National Stock Exchange of India raised $2.3 billion through its initial public offering, which was subscribed 5.7 times after attracting total bids worth more than $10 billion. Institutional and high-net-worth investors drove demand. The offering has also been described as $2.4 billion in existing exchange data. NSE’s valuation carries a higher price-to-earnings multiple than U.S. exchange operators Nasdaq and Intercontinental Exchange. The offering was India’s second-largest public issue after Hyundai Motor India’s 2024 listing, with shares scheduled to begin trading on the Bombay Stock Exchange on September 24. The pure offer-for-sale will transfer stakes from existing shareholders, including State Bank of India and international institutions, without directing proceeds to NSE.