Overview
- The National Stock Exchange began trading on the Bombay Stock Exchange on Thursday, Sept. 24, listing at Rs 1,800 per share and climbing to about Rs 1,878 intraday for a gain of just over 5%.
- The IPO was an entirely secondary offer of roughly Rs 22,562–22,569 crore for 12.64 crore shares priced at the top of a Rs 1,700–1,785 band so proceeds went to selling shareholders and not to NSE.
- Demand was driven by institutions: the issue was subscribed about 5.71 times overall with the QIB portion roughly 12.68 times, while retail interest was modest at about 1.39 times.
- Regulatory rules prevented NSE from listing or trading its own shares on its platform, so the stock debuted on BSE and was admitted to MSEI under the exchange’s 'Permitted to Trade' category from Sept. 24.
- The listing gives NSE a market value of about Rs 4.45–4.56 lakh crore and raises governance questions because roughly 78–79% of its revenue comes from transaction fees, mostly derivatives, which links regulator responsibilities to shareholder returns.