The growth of National Stock Exchange (NSE) unlisted shares over the last four years has been one of the most steady and rewarding stories in India’s private market. The price chart shows a clear structural uptrend from around Rs 740 in 2021 to roughly Rs 1,950 by December 2025, translating into a gain of more than 160%. This rise is not driven by speculation alone but by strong fundamentals, unmatched market dominance and improving regulatory clarity around its long-awaited IPO.
Phase 1: Stable but Underpriced (2021-2022)
Between 2021 and late 2022, NSE’s unlisted share price hovered near the Rs 650–750 range. The muted movement reflected regulatory roadblocks, particularly the delay in receiving SEBI’s No Objection Certificate required for filing the IPO prospectus. Despite strong profitability and a near monopoly in equity and derivatives trading, the share remained undervalued due to uncertainty. This period created accumulation opportunities for long-term investors.
Phase 2: Early Re-rating Begins (2023)
In 2023, the exchange witnessed renewed market confidence, with trading volumes across the equity and F&O segments hitting record highs. Retail participation surged, and NSE’s revenue visibility improved. As a result, the share price began moving upward toward the Rs 900-1,100 zone. This phase marks the first signs of revaluation driven by operational strength rather than IPO speculation.
Phase 3: Strong Re rating on Regulatory Progress (2024)
The sharp jump around mid-2024 corresponds to SEBI’s increased engagement with NSE to resolve pending regulatory issues. Additionally, NSE reported strong financials with consistent profit growth, high EBITDA margins and a dominant market share of nearly 94% in equity derivatives.
Market participants began pricing in the likelihood of the long-delayed IPO proceeding, pushing the price toward Rs 1,300-1,500.
Phase 4: Acceleration Toward IPO Readiness (2025)
2025 marks the steepest upward movement. SEBI Chairperson publicly confirmed that the long-pending IPO “will see the light of the day.” This statement alone triggered a major valuation unlock. The share price surged beyond Rs 2,000 before stabilising around Rs 1,900-2,000.
During this time, NSE continued to strengthen its balance sheet, reduce legacy compliance issues and modernise its risk management and technology infrastructure. These developments supported the sentiment that NSE is IPO ready.
Conclusion
The rise of NSE unlisted shares is a product of strong financial foundations, regulatory progress and market dominance. With the IPO now closer than ever, investor interest remains strong, and the long-term growth trajectory continues to look structurally sound.
Admin