National Stock Exchange of India shares rose as much as 5% after listing on the BSE at 1,800 Indian rupees, following India’s second-largest IPO, which raised $2.36 billion. The debut concluded a decade-long effort that began with NSE’s first public filing in 2016 and brought one of India’s most profitable financial institutions to public markets. NSE operates the world’s largest derivatives platform by contract volume and holds dominant positions in Indian cash equities and options, but tighter regulation, higher taxes and slower derivatives activity remain concerns for future earnings growth.