Goldman Sachs, HSBC, Fidelity and Eastspring are among major investors that participated in the anchor book of National Stock Exchange of India Ltd. before the world's busiest derivatives exchange opened its initial public offering to the public, aiming to raise as much as 226 billion rupees ($2.4 billion). Investment bankers working on the deal allocated 37.79 million shares to anchor investors at 1,785 rupees apiece, the top end of the marketed range, raising 67.46 billion rupees ($703 million), according to an exchange filing. Sovereign wealth funds including GIC Singapore and Abu Dhabi Investment Authority also participated as anchor investors, the filing showed.

The book also drew strong demand from domestic mutual funds and insurers. Life Insurance Corp., SBI Funds Management Ltd and ICICI Prudential Asset Management Co. were among the largest anchor investors in the offering. NSE will take orders from investors from Sept. 17 through Sept. 21, with a potential listing on Sept. 24.

The exchange set a price band of 1,700 rupees to 1,785 rupees a share, below an earlier marketed range of 2,000 rupees to 2,100 rupees, people familiar with the matter have said. The lower range reflects an effort to balance NSE's growth prospects against investor concerns over valuation and regulatory risks. While the company's dominant market position and profitability have attracted strong investor interest, some funds remain wary of the price they are being asked to pay for future growth. Investors are weighing slowing growth and tighter regulatory oversight of stock-market activity. Options trading, a key driver of the exchange's earnings, has come under particular pressure as Indian authorities seek to curb speculative derivatives trading.