The Indian IPO market is buzzing, and all eyes are on the National Stock Exchange (NSE). Even before its much-anticipated public offering, the NSE’s valuation has soared past an astounding $56 billion (₹5 lakh crore) in the unlisted market. This incredible surge has many speculating if the NSE is poised to not only make history as India’s largest IPO but also to eclipse the record set by the Bombay Stock Exchange (BSE) when it went public. Investors are keenly watching, drawing parallels to the BSE’s highly successful IPO, where shares initially hit ₹5,000 before a stock split brought them to ₹2,500. The current trend suggests that if the NSE’s valuation continues its upward trajectory, it could indeed become the biggest IPO the Indian market has ever seen, potentially setting a new benchmark for exchanges worldwide.

This dramatic increase in valuation isn’t a sudden phenomenon; it’s been a consistent climb. According to reports, the NSE’s valuation has been steadily rising for the past four months, already hitting $36 billion in September and now surging to over $56 billion. This puts the NSE in an elite league, as a listing at this valuation would make it bigger than even the Nasdaq Inc., according to Bloomberg data, making it a formidable player on the global exchange stage. The journey to an IPO for the NSE has been a long one, spanning over a decade due to regulatory hurdles, including a previous ban by SEBI for alleged preferential treatment to high-speed traders. However, with rumors of a potential resolution to these issues, the excitement around the NSE’s impending IPO is reaching fever pitch, igniting hopes for a new era in the Indian capital markets.