MUMBAI: Shares of National Stock Exchange (NSE), the largest bourse in India in terms of turnover and profit, listed on BSE at Rs 1,800, a marginal 0.8% premium to its IPO price of Rs 1,785 but rallied soon after. After touching an intraday high of 1,878, a 5% gain over its offer price, the stock closed at Rs 1,818, a 1.8% rise over its issue price.At the close of Thursday’s session, the bourse had a market capitalisation of Rs 4.5 lakh crore, which made it the 11th most valued company in India. NSE is now valued more than companies like Sun Pharma (Rs 4.4 lakh crore) and Titan (Rs 4.3 lakh crore) but less than Hindustan Unilever (Rs 4.5 lakh crore), LIC (Rs 5.1 lakh crore) and eight others.On Sept 21, the exchange had closed its much-anticipated, yet much-delayed IPO, in which some of its existing shareholders together sold nearly 12.9 crore shares, raising Rs 22,568 crore. This made it the second biggest such offer in India, behind Hyundai India’s Rs 28,900-crore offer that closed in Oct 2024. The issue was subscribed 5.7 times.Current Sebi rules prohibit self-listing, meaning shares of an exchange or its subsidiaries can’t be traded on its platform. So NSE was listed on BSE. On BSE, nearly 5.2 crore shares changed hands in NSE’s debut session. Some of the large brokerages have given a buy recommendation for the stock. Among foreign brokerages, Macquarie started its coverage of the stock with an ‘outperform’ rating and a target price of Rs 1,965. Among the domestic ones, PL Capital initiated its coverage of NSE with an ‘accumulate’ rating and a target price of Rs 1,950.