NSE Unlisted Shares Surge Amid Rising HNI Interest

November 28, 2021

Despite marquee institutional investors trimming stake in National Stock Exchange – NSE due to uncertainty over its proposed initial public offering, the unlisted shares of the exchange operator have risen nearly 7% in the last few days. NSE’s share price in the unlisted space has seen a dramatic rise in the last one year. While trades in this market were happening at ₹1,000 apiece in March 2020, by January 2021 the price rose to ₹1,900. Citigroup sold an estimated 2.2 million shares of NSE at about ₹3,275 apiece on behalf of its institutional clients. Investors are also lapping up the NSE shares as they believe that the shares could fetch a minimum premium of 50% when listed. The stock exchange, which is eyeing a valuation of ₹2 lakh crore, could sell shares at as much as ₹4,100 each. “With NSE deploying more than 30% of its total allocated expenditures on technological advancements, going forward, we expect the company will fetch the valuation of a fintech platform and not just a stock exchange,” said Sarffin Financial Advisors director Rahul Thalia. “The profitability of the company is growing very fast. With more new investors registering with NSE, the volumes are subjected to grow further. Plus, this company doesn’t have a business cyclicality, hence, good for long-term investors.  While institutions are seen exiting at a handsome profit after staying invested for seven-eight years, wealthy individuals are buying in anticipation of listing gains.

Edelweiss and JM Financial are said to have sold NSE shares Tuesday at ₹3,200 apiece. “Institutions continue to exit NSE shares with wealthy individuals lapping up those,” said Tushar Bopche, co-founder of BrainStation India, a startup incubator involved in the financial markets. “Transactions in the unlisted market are rising, which in turn will likely push prices up.”

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