India's NSE IPO Ignites Market Frenzy, Valued Above Nasdaq Amidst Soaring Demand

The National Stock Exchange of India (NSE) has wrapped up its highly anticipated Initial Public Offering (IPO), attracting a staggering Rs 90,000 crore in bids against an issue size of Rs 22,561 crore, ultimately oversubscribed by 5.71 times. This massive investor rush has propelled NSE valuation to approximately $46 billion, achieving a valuation multiple of 42.9 times its FY26 earnings, significantly surpassing global peers like Nasdaq, which trades at around 23.6 times earnings. The allotment of shares is set to be finalized today, September 22, 2026, with listing on the Bombay Stock Exchange (BSE) scheduled for September 24. This overwhelming demand highlights growing confidence in India's booming capital markets, even as the NSE journey to a public listing spanned nearly a decade due to regulatory hurdles, including a past co-location controversy and governance issues. The IPO, structured entirely as an Offer for Sale (OFS), saw Qualified Institutional Buyers (QIBs) lead the charge, oversubscribing their portion by 12.68 times, while Non-Institutional Investors (NII) bid 6.55 times and Retail Investors subscribed 1.39 times. Despite a recent slowdown in its lucrative derivatives trading segment, which accounts for about 80% of its revenue, investors are betting on the long-term growth story of India's equity market. As investors eagerly await the final allotment, which will dictate who gets a slice of this highly sought-after offering, the market is closely watching the Grey Market Premium (GMP), currently indicating an estimated listing gain of about 3.64%. The NSE debut on the BSE later this week will be India's second-largest IPO to date, trailing only Hyundai Motor India's 2024 offering. This landmark listing is expected to further energize the Indian Capital Markets, setting a precedent for other major listings and reinforcing the nation's position as a global investment hotspot.