Unlisted shares of the National Stock Exchange of India (NSE) have remained resilient in the pre-IPO market despite broader market weakness, supported by steady progress toward its much-anticipated public issue. The exchange recently appointed 20 merchant bankers and eight law firms, signaling strong momentum in its IPO preparations. In the unlisted market, NSE shares are currently trading around ₹1,900–2,000, implying a valuation of roughly ₹4.7–4.95 lakh crore. Market participants expect the IPO to raise about ₹23,000–25,000 crore, although the draft red herring prospectus (DRHP) has not yet been filed.

Following the announcement, the stock has seen a modest uptick and continues to trade near the ₹1,980–2,010 range. Experts believe NSE could remain in focus as a potential blockbuster IPO in 2026. However, factors such as tighter regulations in derivatives trading, cautious market sentiment, liquidity constraints, foreign investor outflows, competition, and the impact of the STT hike may limit sharp gains in the unlisted space.

The IPO is expected to be entirely an offer-for-sale, enabling exits for existing investors. With regulatory clearance already underway and strong institutional backing, the coming months will be critical in determining valuation, structure, and timeline, while also enhancing liquidity and investor participation.