lakh crore and Rs 4.63 lakh crore, placing it closely behind Life Insurance Corporation of India (LICI), Larsen & Toubro Ltd (L&T), and Bajaj Finance Ltd.
India's Second Largest IPO
The NSE IPO stands as India's second-largest public offering to date, following Hyundai Motor India Ltd, which raised Rs 27,859 crore in October 2024. At its current market capitalization of Rs 4.41 lakh crore, NSE's valuation already exceeds numerous prominent stocks, including Adani Ports, Axis Bank, Adani Power Ltd, Maruti Suzuki India, Adani Enterprises Ltd, HCL Technologies, Mahindra & Mahindra, ITC, and UltraTech Cement, among others. Shares of NSE are scheduled for listing exclusively on the BSE.
Market Leaders Remain Strong
Despite NSE's significant entry, Mukesh Ambani-led Reliance Industries Ltd (RIL) maintains its position as India's largest company, boasting a market capitalization of Rs 16.80 lakh crore. RIL is followed by HDFC Bank Ltd and Bharti Airtel Ltd, with total valuations of Rs 11.39 lakh crore and Rs 11.34 lakh crore, respectively. Other top five contenders include ICICI Bank Ltd (Rs 9.61 lakh crore) and State Bank of India (Rs 9.10 lakh crore). Tata Consultancy Services Ltd (TCS), with an mcap of Rs 7.61 lakh crore, currently holds the sixth spot.