The National Stock Exchange (NSE) of India is on the cusp of a significant debut, expected to position it as the world's seventh most valuable exchange. With an anticipated IPO valuation of approximately $46.18 billion (around Rs 4.4 lakh crore at an exchange rate of Rs 95.71 to the dollar), the NSE will surpass Coinbase Global Inc, which was last valued at $45.45 billion.
This impending listing will also see NSE's market capitalization exceed three times that of its domestic competitor, BSE, which currently stands at Rs 1,30,959.34 crore. The initial public offering (IPO) is structured as an offer for sale (OFS), through which NSE shareholders aim to raise Rs 22,568.92 crore. The IPO price band is set between Rs 1,700 and Rs 1,785 per share.
NSE Joins Global Exchange Elite
Upon its listing, the NSE will enter an exclusive club of global financial powerhouses. The Chicago-based CME Group Inc, operating a derivatives exchange, currently holds the top spot with a market capitalization of $98.54 billion. Following closely are the Atlanta-based Intercontinental Exchange Inc at $87.47 billion, and Hong Kong Exchanges & Clearing Ltd, valued at $63.57 billion.
Other prominent exchanges that currently hold higher valuations than the projected NSE IPO price include the London Stock Exchange ($55.79 billion), Deutsche Boerse AG ($52.10 billion), and Nasdaq ($51.43 billion). The market has seen corrections in recent times, with some listed exchanges, including BSE, experiencing declines from their peaks.
Impact on India's IPO Landscape
The NSE IPO is not only significant for the exchange itself but also for the broader Indian primary market. Expected to be the second-largest initial public offering to hit Dalal Street, it is projected to push India's total IPO fundraising for 2026 past the Rs 1 lakh crore mark. This achievement would mark the third consecutive year and fourth overall that Indian corporates have collectively raised over Rs 1,00,000 crore through the primary market.
Data compiled from PRIME Database indicates robust activity in 2026, with 62 mainboard IPOs raising Rs 73,673.54 crore between January and August. Additionally, 126 SME IPOs collectively garnered Rs 5,738.88 crore during the same period. Including the NSE and other ongoing issues, the total number of mainboard IPOs is expected to reach 82 for the year. Previous years also saw substantial fundraising, with Rs 1,75,914.29 crore in 2025, Rs 1,59,783.76 crore in 2024, and Rs 1,18,723.17 crore in 2021.