NSE’s market debut today will wrap up a long-running process that faced several delays. The stock exchange’s initial public offering was launched earlier this month to raise Rs 22,562 crore entirely through an offer for sale (OFS) of 12.64 crore shares by existing shareholders at a price band of Rs 1,700 to Rs 1,785 apiece.
Since the IPO entirely comprised an offer for sale with no fresh issue component, all the issue proceeds will go to the selling shareholders, and none will be received by NSE itself. A day before the IPO opened for public bidding, the stock exchange raised Rs 6,746 crore from more than 150 anchor investors.
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How are IFCI, NIACL, other stocks linked to NSE IPO?
IFCI shares have surged more than 50% in 2026 so far, with the majority of gains being driven by the optimism around NSE’s IPO. The company owns more than a 50% stake in Stock Holding Corporation of India (SHCIL), which in turn holds over a 4% stake in NSE and sold up to 62 lakh shares as part of the stock exchange’s offer for sale. Through its controlling interest in SHCIL, IFCI has indirect exposure to NSE.
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New India Assurance Company (NIACL), meanwhile, was set to offload 1.05 crore NSE shares through the offer-for-sale, according to the IPO papers. It held a 1.42% stake in NSE ahead of its maiden public issue. The stock has gained over 23% in 2026 so far.
General Insurance Corporation of India (GIC) was set to sell around 61.88 lakh shares as part of the OFS component of the IPO. The company held a nearly 2% stake in NSE ahead of the IPO.Also read | NSE shares get ‘The Dominator’ tag as Macquarie initiates coverage with Outperform ahead of listing
What to expect from NSE’s mega listing?
NSE shares will list on BSE as well as the newest peer, the Metropolitan Stock Exchange of India (MSEI). Ahead of listing, the unlisted shares of NSE were trading with a mere 2% premium over the IPO price, signalling a muted listing tomorrow. But analysts signal long-term potential in the stock.
Macquarie initiated coverage with an Outperform rating and a Rs 1,965 target price, implying an upside potential of 10% from the upper price band. The international brokerage described NSE as “The Dominator,” citing its leading market share and strong market position. It highlighted NSE’s full suite of services, technology and deep liquidity, which make it a key part of India’s financialization, calling it the “lynchpin” of India’s financialization. Strong network effects, profitability, and cash generation further support the business.
Strong network effects, profitability and cash generation further support the business, according to Macquarie, which expects platform expansion to drive revenue growth, while noting near-term pressure from CAS.
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