NSE Achieves Strongest Debut Among India’s Top Five IPOs Despite 1.85% Performance
The National Stock Exchange (NSE) made its debut as a publicly listed company on the Bombay Stock Exchange (BSE) on Thursday, marking a significant milestone after over three decades of facilitating capital raising and trading. NSE shares opened at ₹1,800, a 0.84% premium over the issue price of ₹1,785, and peaked at ₹1,878, before closing the day at ₹1,818, yielding a first-day gain of 1.85%. This listing occurred amid a broader market downturn, with the Sensex declining by 1,247.71 points, or 1.67%.
NSE’s initial public offering (IPO) raised ₹22,561.57 crore, making it the second-largest in Indian stock-market history, following Hyundai Motor India’s ₹27,858.75-crore issue in 2024. The IPO was heavily subscribed, with demand reaching 5.71 times the available shares, totaling bids for 50.58 crore shares against 8.86 crore shares on offer. This successful listing culminated a decade-long effort to take NSE public.
The IPO was structured as an offer for sale, meaning existing shareholders sold their shares, and NSE did not receive any proceeds. Approximately 12.64 crore shares were offered, valuing NSE at about ₹4.42 lakh crore, or roughly $46 billion, with the IPO representing only around 5% of the company.
Performance Compared to Other Major IPOs
NSE’s 1.85% gain on its first trading day makes it only the second among India’s five largest IPOs to finish above its issue price, with Tata Capital being the other. In contrast, Hyundai Motor India, LIC, and Paytm all saw their shares decline on debut. Hyundai’s shares, priced at ₹1,960, closed their first session at ₹1,820.40, a drop of 7.12%. LIC’s ₹20,557.23-crore IPO also fell, with shares finishing at ₹875.45, down 7.75% from the issue price of ₹949.
Paytm’s debut was notably poor, with its shares priced at ₹2,150 dropping to ₹1,564.15 on the first day, a loss of 27.25%. Tata Capital, which raised ₹15,511.87 crore in 2025, closed its first session at ₹330.40, a slight gain of 1.35%.
Global IPO Context
NSE’s ₹22,561.57-crore IPO is valued at around $2.35 billion, significantly smaller than SpaceX’s record $75 billion IPO in June, which valued the company at approximately $1.77 trillion. SpaceX opened at $150 and finished its first trading session at $160.95, a gain of 19.22%. In comparison, NSE’s offering is roughly 32 times smaller than SpaceX’s.
Saudi Aramco previously held the record for the largest IPO, raising $25.60 billion in 2019. Other notable IPOs include Alibaba’s $21.80 billion offering in 2014 and SoftBank Corp’s $21.30 billion in 2018.
Upcoming IPOs in India
Jio Platforms has received clearance from the Securities and Exchange Board of India (Sebi) for an IPO, which could raise between $3.5 billion and $4 billion, or approximately ₹37,000-37,700 crore. Reports suggest that the offer could launch around late October or early November, potentially making it India’s largest IPO if it reaches the upper end of the estimated size.
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