India's National Stock Exchange (NSE) received bids worth more than $10 billion for its $2.3 billion initial public offering, valuing the exchange above several U.S. peers including Nasdaq.
The IPO secured bids for 505.81 million shares on Monday, 5.7 times the 88.64 million shares on offer, driven by demand from institutional and high-net-worth investors. As part of the offering, NSE raised 67.5 billion rupees ($704 million) last week from anchor investors including the Monetary Authority of Singapore, the Abu Dhabi Investment Authority and India's Life Insurance Corporation of India.
The listing is India's biggest this year and the second largest ever, after Hyundai Motor India's $3.3 billion share offer in 2024. The IPO had been in the works since 2016.
NSE is valued at a price-to-earnings ratio of 42.9 times, based on the upper end of the IPO price band and earnings per share for the year ended in March 2026, according to a report by Indian brokerage Yes Securities. By comparison, U.S. stock exchange companies trade at a price-to-earnings ratio of less than 24 times: Nasdaq trades at 23.6 times and Intercontinental Exchange at 21.9 times, according to LSEG data.
