Investors rush into India’s National Stock Exchange IPO at valuation multiple above Nasdaq

The atrium inside the National Stock Exchange (NSE) building in Mumbai, India, on Wednesday, Sept. 9, 2026. NSE, the operator of the world's largest derivatives exchange by trading volume, is seeking a valuation of as much as 5.26 trillion rupees ($55 billion) in its planned initial public offering, according to people familiar with the matter. Bloomberg | Bloomberg | Getty ImagesThe $2.3 billion initial public offer of shares in India's National Stock Exchange has received a frenzied response from investors, drawing bids worth more than $10 billion despite its hefty price-to-earnings multiple, which values it above several U.S. stock exchange businesses such as Nasdaq.Driven by strong demand from institutional and high-net-worth buyers, the NSE IPO secured bids for 505.81 million shares on Monday, 5.7 times the 88.64 million shares on offer. As part of the IPO, the company also raised 67.5 billion rupees ($704 million) last week from anchor investors such as the Monetary Authority of Singapore, the Abu Dhabi Investment Authority and India's top life insurer Life Insurance Corporation of India.The NSE IPO is the country's biggest listing so far this year and the second largest ever...