The target implies an upside of around 10% from NSE’s IPO price of ₹1,785 per share.
Macquarie has termed NSE “The Dominator”, citing its leading market share and strong competitive position.
The brokerage said NSE’s full suite of services, technology stack and deep liquidity make it the “lynchpin” of India’s financialisation.
“Entrenched network effects, industry leading profitability and cash underpin our positive outlook,” Macquarie said in its note.
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NSE shares are set to make their much awaited debut on the Bombay Stock Exchange (BSE) on Thursday, September 24. The shares will also be admitted for trading on the Metropolitan Stock Exchange of India (MSEI) under the permitted to trade category from today.
MSEI, in a circular released on Wednesday, said NSE’s equity shares will be admitted for trading on its capital market segment with effect from September 24.
The ₹22,561.57 crore NSE IPO was subscribed 5.71 times during the three day bidding period that ended September 21. The qualified institutional buyer category was subscribed 12.68 times, while the non institutional investor category was subscribed 6.55 times. The retail portion was subscribed 1.39 times.
The issue was priced at ₹1,785 per share, the upper end of the ₹1,700 to ₹1,785 price band. At the issue price, NSE was valued at around ₹4.4 lakh crore.
The IPO was the second largest in India, behind Hyundai Motor India’s ₹27,870 crore issue in 2024.
A majority of brokerage reports tracking the issue had a ‘Subscribe’ recommendation, while some brokerages, including Religare, maintained a neutral view on the IPO.