NSE IPO LIVE updates: Top stock broking platform Angel One has recommended subscribing to the IPO. Its report points to NSE’s dominant market position, significantly higher revenue and profitability compared with BSE, strong market share in equity derivatives and the long-term growth potential of India’s capital markets.
The research reports point to two different considerations investors will need to weigh.
“At the upper price band of ₹1,785, NSE is valued at a post-issue P/E of 35.4x, compared with BSE’s P/E of 54.2x, making the issue attractive relative to its key listed peer. NSE’s dominant market position, significantly higher revenue and profitability, strong market share in equity derivatives, and long-term structural growth in Indian capital markets provide further comfort,” said a report from Angel One.
“Despite near-term regulatory headwinds to derivatives volumes, we believe the valuation offers a favourable entry point given the company’s strong competitive position and earnings potential. We recommend Subscribe for the IPO,” it added.
The bullish case rests on NSE’s dominant market position, scale, strong profitability, large and expanding investor base and the structural growth of India’s capital markets. Angel One also sees the IPO valuation as favourable relative to BSE.
The cautious case centres on valuation and NSE’s dependence on trading activity. Nearly 79% of NSE’s FY26 operating revenue came from transaction charges, with options being a particularly important contributor. This leaves earnings sensitive to regulatory changes, trading volumes and changes in investor behaviour.
Religare’s assessment
Religare therefore sees a balance between the company’s long-term growth opportunity and near-term regulatory and valuation risks, leading it to assign a Neutral rating.
The GMP adds another layer to the picture. At ₹125, it currently indicates an estimated listing price of ₹1,910, implying a 7% premium over the upper issue price. But the GMP has fallen sharply from ₹218 on September 11, suggesting that the grey-market premium has cooled considerably ahead of the subscription opening.
For investors, therefore, the NSE IPO is a story of strong market dominance and long-term capital-market growth on one side, against valuation, regulatory and derivatives-related risks on the other.
The IPO opened on Thursday and closes on September 21. Investors will have to weigh those factors against their own risk appetite and investment horizon rather than treating the current GMP as a guaranteed indication of listing gains.
Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages are their own and do not reflect the views of HT