The National Stock Exchange of India set a price band of ₹1,700 to ₹1,785 for an IPO of 126.4 million existing shares, seeking up to $2.36 billion. The offering is smaller than the 148.9 million shares initially estimated in its draft red herring prospectus filed in June, reducing the stake sold from about 6% to 5.1% and lowering the implied valuation from around $55 billion to approximately $47 billion. Investors told NSE during roadshows in Hong Kong, London and New York that the original pricing was too high amid regulatory scrutiny of its derivatives business. SEBI cleared the IPO on September 4 after an updated draft prospectus was filed in June. The subscription period is scheduled for September 17 through September 21, with a potential September 24 listing. The offer-for-sale structure means proceeds go to existing shareholders rather than NSE, while only about 5% of the company will be publicly held after the transaction. NSE’s listing effort has been delayed for nearly a decade by regulatory investigations, governance concerns and co-location disputes involving alleged advantages for some high-frequency traders. The revised valuation still ranks NSE among Asia’s most valuable exchange groups, but analysts project the IPO may not exceed Hyundai Motor India’s record ₹27,870 crore offering. Further regulatory measures targeting options-market speculation could pressure the revenue streams that powered NSE’s growth.