NSE Ltd is gearing up for its much-anticipated IPO, having appointed 20 merchant bankers, and could emerge as one of India’s most valuable listed companies. Based on current unlisted market prices, the exchange is valued at around ₹4.7–5 lakh crore, which could place it among the top 15 companies by market capitalisation, with a possibility of entering the top 10 depending on its final listing price.

Existing shareholders are expected to dilute 4.5–5% stake through an offer for sale, potentially raising ₹21,000–25,000 crore—making it one of the largest IPOs in India. Some estimates suggest a higher valuation of ₹6–7 lakh crore, which would further strengthen its position among market leaders like Reliance Industries.

Despite its strong dominance in the cash segment with a 93% market share and leadership in derivatives trading, NSE reported a 22% year-on-year decline in profit to ₹7,431 crore for the first nine months of FY26, with total income also falling 10%.