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19 Nov 2024
BSE Ltd.’s stock in India is on track for its best weekly performance ever, driven by investor optimism surrounding a potential IPO of its competitor, the National Stock Exchange (NSE).
BSE shares surged by as much as 9% during Friday trading in Mumbai, bringing its weekly gains to around 38%. This spike comes as speculation grows about NSE’s IPO filing after being cleared in a legal case with regulators. Should NSE choose to go public, it would have to list on the BSE, as Indian regulations prohibit self-listing.
Abhay Agarwal, founder of Piper Serica Advisors, remarked that if NSE, valued at 3-4 trillion rupees, lists on BSE, it could boost trading volumes and increase the exchange's market share. He also mentioned that NSE might go public within the next year.
The long-delayed NSE listing, hindered by legal probes, including one concerning unfair market access to high-frequency traders, has seen progress after the Securities and Exchange Board of India recently cleared the exchange and its former executives of those allegations.
BSE shares have surged around 80% in 2024, making its valuation over 48 times forward earnings, one of the most expensive globally.
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