Punjab, Sept. 23 -- The NSE lists on the BSE tomorrow at an issue price of Rs 1,785. The grey market is implying about Rs 1,828 - a 2.4% premium on India's largest ever IPO. The interesting number is not the pop.
The valuation
At Rs 1,785 the implied market capitalisation is roughly Rs 4.42 lakh crore. On FY26 earnings that is about 43 times.
Against its only listed domestic comparison - the BSE, which is also the venue it is listing on - the NSE went to market at a lower price-to-earnings multiple, despite being substantially larger in revenue, profit and market share.
That is unusual. The larger, more dominant business is normally the one that commands the premium.
Why the discount exists
Three reasons are worth naming without decid...