NSE IPO Opens This Week: Is the Pricing Actually Cheap Compared to BSE and Should You Invest?
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The highly anticipated initial public offering (IPO) of the National Stock Exchange (NSE) is officially set to open for anchor investors on September 16, followed by retail bidding opening to the public on September 17. In a strategic move to counter negative broader market sentiment and ensure strong investor participation, the management has priced the IPO band between ₹1,700 and ₹1,785 per share, representing a 10 percent discount compared to valuations in the unlisted market. Furthermore, the total issue size has been scaled down from its initial projection of ₹30,000 crore down to ₹22,560 crore to adjust for current stock market conditions and optimize institutional and retail appetite.
Valuation Comparison With BSE, Revenue Streams, and Expert Investment Outlook
When evaluating fundamentals against rival Bombay Stock Exchange (BSE), NSE's price-to-earnings multiple for fiscal year 2026 stands at 43 compared to BSE's 56, making it appear roughly 23 percent cheaper on paper. However, growth metrics reveal nuanced differences: while NSE's net profit grew 11 percent year-on-year in June, BSE posted a sharper 65 percent jump. Although NSE maintains undisputed leadership in cash and derivatives trading volumes—supported by data services contributing 11 percent of total revenue—analysts note that BSE possesses greater flexibility to scale future revenue streams, such as introducing fees on index and stock futures where it currently offers free transactions. Because this offering is entirely an offer-for-sale (OFS), market experts advise investors to weigh future earnings potential and equity derivatives growth closely before placing their bets.
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