NSE's Rs 22,569-crore IPO has opened for subscription, putting India's largest stock exchange in direct comparison with global listed exchanges such as Nasdaq, CME Group, Intercontinental Exchange, LSEG, HKEX and SGX. India's largest exchange is coming to the market at a rich valuation. At the upper price band of Rs 1,785, the exchange is valued at about Rs 4.42 lakh crore, or nearly $46 billion.
Valuation versus global peers
On earnings, NSE is asking for a multiple that is higher than most large global exchanges. At 42.9 times FY26 earnings, NSE is valued above Nasdaq, CME Group, ICE, HKEX and LSEG, according to analysts.
Shruti Jain, Chief Strategy Officer at Arihant Capital Markets, said NSE’s profitability is among the best globally, but its earnings multiple is also the richest among major exchanges. "This premium is not because NSE is a larger exchange but because investors are valuing it based on India’s long-term capital market opportunity and NSE's dominance," Jain said.
"In a way, investors are paying for India’s growth story, not just NSE," she said.
The numbers show the gap clearly. NSE’s market value is estimated at about $46 billion, compared with about $54 billion for Nasdaq, $99 billion for CME Group, $88 billion for ICE, $82 billion for LSEG, $67 billion for HKEX and $14 billion for SGX.
