NSE IPO Becomes India’s Second Largest of 2024 Despite Early Drop

The National Stock Exchange of India completed an IPO worth ₹22,561.57 crore, making it the country’s second‑largest public issue of 2024, after Hyundai Motor India’s ₹27,870 crore float. The shares debuted at a listing price of ₹1,800, slightly above the issue price of ₹1,785, and quickly surged to an all‑time high of ₹1,878.

However, the rally proved short‑lived. By the start of trading on September 28, the stock slipped to ₹1,767, more than 1% below the prior close, and recorded an intraday low of ₹1,761 – a 1.34% discount to the issue price. A modest recovery lifted the price to ₹1,771 later in the morning, but the share remained over 6% below its peak.

Following the listing, NSE’s market capitalization rose to approximately ₹4.49 lakh crore, securing the ninth‑largest spot among Indian listed companies and outpacing heavyweights such as Sun Pharmaceuticals and Titan on a market‑cap basis. The IPO, open from 17 to 21 September, attracted a 5.71‑times subscription. Transaction charges form the bulk of the exchange’s earnings, representing 78.65% of operating revenue in FY2026.