The much-awaited initial public offering (IPO) of the National Stock Exchange Ltd (NSE) opens this week with a valuation paradox: at ₹1,700-1,785 a share, NSE is being offered at a roughly 30% discount to rival BSE Ltd on FY27 earnings estimates, despite being nearly three times its size. The apparent bargain, however, comes as NSE’s dominant derivatives business faces a weaker growth outlook—and investors have little room for an earnings miss.
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