NSE Leads India’s Unlisted Company Rankings With ₹4.86 Lakh Crore Valuation

The National Stock Exchange (NSE) sits at the top of India's unlisted company rankings with a valuation of ₹4.86 lakh crore, according to the 2025 Burgundy Private Hurun India 500 report, which tracks the 500 most valuable non-state-run companies in the country.

The exchange held its position ahead of vaccine manufacturer Serum Institute of India and real estate developer Adani Properties.

The timing gives the ranking additional significance. The National Stock Exchange filed preliminary initial public offering (IPO) papers with the Securities and Exchange Board of India (SEBI) last week for what is expected to become the largest public issue in Indian stock market history, with the offering estimated at around ₹30,000 crore.

The IPO Structure

The offering is structured entirely as an offer for sale of 14.89 crore shares, with existing shareholders collectively divesting nearly 6% of the exchange's equity.

State Bank of India is the largest seller, offloading up to 2.48 crore shares, followed by MS Strategic Mauritius Limited with 1.60 crore shares. Life Insurance Corporation of India, the single largest shareholder with a 10.72% stake, will not participate in the sale.

The filing ends nearly a decade of regulatory delays for the exchange, which had been blocked from listing primarily due to the co-location controversy that had put its public market ambitions on hold since 2016.

Who Else Made The Unlisted Rankings

Beyond the National Stock Exchange, the report highlights a diverse set of companies commanding significant private market valuations:

• Haldiram: India's dominant snack and food brand.

• Razorpay: One of India's largest fintech and payments platforms.

• Greenko: A major renewable energy developer.

The presence of consumer, fintech and clean energy names alongside traditional businesses points to the broadening of India's private market ecosystem. Investors are assigning premium valuations to businesses with dominant positions and scalable models even before they access public capital.

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The Bigger Picture

The Hurun report, produced by Burgundy Private, Axis Bank's private banking business and Hurun India, said India's top 500 non-state companies collectively crossed $3.4 trillion in value, a scale that puts the group on par with major global economies taken individually.