India's NSE becomes top unlisted firm ahead of massive IPO filing

The National Stock Exchange (NSE) of India has been ranked the country’s most valuable unlisted company in the 2025 Burgundy Private Huron India 500 report, with a valuation of about 4.86 lakh crore rupees. It has overtaken large peers such as Serum Institute of India and Adani Properties, while other sectors—including fintech, consumer and renewable‑energy firms—also feature prominently in the unlisted‑company rankings.

NSE has recently submitted draft documents to the Securities and Exchange Board of India (SEBI) for its initial public offering. The IPO is expected to raise roughly 30,000 crore rupees, which could make it the largest listing in Indian market history. The move comes as the total market value of Indian companies exceeds $3.4 trillion, underscoring the growing investor confidence in the country’s corporate sector.