NSE’s Unlisted Shares Rally Signals Bullish Trend Ahead of IPO: Krishna Patwari, WWIPL
The National Stock Exchange (NSE), India’s largest bourse by trading volume, is inching closer to a long-anticipated milestone: its initial public offering (IPO). The Securities and Exchange Board of India (SEBI) is expected to soon give its formal approval, signaling significant progress toward NSE’s market debut. SEBI Chairman recently stated that both the regulatory body and NSE are actively working to resolve outstanding issues, which include concerns over high compensation for key managerial personnel, technological infrastructure, and ownership in the clearing corporation.
As anticipation builds around NSE’s IPO, its shares in the unregulated, unlisted market have seen a sharp surge. This market allows trading of shares between residents and non-residents in companies preparing to go public. Since May 6, following the release of its quarterly earnings, NSE’s unlisted share price has jumped by 9–10%, reaching a record high of ₹1,680–₹1,700 per share. On May 22, the price rose another 5%, hitting ₹1,800–₹1,810, and by May 23, it had climbed further to ₹1,900–₹1,925. The dividend for NSE shares is INR 35 (INR 23.54 regular + INR 11.46 special), indicating strong interest.
Krishna Patwari, Founder and Managing Director of Wealth Wisdom India Pvt. Ltd. (WWIPL.com), emphasized the significance of this momentum, and comments, “NSE has become the first company in the private market to cross a ₹4.55 lakh crore valuation. With SEBI poised to address the remaining regulatory hurdles, NSE is increasingly seen as a standout investment opportunity in the private space. Its dominant market position and rising investor enthusiasm have made it a landmark case in India’s private capital markets. Remarkably, NSE now boasts over one lakh shareholders—more than many already-listed companies in the country.”
What Investors Need to Know ?
The National Stock Exchange (NSE) has been eyeing a public listing since 2016, and the sustained interest from a wide base of investors in its unlisted shares underscores a growing appetite for prominent players in the pre-IPO market. This trend signals a broader shift in investment strategies, where investors are increasingly drawn to companies with high growth potential even before they hit the stock exchanges. Krishna Patwari further adds, “This surge in investor attention is underpinned by several key factors, including improved liquidity in the unlisted space, NSE's robust financial performance, regular dividend payouts, and mounting anticipation of a future IPO”.
Notably, NSE’s financials for the year ended March 31, 2025, underline its continued growth. The company reported a revenue from operations of ₹15,433 crore, up from ₹13,510.54 crore in 2024, signaling both operational strength and strategic momentum. This financial consistency, coupled with NSE’s dominant position in the Indian market infrastructure, paints a compelling picture for long-term investors. For those considering such investments, platforms like WWIPL provide real-time data and current pricing on unlisted shares, offering a transparent view of market dynamics to support more informed decisions.
NSE’s main competitor - BSE, another major stock exchange, became India’s first listed exchange when it went public in 2017, raising ₹1,243 crore by selling 1.54 crore shares at ₹806 each—reflecting strong investor confidence. Recently, on May 23, BSE shares fell 66.6% after trading ex-bonus, following its 2:1 bonus share issue. However, on a post-adjustment basis, the shares still rose 2.3%, reaching ₹2,389 at their peak that day.
As regulatory clarity from SEBI inches closer and the IPO timeline gains definition, NSE’s unlisted shares present a unique entry point for those aiming to tap into India's evolving financial ecosystem. While the unlisted market does carry inherent risks, the potential for significant upside post-listing makes this an option worth evaluating—particularly for investors with a long-term perspective and a high-risk tolerance.
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