Should you buy BSE shares ahead of the NSE IPO?

NSE has filed its DRHP with SEBI for a much-awaited IPO expected to be among the largest in Indian history, with the issue size estimated at around ₹30,000 crore and a price band of ₹1,800-₹2,040 per share. At the upper band, NSE could command a valuation of more than ₹5 lakh crore, compared with BSE's market cap of over ₹1.63 lakh crore. BSE shares have rallied 52% year-to-date on NSE listing optimism, but analysts believe much of this is already priced in, with SBI Securities recommending holding existing positions but cautioning against fresh buying at current valuations of 46x FY27 estimated earnings.