NCDEX's ₹700 crore IPO on track amid valuation buzz
NCDEX recently received SEBI's approval to launch its equity and derivatives segment, aiming to raise about ₹700 crore for this new business vertical.
The exchange is valued at roughly ₹1,770 crore based on allotment prices, while the gray market is already pushing that number closer to ₹2,300 crore.
Compared to giants like NSE (₹5.2 lakh crore) and BSE (₹88,000 crore), NCDEX's valuation is much smaller.
Diversifying into equities and ETFs
Traditionally focused on commodity derivatives—think agri-trading—NCDEX is now branching out into equities, ETFs, and even agri-infrastructure REITs.
They're putting in a hefty ₹600 crore tech investment and hiring 60 new pros to help make the leap.
Big names like NSE (15% stake), LIC, NABARD, and Punjab National Bank are key backers.
Brokerages cautious on NCDEX's prospects
NCDEX faces tough competition from NSE's rapid growth and BSE's ongoing struggles.
MCX dominates commodity derivatives with a massive market cap of over ₹37,000 crore.
While investor interest in NCDEX is strong right now, some brokerages are cautious since the company still isn't profitable at its core—and breaking into new markets will take time.