NSE Chief Says Going Public Could Be the Biggest Growth Hack for Startups
NSE Managing Director and CEO Ashish Chauhan has urged startups and MSMEs to embrace public listing as a long-term growth strategy, saying capital markets can provide funding, credibility and better governance while allowing founders to retain control
NSE Chief Says Going Public Could Be the Biggest Growth Hack for Startups
Summary of this article
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NSE CEO Ashish Chauhan urged startups and MSMEs to view public listing as a strategic growth tool rather than just a fundraising exercise, stressing that founders can retain control while accessing growth capital.
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According to Chauhan, listed companies benefit from stronger governance, greater credibility, easier access to finance, ESOPs and higher valuations that can support long-term expansion.
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Since its launch in 2012, the NSE’s SME platform has helped companies raise over ₹21,700 crore and build a combined market capitalisation of more than ₹2 lakh crore.
National Stock Exchange (NSE) Managing Director and Chief Executive Officer Ashish Chauhan has urged startups and micro, small and medium enterprises (MSMEs) to view public listing as a strategic growth tool rather than merely a fundraising exercise, saying access to capital markets can help businesses scale faster while allowing founders to retain control.
Speaking at the JITO Incubation and Innovation Foundation (JIIF) Foundation Day event, Chauhan encouraged entrepreneurs to focus on building profitable and sustainable businesses instead of being distracted by short-term movements in stock prices. His remarks come shortly after the NSE filed its draft prospectus for its long-awaited initial public offering (IPO).
1 June 2026
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Listing as a Growth Strategy
According to Chauhan, public markets offer far more than access to capital. Listing can improve corporate governance, enhance a company’s credibility, attract top talent and provide businesses with a stronger platform for long-term expansion.
He explained that companies can unlock significantly higher valuations after listing. As an example, Chauhan said a business generating an annual profit of around ₹2 crore could potentially command a market capitalisation of ₹40-50 crore once it enters the stock market.
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Importantly, he sought to address concerns around ownership dilution, noting that promoters can typically retain around 75% ownership at the time of listing while offering the remaining shares to public investors.
“Control stays with you,” Chauhan said, adding that founders should not fear losing ownership or becoming vulnerable to hostile takeovers simply by going public.
Focus on Business, Not Share Prices
Chauhan also cautioned entrepreneurs against treating stock prices as a measure of business success.
“Your business is in your operations, not in the share price. The stock market is only a reflection of your business; it is not the business itself,” he said.
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He noted that listed companies also gain strategic advantages such as using shares for acquisitions, implementing employee stock ownership plans (ESOPs), attracting skilled professionals and simplifying succession planning. Compliance requirements, he added, are often less burdensome than founders assume and are largely managed by company secretaries.
SME Platform Continues to Expand
Highlighting the success of the NSE’s SME platform, Chauhan said companies listed on the exchange’s dedicated SME segment have collectively raised more than ₹21,700 crore since its launch in 2012 and now command a combined market capitalisation exceeding ₹2 lakh crore.
He also addressed concerns around liquidity in SMEstocks, noting that the exchange’s market-maker mechanism provides two-way quotes for up to three years after listing to support trading activity.
Encouraging entrepreneurs to think beyond incremental growth, Chauhan urged founders to build businesses capable of scaling rapidly.
“If you are doing a business of ₹10 crore or ₹20 crore, you should be planning for ₹200 crore and beyond,” he said.
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