India’s largest stock exchange, National Stock Exchange of India Ltd. is preparing for its market debut on Sept. 24, after investors bid for more than five times the shares available in its 226 billion rupees ($2.4 billion) initial public offering. The offering was the second-biggest IPO ever in India, ranking behind only Hyundai Motor India Ltd.’s 278.7 billion-rupee IPO in 2024. Shares were priced at 1,785 rupees each, valuing NSE at about 4.4 trillion rupees ($46 billion).

NSE’s shares will list on rival exchange BSE Ltd. to comply with Indian regulations. NSE operates platforms for stocks, equity derivatives, currencies and debt, earning most revenue from transaction fees. It is the world’s largest derivatives bourse by contracts traded and manages the Nifty 50 index via a subsidiary.

For the fiscal year ended March 2026, NSE reported profit of 103 billion rupees on revenue of 187 billion rupees. The IPO consisted entirely of shares sold by existing investors, including State Bank of India, General Insurance Corp. of India and Canada Pension Plan Investment Board, so NSE will not receive proceeds. Listing provides shareholders a more liquid market to trade stakes.

NSE may raise capital in the future to invest in technology and expand into commodities trading. Retail investor participation in India’s stock market surged post-pandemic, with almost 250 million trading accounts now existing.