For months, trading in National Stock Exchange’s unlisted shares had been building on expectations that its long-pending IPO would finally move ahead. Prices climbed sharply, touching a recent 52-week high of around Rs 2,400 in the unofficial unlisted share market. Since then, the stock has cooled off. Unlisted shares are now changing hands at about Rs 2,050 apiece, well below the recent peak, even as key legal and regulatory hurdles around the IPO have been cleared.
The pullback comes at a time when the Delhi High Court has dismissed a petition challenging SEBI’s no-objection certificate for the IPO, and the exchange has formally approved proceeding with the public issue through an offer for sale.
Yet, the absence of a firm timeline appear to be keeping prices in check.
NSE IPO: Unlisted prices cool off
Activity in the unlisted market had pushed NSE’s share price into a broad band of Rs 1,625 to Rs 2,400 in recent months. According to transaction data available on unlisted platforms, the stock is currently trading near Rs 2,050 per share .
The decline suggests that some of the optimism linked to board approval and regulatory clearance may already have been factored in at higher levels.
NSE: Legal overhang lifts
A key development came when the Delhi High Court dismissed a petition that questioned SEBI’s approval for the IPO. The plea had alleged lapses in the exchange’s compliance with corporate action adjustment norms in certain derivatives contracts.
The court refused to stall the process, effectively removing another legal hurdle. Earlier, SEBI had permitted NSE to resume IPO preparations, including appointing merchant bankers and legal advisers and beginning work on draft documents.
NSE IPO: Offer for sale structure confirmed
NSE’s board has approved going ahead with the IPO through an offer for sale. This means existing shareholders will divest part of their holdings, while the company itself will not issue fresh shares or raise new capital.
In a statement, NSE said it had approved undertaking the IPO through an offer for sale of equity shares with a face value of Re 1 each.
In parallel, the regulator has relaxed minimum public shareholding norms for very large listings. Companies valued above Rs 5 lakh crore can list with a 2.5 percent public float, easing constraints on the size and structure of the issue.
NSE: Advisor appointment and committee reset
To move the process forward, NSE has appointed Rothschild & Co as an independent financial adviser. The firm will guide the exchange in selecting book-running lead managers and coordinating with legal experts.
The board has also reconstituted its IPO committee. The revamped panel will be chaired by Tablesh Pandey and includes public interest directors such as Srinivas Injeti, Mamata Biswal, Abhilasha Kumari and G Sivakumar, along with CEO and MD Ashish Kumar Chauhan.
NSE Q3 numbers
Financial performance in the December quarter offers part of the context for the recent pullback in unlisted prices.
For Q3FY26, NSE reported consolidated profit after tax of Rs 2,408 crore, down from Rs 3,834 crore in the same quarter last year. Q3 revenue from operations declined 9 percent year on year to Rs 3,925 crore.
On a sequential basis, however, profit rose 15 percent from Rs 2,098 crore in Q2FY26. Operating EBITDA came in at Rs 2,851 crore, lower than a year ago but sharply higher compared to the previous quarter. The EBITDA margin improved to 73 percent from 40 percent in the September quarter.
Total expenditure dropped 48 percent quarter on quarter to Rs 1,234 crore, though it was higher than the year-ago level. The exchange also booked a one-time gratuity-related expense of Rs 126 crore during the quarter.
Trading activity supported the sequential recovery. In the cash segment, average daily traded value stood at Rs 99,023 crore, up 3 percent from the previous quarter. Equity futures and options premium turnover also recorded quarter-on-quarter gains.
Conclusion
With softer year-on-year earnings, no confirmed listing date, and a valuation already implying a market capitalisation above Rs 5 lakh crore, the next trigger for price direction will likely be clarity on timing and final issue details.
Until then, the unlisted market appears to be recalibrating expectations after an extended rally.
