NSE vs BSE: How BSE performed since its listing

4 Sep 2026 , 06:10 PM

BSE Share Price History: From ₹806 IPO to ₹3,410 — How ₹1 Lakh Became Nearly ₹38 Lakh

BSE Ltd has emerged as one of the biggest wealth creators among India’s listed capital-market companies over the past few years. The stock, which was offered to investors at ₹806 per share in its 2017 initial public offering, has delivered extraordinary returns for investors who stayed invested through its sharp ups and downs.

At the current market price of ₹3,409.80 as of September 4, 2026, the stock has gained substantially from its IPO price. More importantly, investors who held the stock through BSE’s two 2:1 bonus issues would now own nine shares for every one share originally purchased.

This means the effective value created for long-term shareholders is considerably higher than what a simple comparison between the IPO price and today’s share price suggests.

BSE IPO: Where It All Started

BSE made its stock-market debut on February 3, 2017.

The company had fixed its IPO price at ₹806 per share, while the stock listed at ₹1,069.20, giving IPO investors an initial listing gain of around 32.65%.

However, the initial euphoria did not last. BSE shares subsequently went through a prolonged period of weakness, with the stock declining sharply from its listing levels during 2017-19. The company’s subsequent transformation, particularly the growth of India’s derivatives and capital-markets ecosystem, eventually resulted in a major rerating of the stock.

BSE Bonus Share History

BSE has issued two bonus shares since its listing.

Ex-Bonus Date	Bonus Ratio	Meaning
March 21, 2022	2:1	2 additional shares for every 1 share
May 23, 2025	2:1	2 additional shares for every 1 share

The first 2:1 bonus had a record date of March 22, 2022, while the second 2:1 bonus had a record date of May 23, 2025. BSE has not undertaken a stock split since its listing.

The second bonus resulted in the allotment of 27.075 crore additional equity shares, taking BSE’s paid-up equity share capital from 13.5376 crore shares to 40.6129 crore shares.

What does this mean for an IPO investor?

An investor who originally owned:

1 BSE share would have:

• After the first 2:1 bonus → 3 shares
• After the second 2:1 bonus → 9 shares

Therefore, one original BSE IPO share has effectively become nine shares.

BSE Share Price Performance: Year by Year

To compare the stock across years meaningfully, prices need to be adjusted for the subsequent bonus issues.

Year	Adjusted Closing Price	Approx. Annual Return
2017	₹101.05	—
2018	₹66.49	-34.20%
2019	₹55.72	-16.20%
2020	₹68.80	+23.47%
2021	₹213.17	+209.84%
2022	₹181.63	-14.80%
2023	₹740.40	+307.64%
2024	₹1,775.13	+139.75%
2025	₹2,632.20	+48.28%
2026 YTD	₹3,409.80	+29.54%

The numbers show a dramatic change in BSE’s fortunes.

The stock struggled during 2018 and 2019 before beginning its major upward move. BSE gained more than 200% in 2021, corrected in 2022, and then delivered an exceptional 308% gain in 2023.

The rally continued into 2024, when the stock gained approximately 140%.

In 2025, BSE shares added another 48%, while the stock has gained roughly 30% so far in 2026 based on the September 4 closing price.

BSE’s September 4, 2026 closing price was ₹3,409.80. The stock’s 52-week range currently stands at ₹2,021.50-₹4,446.80.

What Happened to ₹1 Lakh Invested in BSE IPO?

This is where BSE’s bonus history makes the calculation particularly interesting.

Suppose an investor invested ₹1 lakh in BSE’s IPO at ₹806 per share.

₹1,00,000 ÷ ₹806 = approximately 124.07 shares

After the first 2:1 bonus:

124.07 × 3 = 372.21 shares

After the second 2:1 bonus:

372.21 × 3 = 1,116.64 shares

At ₹3,409.80 per share:

1,116.64 × ₹3,409.80 = approximately ₹38.07 lakh

Therefore: ₹1 lakh invested at the BSE IPO price would be worth approximately ₹38.07 lakh today, excluding dividends.

That represents a capital appreciation of approximately 3,707%.

In simple terms, the original investment has multiplied approximately 38 times.

BSE IPO Lot: ₹14,508 Would Become Over ₹5.5 Lakh

The IPO lot size was 18 shares.

At ₹806 per share, the minimum IPO investment was:

18 × ₹806 = ₹14,508

Those 18 shares would have become:

18 × 3 = 54 shares after the 2022 bonus

54 × 3 = 162 shares after the 2025 bonus

At ₹3,409.80:

162 × ₹3,409.80 = ₹5,52,387.60

Therefore, the original ₹14,508 IPO investment would now be worth approximately ₹5.52 lakh, excluding dividends.

BSE Dividend History

The return becomes even more interesting when dividends are considered.

BSE has declared 14 dividends since its listing in 2017. Its corporate-action history includes dividends of ₹31 and ₹5 in 2018, ₹25 in 2019, ₹17 in 2020, ₹21 in 2021, ₹13.50 in 2022, ₹12 in 2023, ₹15 in 2024, ₹18 plus ₹5 special dividend in 2025, and ₹10 in 2026.

The ₹18 final dividend and ₹5 special dividend in May 2025 were declared before the second 2:1 bonus, while the ₹10 dividend in July 2026 was paid after both bonus issues.

This distinction is important when calculating the dividend income received by an investor who has held the stock continuously.

Total Return Including Dividends

For an investor who bought one share at the ₹806 IPO price and held it throughout, the two bonus issues transformed the original holding into nine shares.

At ₹3,409.80, the current market value is:

9 × ₹3,409.80 = ₹30,688.20

The cumulative cash dividends attributable to the original holding, after accounting for the increase in shares following the bonus issues, add further to the investor’s total wealth.

Therefore, the total shareholder value is higher than the ₹30,688 capital value alone.

On a cash-dividend basis, the overall return works out to roughly 3,700%-plus on the original IPO investment, before taxes and assuming dividends were not reinvested.

If dividends had been reinvested into BSE shares, the eventual value would be higher still.

BSE’s Biggest Years

BSE’s performance has been particularly remarkable since 2021.

2021: The beginning of the major rerating

The stock gained more than 200% during 2021 on an adjusted basis.

2022: Temporary correction

BSE declined approximately 15% in 2022 despite the first 2:1 bonus.

The apparent price adjustment around the bonus should not be confused with an actual loss in shareholder wealth because investors received additional shares. BSE’s first 2:1 bonus had an ex-date of March 21, 2022.

2023: Explosive rally

2023 was arguably the turning point in BSE’s market story.

The stock surged approximately 308% on the adjusted basis.

2024: Another huge year

BSE shares gained approximately 140% in 2024.

2025: Continued gains despite another bonus

The stock added approximately 48% in 2025.

BSE also announced its second 2:1 bonus during the year, with May 23, 2025 as the record/ex-bonus date.

2026: Still higher

Despite periods of volatility, BSE has remained one of the major gainers in the capital-market space.

The stock touched ₹4,446.80 during 2026 before correcting to ₹3,409.80 by September 4.

BSE Investment: ₹1 Lakh Then vs Now

Investment	IPO Value	Current Value*
₹10,000	₹10,000	~₹3.81 lakh
₹25,000	₹25,000	~₹9.52 lakh
₹50,000	₹50,000	~₹19.03 lakh
₹1 lakh	₹1 lakh	~₹38.07 lakh
₹2 lakh	₹2 lakh	~₹76.14 lakh
₹5 lakh	₹5 lakh	~₹1.90 crore
₹10 lakh	₹10 lakh	~₹3.81 crore

*Based on the ₹806 IPO price and ₹3,409.80 September 4, 2026 closing price, with both 2:1 bonus issues accounted for; excludes dividends, taxes and transaction costs.

BSE Share Return: The Big Picture

BSE’s journey is a good example of why long-term returns cannot always be judged by simply comparing an IPO price with the current market price.

At ₹806, the IPO investor initially bought one share.

After two 2:1 bonus issues:

1 share became 9 shares.

At ₹3,409.80:

9 shares = ₹30,688.20

Therefore:

₹806 → ₹30,688

That represents a capital appreciation of approximately:

3,707%

And once dividends are included, the total shareholder return rises further.

For the original minimum IPO investment of ₹14,508:

₹14,508 → approximately ₹5.52 lakh in market value, excluding dividends.

That makes BSE one of the standout long-term wealth creators among India’s listed capital-market plays.

The current price used is BSE’s September 4, 2026 closing price of ₹3,409.80. The two 2:1 bonuses are confirmed in exchange/company corporate-action records, and BSE has no stock split in its recorded history

Disclaimer – The calculations above are based on holding the shares continuously, receiving the applicable bonus shares and taking dividends as cash rather than reinvesting them. They also exclude brokerage, taxes, dividend tax treatment and other transaction costs. The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.