The proposed NSE’s IPO, expected to be around Rs 30,000 crore, is being seen as a major milestone for India’s capital markets.

The National Stock Exchange (NSE) is likely to enter the league of India’s 10 most-valued listed companies on its stock market debut, based on its valuation in the unlisted market.

The exchange’s proposed IPO is estimated at around Rs 30,000 crore, with market participants valuing NSE at over Rs 5 lakh crore in the unlisted space.

At this valuation, NSE could rank among the country’s top-10 listed firms by market capitalisation, surpassing several blue-chip companies.

Given its estimated valuation, NSE would rank ahead of Infosys, which has a market capitalisation of Rs 4.7 lakh crore as on Wednesday.

NSE valuation places it alongside major blue-chip firms

Among companies in the Rs 5 lakh crore bracket, Bajaj Finance commands a market capitalisation of about Rs 5.96 lakh crore, followed by Larsen & Toubro at Rs 5.78 lakh crore, Life Insurance Corporation of India (LIC) at Rs 5.28 lakh crore and Hindustan Unilever at Rs 5.16 lakh crore, data with the exchanges showed.

No listed company currently has a market value in the Rs 6 lakh crore to Rs 7 lakh crore range. Tata Consultancy Services (TCS) commands a market capitalisation of Rs 8 lakh crore.

As of June 17, Reliance Industries remained India’s most valuable company, commanding a market capitalisation of over Rs 18 lakh crore. This was followed by HDFC Bank at Rs 12.11 lakh crore.

Bharti Airtel has a market capitalisation of Rs 11.43 lakh crore, and ICICI Bank has a market capitalisation of Rs 9.6 lakh crore.

IPO expected to draw global investor interest

NSE’s draft papers filing marks a significant milestone for Indian capital markets and is expected to attract strong interest from global investors.

“NSE’s proposed DRHP filing is a landmark development for Indian markets and is likely to be viewed by international investors as a high-quality opportunity to participate in India’s financial market infrastructure story. NSE represents scale, technology, liquidity and institutional trust,” Mrugank Paranjape - Managing Partner, MCQube, said.

Listing to offer direct participation in India’s market infrastructure growth

The bourse, which dominates equity and derivatives trading in India, has long been among the country’s most valuable unlisted entities.

Its listing is expected to provide investors an opportunity to participate directly in the growth of India’s largest stock exchange operator.

Published on June 18, 2026