NSE's ₹4.4 trillion valuation puts it among the world's largest exchanges, but analysts flag rich valuations despite strong growth prospects
Chairman Srinivas Injeti says concerns over potential conflicts in self-listing need careful management; describes NSE as 'family silver' for long-term investors
NSE is conservative in accounting for capital expenditure because much of its investment is in manpower and software, which is expensed rather than capitalised, says Ashishkumar Chauhan
India does not allow exchanges to list on their own platforms, citing concerns over potential conflicts of interest
MD & CEO Chauhan says India's growth will drive the exchange
National Stock Exchange (NSE), post its listing on the BSE on Thursday, does not see any change in its duties as a stock trading marketplace and responsibilities as a commercial entity, but if the two lines intersect, the former will have an overriding advantage, its chairperson Srinivas Injeti said. He also said that NSE as an institution has contributed immensely in transforming the Indian capital market from a relatively small market serving a privileged few to a nationwide and vibrant capital market today. Earlier in the day, the National Stock Exchange made its historic debut at the BSE with its shares listing at Rs 1,800 apiece, up by 0.84 per cent from the issue price of Rs 1,785. The public issue marked a significant milestone for the NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy. "Often there is a lot of debate whether a public utility like an exchange should get listed. Whet
The National Stock Exchange's ₹22,600 crore IPO was subscribed 5.7 times, but subdued retail demand and a 2-3 per cent grey-market premium point to a modest debut
NSE's ₹22,569-crore IPO is the largest among four mega issues that changed their original size
MSE will admit NSE shares under the 'permitted to trade' category from September 24, a move industry experts say could help bring additional volumes to the exchange
Institutional portion subscribed 12.68 times; retail crosses quota
The ₹22,560 crore IPO received bids for 38 million shares against 88.6 million on offer, with the non-institutional investor portion subscribed 72 per cent
NSE IPO subscription status, GMP today: NSE has set a price band of ₹1,700-1,785 per share, with a face value of ₹ 1. In the grey market, NSE shares are trading at a premium of up to 9 per cent.
Analysts said that NSE's rich valuation is justified by its strong leadership position, supported by aliquid marketplace & powerful network effects arising from the country's structural market growth.
NSE's Ashishkumar Chauhan said demand for the IPO significantly exceeded shares available, while the anchor book was reduced from about ₹9,000 crore to over ₹6,000 crore
The operator of the world's busiest derivatives market accounted for roughly half of the trading volume in the shadow market, according to an estimate by trading platform UnlistedZone
NSE IPO takes centre stage as primary market activity heats up
NSE IPO price band: The upper end of the IPO price band, ₹1,785, is around 26 per cent lower than the record high of around ₹2,400 and 6 per cent below the current unlisted market price of ₹1,990.
The offer-for-sale, which does not include any fresh capital being raised, will value NSE at close to $46 billion, which would make it the country's third-largest IPO
NSE IPO price band: The National Stock Exchange (NSE) has set the price band at ₹1,700-1,785 per share for its much-awaited IPO.
Investors raised concerns over NSE's growth prospects after regulatory curbs cooled India's derivatives market, forcing the exchange to lower its maximum IPO valuation target ahead of listing