As India’s capital markets gear up for one of the most anticipated public offerings in recent history, the spotlight is firmly on the National Stock Exchange (NSE) an unlisted behemoth valued at ₹5.75 lakh crore, according to recent market data. Notably, a 23% stake held by three major Public Sector Units (PSUs) in NSE now commands a staggering valuation of over ₹1.3 lakh crore, underlining the immense value embedded in India’s unlisted space.
Breakdown of PSU Holdings
At the current estimated market price of ₹2,325 per share (per Sharescart and UnlistedZone), the major PSU shareholders include:
Life Insurance Corporation (LIC): 10.7% stake valued at approximately ₹61,525 crore
State Bank of India (SBI): 3.23% directly and 4.33% via SBI Caps—together worth ₹43,470 crore
Stock Holding Corporation of India (SHCIL): 4.40% stake valued at around ₹25,300 crore
These stakes reflect not only the scale of public investment but also the immense hidden wealth held within India’s unlisted equity universe.
NSE: Global Standing & Domestic Dominance
The National Stock Exchange isn’t just India’s largest stock exchange; it’s a global leader in derivatives trading and ranks 7th globally in terms of listed companies’ market capitalisation (as of May 31, 2025). With 2,735 companies listed, including 619 on its SME platform, the NSE represents a combined m-cap of ₹457.59 lakh crore ($5.35 trillion).
Such dominance makes NSE equity a prized possession and a compelling pre-IPO investment story.
IPO Momentum Builds
According to SEBI Chairman Tuhin Kanta Pandey, NSE’s IPO is firmly on track, with regulatory paperwork and settlement procedures nearing closure. The exchange has reportedly offered ₹1,388 crore as a one-time settlement fee to SEBI potentially the largest in SEBI’s history clearing the path for its Draft Red Herring Prospectus (DRHP) submission.
This move could trigger a formal listing, opening the gates for massive valuation unlocking for existing shareholders particularly PSUs and institutional investors.
RURASH Insight: What This Means for Investors
At RURASH Financials, we view the NSE’s impending listing as a landmark event in India’s financial evolution. For investors, it signals:
Credibility and maturity of India’s private equity ecosystem
A rare window to participate in blue-chip unlisted opportunities
Upcoming liquidity events that could offer superior alpha returns
We specialize in facilitating access to such unlisted equity investments, enabling clients to tap into India’s most promising pre-IPO stories like NSE.
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