BSE Ltd shares fell over 3 per cent in Friday’s trade as the broader market was weak and peer NSE announced its price band and other key details regarding its much-awaited initial public offering (IPO).
Data showed NSE's issue is priced at 18.60 per cent discount to BSE's price-to-earnings (PE) valuation based on FY26 earnings per share (EPS).
At the upper limit of the IPO price band of Rs 1,700-1,785 apiece, NSE, the largest stock exchange, will be valued at 42.88 times its FY26's EPS of Rs 41.62 apiece. BSE, the second largest exchange, is valued at 52.68 times its FY26 earnings per share of Rs 60.61 apiece.
Following the NSE-related developments, shares of BSE fell 3.41 per cent to hit a low of Rs 3,193.20 apiece.
The NSE offer for sale (OFS) would fetch Rs 22,568.92 crore, valuing the exchange at roughly Rs 4.4 lakh crore, more than three times BSE's market capitalisation (m-cap) of Rs 1,30,959.34 crore.
At an exchange rate of Rs 95.71 to a dollar, NSE's issue would be valued at $46.18 billion, making it the world's seventh most-valued exchange, just ahead of Coinbase Global Inc, which was last valued at $45.45 billion.
According to World Federation of Exchanges, compared to the leading listed stock exchange groups globally, NSE was the largest multi-asset class exchange in terms of number of trades in cash equities and contracts traded in equity derivatives in 2026 and the three months period ended June 30, with a global market share of 11.38 per cent in number of trades in cash equities and 51.18 per cent in contracts traded in equity derivatives in fiscal 2026.
NSE enjoys a global market share of 10.68 per cent in number of trades in cash equities and 50.22 per cent in contracts traded in equity derivatives in the three months period ended June 30, 2026.
"NSE's profitability is underpinned by consistent and sustained cash generation, which allows it to self-fund investments, maintain a high-quality capital buffer, and support ecosystem development, DAM Capital said in a note on Friday.