The stock exchange from the East was listed for billions – and surpassed Nasdaq

The mega-IPO of the National Stock Exchange of India (NSE) raised $2.3 billion and attracted demand of over $10 billion. The Indian exchange is valued at a P/E ratio of 42.9, significantly higher than leading US exchanges like Nasdaq (23.6) and ICE (21.9). The surge is attributed to the mass joining of local investors to the Indian capital market.

The mega-IPO of the National Stock Exchange of India (NSE) on the Bombay Stock Exchange (BSE) raised $2.3 billion, the largest IPO in India this year and the second largest ever. The enormous demand, which exceeded $10 billion, led to an oversubscription of 5.7 times the shares offered. The high valuation reflects a P/E ratio of 42.9, compared to 23.6 for Nasdaq and 21.9 for ICE. The main driver is a shift in savings habits among Indian households: the share of stocks and mutual funds in annual savings jumped to 15.2% in 2025, up from 2% in 2012. In 2025, 35 million new investors were registered. The National Stock Exchange holds 93% of cash trading and nearly 100% of futures trading in India.