India’s National Stock Exchange (NSE), the world’s busiest derivatives exchange by trading volume, has finalized its anchor allocation ahead of an IPO targeting 22,569 crore rupees, or roughly $2.4 billion. The anchor book raised 6,746 crore rupees, approximately $703 million, from 189 institutional investors on September 16, with shares allocated at 1,785 rupees each, the top of the anticipated price band. Public bidding runs from September 17 through 21, with a likely listing around September 24. Foreign portfolio investors accounted for nearly 43% of the anchor allocation, while domestic mutual funds took about 37%. Life Insurance Corporation of India received the largest individual allocation at approximately 450 crore rupees. Goldman Sachs Asset Management, HSBC, Fidelity International and Eastspring Investments participated, while BlackRock and Capital Group reportedly declined over valuation concerns. The offering is entirely an offer-for-sale, so proceeds will go to existing shareholders rather than NSE. The exchange first filed to list in 2016, but regulatory investigations, governance controversies and compliance questions delayed the process until clearances arrived in 2026.