NSE’s unlisted shares are presently buying and selling at round Rs 2,015, in keeping with Unlisted Area information. The inventory was buying and selling at Rs 2,010 when NSE filed its draft purple herring prospectus (DRHP), displaying that the unlisted share worth has remained largely unchanged because the submitting.
NSE’s unlisted shares have traded between Rs 1,800 and Rs 2,150 over the previous one 12 months, effectively beneath the June 2025 excessive of Rs 2,590. The unlisted share worth had fallen to round Rs 1,950 on July 28-29 earlier than recovering to its present stage of Rs 2,015.
On the present unlisted share worth, NSE’s valuation is estimated at round Rs 4.99 lakh crore. The alternate, nonetheless, is in search of a valuation of as a lot as Rs 5.26 lakh crore ($55 billion) by means of its deliberate public providing, in keeping with a Bloomberg report.
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The alternate was initially anticipating approval from market regulator Securities and Alternate Board of India (Sebi) for its draft prospectus by early August. Nonetheless, the timeline has been pushed again by about three weeks following adjustments to the record of promoting shareholders, with SBI Capital Markets Ltd. being added.
Must you purchase unlisted NSE shares or look forward to the IPO?
Manan Doshi, co-founder of Unlisted Area, mentioned NSE’s stature as a bluechip asset and the anticipated dimension of the IPO might entice vital investor curiosity.“NSE inherently instructions the stature of a bluechip asset. With an anticipated IPO dimension of roughly Rs 25,000-30,000 crore, the problem is prone to entice substantial investor curiosity. We count on the IPO pricing to be engaging, and whether it is priced at such ranges, it has the potential to garner one of many strongest responses the Indian major market has witnessed,” Doshi mentioned.
On the unlisted market, Doshi mentioned pricing stays reasonable, with participation largely coming from traders with a long-term horizon.
“Quite than speculating whether or not the IPO shall be priced larger or decrease than present charges, long-term traders are merely viewing the unlisted area as a chance that aligns with a wholesome risk-reward framework and allocating capital accordingly,” he mentioned.
Krishna Patwari, founder and MD of Wealth Knowledge India (WWIPL.com), nonetheless, mentioned the case for getting within the unlisted market has change into much less compelling at present ranges.
“With NSE’s unlisted shares presently buying and selling at Rs 1,990-2,000, the low cost that when made the unlisted market engaging has nearly disappeared. At these ranges, making use of for the IPO makes extra sense than shopping for within the unlisted market now,” Patwari mentioned.
He mentioned NSE’s present valuation is round 48x earnings and 15x e-book worth, making it richly valued, though its near-monopoly place in Indian market infrastructure supplies a powerful elementary justification.
For traders contemplating an entry at present ranges, Patwari mentioned ready for the IPO might be the extra environment friendly choice.
“The IPO might provide a greater entry worth, regulated allotment and listing-day liquidity. Extra importantly, shares bought within the unlisted market shall be topic to a six-month lock-in from the itemizing date, additional decreasing the benefit of shopping for earlier than the IPO,” he mentioned.
With the IPO anticipated as early as mid-September, Patwari mentioned making use of for the IPO makes extra sense than shopping for NSE shares within the unlisted market at present costs.
(Disclaimer: Suggestions, strategies, views and opinions given by the consultants are their very own. These don’t symbolize the views of The Financial Instances)
