India's NSE IPO attracts $10B bids, oversubscribed 5.7x despite high valuation

India's National Stock Exchange (NSE) raised $2.3 billion in its IPO, attracting bids worth over $10 billion, making it 5.7 times oversubscribed. The strong demand came from institutional and high-net-worth investors, valuing NSE at a price-to-earnings ratio of 42.9, higher than major U.S. exchanges like Nasdaq. NSE dominates India's equity market with a 93% share in cash trading and nearly 100% in equity futures. This IPO highlights growing retail participation in India's capital markets and positions NSE for long-term growth amid increasing financialization in the country.

Nasdaq, mentioned for comparison in the NSE IPO story, is trading at USD 94.21 with a 1-day gain of 0.72% on Pluang. The stock's market cap stands at $52.29 billion, and typical investors hold it for about 124 days. These figures are current as of Sep 22, 2026 11:21 WIB.