The National Stock Exchange (NSE) is nearing its long-anticipated public listing, with plans to file its draft red herring prospectus (DRHP) by the second week of June. This has led to a surge of interest in NSE's unlisted shares, currently trading at around ₹1,950-2,050, valuing the company at approximately ₹5 lakh crore. While analysts recognize NSE's strength as India's largest stock exchange, they caution that the current unlisted prices reflect significant optimism about the IPO. Experts like Paresh Bhagat and Arpit Jain emphasize that the assumption of guaranteed profits from buying shares before the IPO may not hold true, especially if the IPO is priced lower than current market valuations. Additionally, historical trends indicate that investing in unlisted shares close to an IPO may present greater risks. Despite these concerns, NSE is viewed as a high-quality business with strong profitability and market dominance, making it an attractive option for long-term investors, albeit with caution regarding entry timing and valuation.