India’s most-watched pre-IPO name—National Stock Exchange of India Ltd (NSE)—is squarely back in focus. The board declared a ₹35 final dividend for FY25 (May 6, 2025), and the company is awaiting SEBI’s nod on a settlement application tied to legacy “preferential access”/co-location matters—two developments that meaningfully shape the valuation and DRHP runway. Add to that the regulator’s fresh push to formalize pre-IPO trading and curb grey-market risk, and you have a market structure that’s steadily tilting in favor of process-first unlisted participation.
Below we break down what’s confirmed, what’s credibly in motion, how to triangulate valuation in 2025, and practical exit scenarios for holders—plus how UnlistedCorner (and our Channel Partner vendor system) helps you execute cleanly.
Snapshot: What’s actually changed in 2025
- FY25 performance & dividend: NSE reported Q4 FY25 PAT of ₹2,650 crore and a final dividend of ₹35/share; on a full-year basis, FY25 income rose ~17% and profit surged ~47%. These are verifiable anchors for any valuation conversation.
- Record date chatter: Market trackers widely indicated August 13, 2025 as the record date for the final dividend (NSE is unlisted; verify via company/RTA emails if you’re a registered holder).
- Settlement track to enable IPO: Reuters reports NSE submitted its settlement application on June 20, 2025; earlier coverage pegged the proposal at ₹13.88 bn (~$160m). If approved and court formalities close, SEBI could issue an NOC within months, re-opening the DRHP path.
- Policy tailwinds: SEBI has floated a regulated pre-IPO trading platform to curb grey-market risks and improve price discovery—relevant for serious retail and vendor participation in unlisted counters.
Why this matters: together, cash return discipline (dividend) + regulatory clearance progress (settlement) + market plumbing (pre-IPO framework) strengthen the probability of formal DRHP steps and, in turn, sharpen the valuation anchor for today’s unlisted quotes.
NSE unlisted: where is pricing now?
On UnlistedCorner, our NSE page shows a reference price of ₹2,100 (lot size 100). As in all unlisted deals, this is indicative, varies with block size/counterparty, and serves as a starting point for negotiation—not a firm quote.
Important: In 2024, NSE completed a 4:1 bonus; when comparing historical prices/ratios, normalize figures to ex-bonus terms or you’ll misread valuation trends. Trackers also highlight the August 13, 2025 dividend record date context if you’re transacting near it.
Valuation in 2025: an evidence-based scaffold
Rather than anchoring to GMP chats, triangulate from fundamentals, peers, and cash returns.
1) Profit power as the core anchor
FY25 numbers give you a clean starting point: Income ~₹19,177 cr; PAT ~₹12,188 cr (consolidated). Build a P/E corridor on this base (illustrative, not guidance):
- 25× PAT → ₹3.0 lakh crore equity value
- 30× PAT → ₹3.7 lakh crore
- 40× PAT → ₹4.9 lakh crore
The “right” multiple depends on growth durability (derivatives dominance, clearing, data/licensing), governance comfort, and policy overhang resolution.
2) Peer triangulation (BSE as a listed proxy)
While NSE is structurally different (scale, derivatives leadership), the listed BSE offers a market-implied read on exchange-platform economics. Recent updates highlight sharp revenue and profit growth at BSE, reflecting derivatives traction and operating leverage—useful context when assigning multiples to exchange economics in India.
Inference: strong listed-peer prints tend to support higher structural multiples for the category, but NSE’s multiple should still reflect pending settlement/NOC risk until resolved.
3) Cash returns as a sanity check
A ₹35 dividend on an ex-bonus share base tells you management is willing to share cash even pre-IPO—often a green flag for governance/discipline. Translate this into a dividend yield vs your deal price to cross-check whether you’re paying purely for growth/rerating, or also getting paid while you wait.
4) Supply/float dynamics at listing
When DRHP/RHP details finally emerge, the float size (fresh + OFS) will influence scarcity premia. Larger floats smooth day-one volatility, but can cap exuberant pops. Until then, assume balanced supply and don’t over-pay for “scarcity”.
DRHP prospects: how close are we, really?
- Regulatory gating item: The settlement with SEBI is the keystone. Once accepted and court procedures conclude, media suggests SEBI could issue an NOC within ~3 months—after which DRHP filing/updates can progress on standard timelines. No NOC, no DRHP.
- Company posture: The dividend cadence and AGM timing are consistent with a mature pre-IPO narrative, but are not alone determinative of a near-term listing. Treat them as supporting signals, not proof.
- Market plumbing: If SEBI advances a regulated pre-IPO platform, it could professionalize secondary discovery, reduce friction for holders, and lower the “grey-market discount” historically applied by institutions to unlisted positions.
Base case (our read): Assuming a positive settlement outcome in 2025 and typical drafting/regulatory workflows, the listing window looks more FY26-leaning than calendar-2025—though an earlier outcome is possible if approvals compress. (Treat dates as scenarios, not certainties.)
Exit scenarios for 2025 holders (and would-be buyers)
A) Pre-record-date tidy-up (dividend)
If you already hold, confirm your KYC, bank mandate, and DP details so the dividend lands smoothly. If you’re buying near the record date, remember: beneficial ownership must reflect on the record date, and off-market transfers can take T+1 to a few days depending on counterparty/DP readiness. Missing by a day means missing the dividend. Trackers point to Aug 13, 2025 as the record date—verify via your company/RTA emails.
B) Pre-IPO secondary exit (deal-driven)
Liquidity exists, but is episodic and spread-wide. Expect two-way moves around settlement/DRHP headlines. If you’re long and your entry was rich, partial trims into strength are rational risk management.
C) IPO/listing window
If/when the IPO clears, float size and institutional participation will set the tone. Do not assume a guaranteed pop; the HDB experience in 2025 showed price bands can land below popular unlisted anchors, prompting reset across marquee names. Use that as a discipline reminder rather than a direct comp.
D) Post-listing cadence
Exchanges are earnings-sensitive to volumes, mix, and pricing. The more consistently NSE delivers growth + margin + distributions, the more durable the multiple—and the better your post-listing exit optionality.
Process hygiene (don’t lose money to sloppy execution)
Whether you’re buying or selling NSE unlisted shares:
- Use the depository rails correctly: Transfer off-market via NSDL/CDSL (e-DIS/DIS). Keep invoice/contract note, bank UTR, and depository SMS/email confirmations.
- Pay stamp duty properly: For delivery-based off-market transfers, ₹0.015% of consideration is payable (depositories collect before execution). Gifts/without consideration are typically exempt; follow your DP’s documentation.
- Name/PAN match: Ensure DP account names match your deal docs to avoid rejection/rollback.
- Audit trail: Store everything—this reduces headaches at tax time or during corporate actions.
For dealers/advisors: our Channel Partner (vendor) system
Scale your unlisted practice with:
- In-depth reports on key counters
- Comprehensive dashboard (leads, daily prices, knowledge center, commission tracking)
- Market insights with timely updates
- 3-step onboarding (submit query → verification → go-live)
Get started here: Channel Partner @ UnlistedCorner.
A disciplined 2025 playbook (for buyers and holders)
- Position sizing: Cap single-name exposure (e.g., 5–10% of your unlisted sleeve).
- Three-case valuation: Price using Conservative/Base/Optimistic multiples on FY25 PAT and cross-check vs BSE’s structural economics.
- Scenario timelines: Best-case: settlement accepted + NOC in months → DRHP momentum (FY26 listing plausible). Base-case: admin/macro add time. Slow-case: any adverse legal/policy twist extends runway.
- Process over FOMO: Avoid last-minute buys near record dates without confirmed settlement cycles—you could lose dividend eligibility or overpay.
FAQs
Q1) What is confirmed for FY25?
A: ₹35 final dividend with FY25 results (May 6, 2025). Full-year: income ~₹19,177 cr; PAT ~₹12,188 cr.
Q2) What’s the 2025 dividend record date?
A: Trackers report Aug 13, 2025 (NSE is unlisted; confirm via official company/RTA emails if you’re a holder).
Q3) What could unlock a DRHP?
A: SEBI settlement acceptance + court sign-offs → SEBI NOC → DRHP filing/updates. Reuters pegs the proposal at ₹13.88 bn, with an NOC window of months post-approval.
Q4) How should I think about valuation today?
A: Start with FY25 PAT and apply a P/E corridor (e.g., 25–40×), cross-check with BSE’s earnings momentum and with your expected cash returns (dividends) while you hold.
Q5) How do I transfer shares and pay stamp duty?
A: Use NSDL/CDSL off-market transfer; pay ₹0.015% stamp duty (collected by the depository) before execution. Keep all proofs.
Final word
Bottom line: 2025 brings clearer numbers (strong FY25 prints and a ₹35 dividend), credible regulatory progress (settlement pending), and policy plumbing (a potential pre-IPO platform). Together, they make a pragmatic case for valuation discipline today and a DRHP-to-listing runway skewed to FY26—with upside if approvals move faster. The edge now lies in process-correct execution and scenario-based sizing, not in chasing the loudest whisper.