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$46 billion IPO: NSE is the world’s most expensive stock exchange. Can it also become the most valuable?
Economic Times 1 hr ago·17 Sept 2026, 5:34 am
NSE’s Rs 22,569-crore IPO has opened for subscription, valuing India’s largest stock exchange at nearly $46 billion at the upper price band. At 42.9 times FY26 earnings, NSE commands a higher valuation multiple than most major global exchanges, including Nasdaq, CME Group, ICE, HKEX and LSEG. Analysts attribute the premium to NSE’s profitability, market dominance and India’s long-term capital market opportunity.
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