NSE stock draws rare ‘Sell’ call ahead of long-awaited IPO debut

Dolat Capital has initiated coverage on NSE with a 'Sell' rating ahead of the exchange's estimated $3 billion IPO targeted for September, subject to SEBI approval. The brokerage set a target price of Rs 1,550, a 26% discount to the current unlisted market price of Rs 2,085, citing tighter SEBI regulations on equity derivatives, expected 4% annualised decline in options trading turnover through FY29, and stretched valuations. Dolat also issued sell ratings on listed peers BSE Ltd and MCX, noting NSE trades at higher valuations than global peers despite lagging profit growth.