NSE’s $2.3 Billion IPO Gets Muted First-Day Response

The National Stock Exchange of India’s ₹225.69 billion ($2.3 billion) IPO was subscribed 42% on its first day of bidding on September 17. Investors placed bids for around 37 million shares against the 88.6 million shares on offer, according to exchange data.

The IPO, one of India’s largest, will remain open until September 21, with listing planned for September 24. Analysts noted that subscription levels can increase during the later stages of an IPO as institutional investors participate.

The offering comes amid strong activity in India’s primary market, but NSE is seeking a valuation of up to $46 billion, below earlier expectations. Analysts have also pointed to weaker activity in index options, where NSE has been losing market share to rival BSE.

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