India’s Securities and Exchange Board has approved the National Stock Exchange of India’s initial public offering, clearing the way for a targeted listing in the week of September 21 after nearly a decade of regulatory delays. The offering is expected to raise about ₹30,000 crore, or roughly $3.6 billion, making it one of the largest IPOs in Indian market history. NSE’s estimated unlisted valuation is ₹5 lakh crore, or about $55 billion, and analysts project a price-to-earnings ratio of around 35 times upon listing. The IPO will be entirely an offer for sale of up to 14.89 crore shares, representing about 6% of paid-up capital, with existing shareholders receiving the proceeds. SBI Group is expected to sell approximately 2.48 crore shares. Book-building is expected to begin around September 11, with the price band anticipated by September 15. NSE’s listing was delayed by regulatory scrutiny over co-location services and allegations of preferential access to trading systems. The exchange paid ₹1,491.21 crore to settle the matter. Because exchanges cannot list on their own platforms, NSE will debut on BSE, its publicly traded rival. The listing would give investors direct exposure to an exchange that operates the Nifty 50 index and handles most of India’s equity derivatives trading, while the offering’s size could temporarily compete for capital with other mid-cap and large-cap IPOs.