$46 Billion IPO: NSE Is the World’s Most Expensive Stock Exchange. Can It Also Become the Most Valuable?

NSE IPO: India's biggest stock exchange launches mega share sale

The National Stock Exchange's listing is expected to raise more than $2bn as it goes public on Thursday.

$46 billion IPO: NSE is the world’s most expensive stock exchange. Can it also become the most valuable?

NSE’s Rs 22,569-crore IPO has opened for subscription, valuing India’s largest stock exchange at nearly $46 billion at the upper price band. At 42.9 times FY26 earnings, NSE commands a higher valuation multiple than most major global exchanges, including Nasdaq, CME Group, ICE, HKEX and LSEG. Analysts attribute the premium to NSE’s profitability, market dominance and India’s long-term capital market opportunity.

National Stock Exchange's $2.3-billion IPO opens for subscription

NSE allotted shares worth $703.04 million to marquee global ‌and domestic investors, including the ​sovereign wealth funds of Norway and Abu ⁠Dhabi, as part of its ⁠anchor book allocation ahead of the ‌issue

Is NSE’s IPO really fairly valued?

An explainer on NSE's IPO valuation.