India's National Stock Exchange (NSE) made a solid start on the stock market on Thursday, closing 1.85% higher on its first day of trading - ending a decade-long push to go public.
Shares rose as much as 5% during the session, closing at INR 1,818 and valuing the exchange at INR 4.5 trillion (USD46.9 billion). The INR 225.6 billion (USD2.3 billion) IPO is India's second-largest on record, behind Hyundai Motor India's 2024 offering.
A Dominant Force in Indian Markets
NSE controls 93% of India's cash equity trading and nearly 75% of options activity, making it the country's largest bourse by some distance. However, its heavy reliance on derivatives - which made up around 68% of operating revenue in the June quarter - has raised eyebrows among analysts, particularly as tighter regulation and higher taxes have slowed activity in that segment since 2024.
The concerns prompted NSE to reduce the size of its offering and lower its IPO price ahead of the listing. No new capital was raised, as the issue was entirely an offer for sale.
