India's National Stock Exchange is preparing to price its long-awaited initial public offering at ₹1,700 to ₹1,785 per share, below recent unlisted-market trading levels of ₹2,000 to ₹2,045 and historical peaks of as much as ₹2,400. The revised range represents a roughly 15% discount to recent private-market prices and more than 25% below the peak. At the upper end, NSE would be valued at approximately ₹4.42 lakh crore, or about 43 times earnings for the previous fiscal year. The IPO is structured entirely as an offer-for-sale of roughly 14.89 crore shares, equivalent to about 5.5% of equity, reduced from an earlier plan for 6%. Expected proceeds are around ₹24,300 crore, all of which would go to selling shareholders rather than NSE. SEBI approved the IPO process in early September 2026, with the offering tentatively planned for mid-September and listing targeted for late September. The lower pricing appears to reflect cautious institutional feedback, while similar gaps between unlisted-market premiums and final issue prices have occurred in Indian IPOs including NSDL and HDB Financial.