NSE Unlisted Share Price in 2025: Why It Doubled, What Comes Next & Should You Invest Before the IPO?
The National Stock Exchange of India (NSE), the largest exchange in the country by trading volume, has become a sought-after name in the unlisted equity market. Between mid-2023 and mid-2025, NSE’s unlisted share price has doubled, delivering over 100% absolute returns to investors. This rise is not speculative—it is backed by solid financial growth, increased profitability, consistent dividend payouts, and market leadership.
As of July 2025, NSE’s shares are trading between ₹7,000 and ₹7,200 in the unlisted space, up from around ₹3,400 a year earlier. With the company preparing for an IPO in early 2026, investor interest is reaching new highs.
This article answers the most pressing questions around NSE’s unlisted share price, valuation trends, IPO expectations, financial performance, and future prospects. Using clear language and credible data, we break down everything investors need to know before entering the unlisted market or subscribing to the IPO. Whether you’re a retail investor or a high-net-worth buyer, this guide offers deep insight into NSE’s growth trajectory and market behavior.
What is NSE’s current unlisted share price in 2025?
The unlisted share price of NSE as of July 2025 ranges between ₹7,000 and ₹7,200 per share.
This price is derived from multiple private deals reported on platforms that track India's grey and pre-IPO market. The supply of NSE shares is limited, which is partly why the premium remains high. Investors are willing to pay this price based on future IPO listing expectations and NSE’s financial strength.
The buying interest has remained consistent despite recent corrections in broader markets. In fact, the scarcity of NSE shares in the unlisted market has only increased demand among high-net-worth individuals, portfolio managers, and private equity investors.
Why have NSE unlisted shares doubled in one year?
NSE’s unlisted shares have delivered nearly 100% returns between July 2023 and July 2025 due to strong business growth and market leadership.
This growth isn’t just driven by sentiment—it reflects the company’s rising earnings, efficiency, and strategic dominance. Over this period, NSE has posted consistent increases in revenue and profit. The exchange's earnings before tax and interest have grown at over 10% annually, and its Return on Equity (ROE) exceeds 40%.
Additionally, the surge in investor interest is backed by expectations around the NSE IPO, which is now closer than ever. With peer institutions like BSE and CDSL delivering multi-bagger returns after listing, the market believes NSE’s listing will unlock significant value.
How is NSE performing financially in recent years?
NSE’s financial performance in the past three years has been steady, scalable, and highly profitable.
The company derives revenue from trading fees, listing fees, data sales, and its clearing and settlement services. According to its most recent filings:
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NSE reported ₹11,200 crore in revenue in FY25, up from ₹10,100 crore in FY24.
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Net profit rose to ₹6,800 crore, compared to ₹6,240 crore in the previous year.
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Operating margins remained above 65%, indicating strong cost control.
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Dividend payouts increased as well, with the company distributing nearly ₹4,000 crore in FY25 to shareholders.
This level of financial consistency has reassured long-term investors, making NSE a blue-chip asset even before it lists on the stock exchanges.
When is the NSE IPO expected to launch?
The NSE IPO is expected to take place in the first quarter of 2026, with a Draft Red Herring Prospectus (DRHP) likely to be filed by December 2025.
The delay in NSE’s IPO over the past few years has been largely due to regulatory probes and internal restructuring. However, with those issues largely resolved and SEBI having cleared related matters, the IPO process is now firmly on track.
Key dates investors are watching for include:
| Event | Expected Date |
|---|---|
| DRHP Filing | December 2025 |
| SEBI Approval | January 2026 |
| IPO Opening | February 2026 |
| Listing on Stock Exchange | March 2026 |
Who are NSE’s major shareholders before IPO?
NSE is backed by several large domestic and international financial institutions.
Some of the biggest pre-IPO shareholders include:
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LIC – Holds 10.69%
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IFCI – Holds 6.40%
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SBI Capital Markets – 5.00%
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IDFC and Stock Holding Corp – 5.00%+
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Tiger Global and Goldman Sachs – Together over 5%
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Zerodha (via Rainmatter) – Around 1.2%
These institutions are expected to offload some of their stake through the IPO under the OFS route. The diversity in shareholder base ensures the stock has long-term trust, and post-IPO liquidity is expected to be robust due to institutional involvement.
What’s the expected IPO valuation and listing price?
The NSE IPO is expected to be priced around ₹6,800–₹7,200 per share, giving it a market capitalization in the range of ₹1.5 to ₹1.6 lakh crore.
This estimate is based on current unlisted market rates and peer valuation benchmarks. For example, CDSL trades at a price-to-earnings (P/E) ratio of 35–38x, and BSE at around 30–33x. NSE’s expected P/E at listing will be 22–24x based on FY25 earnings.
This gives the stock some headroom for post-listing gains, assuming earnings continue to grow. If listed around ₹7,200 and GMP trends hold, analysts forecast a listing price in the range of ₹8,000–₹8,200, with a potential 12–14% upside.
What is NSE’s Grey Market Premium (GMP) indicating?
NSE’s Grey Market Premium (GMP) is currently estimated to be ₹800–₹1,000 per share.
This unofficial indicator reflects the market’s expectation of listing gains. GMP values are tracked through investor channels, IPO forums, and private dealers. While not guaranteed, GMP trends often predict short-term listing behavior.
A GMP of ₹1,000 implies a listing price around ₹8,200 if the IPO is priced at ₹7,200. These expectations may change closer to the IPO depending on market conditions, subscription levels, and investor demand.
Is NSE a better investment than BSE or CDSL?
NSE holds a dominant position in equity and derivatives trading, giving it a structural edge over BSE and CDSL.
While BSE has gained traction in SME IPOs and CDSL dominates the depository market for retail investors, NSE controls:
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92%+ of equity turnover
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98%+ of derivatives trading volume
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Over ₹450 lakh crore in securities turnover annually
In terms of profitability and earnings per share, NSE surpasses both competitors. Its net profit is nearly 4x BSE and 2x CDSL. Unlike BSE, which relies on small caps and IPOs for growth, NSE is at the core of India’s stock market engine.
Given the exchange’s scalability, high margins, and annuity-style revenue model, most long-term investors consider NSE a more resilient and premium asset.
Should you invest in NSE unlisted shares now?
Investing in NSE unlisted shares before the IPO can be profitable if done at the right price and with a clear understanding of liquidity risks.
At current levels of ₹7,000–₹7,200, the price already factors in a premium. However, investors still buying at these levels are betting on further listing gains and long-term compounding returns.
It’s important to use verified unlisted share platforms or consult with financial intermediaries to ensure transparency and compliance. Investors must also be prepared for holding periods, as liquidity is limited before listing.
If your horizon is 2–5 years and you seek exposure to India’s capital markets infrastructure, NSE remains a fundamentally strong choice.
Conclusion
NSE has transformed from being a back-end financial infrastructure provider to one of the most valuable pre-IPO companies in India. With unlisted shares doubling over the past year and the IPO now in sight, investors have a rare opportunity to participate in a monopoly-like business.
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