Ahead of its highly anticipated initial public offering, the National Stock Exchange (NSE) of India has successfully raised Rs67.46 billion ($703.04 million) by allotting shares to a group of anchor investors. The shares were priced at Rs1,785 apiece, hitting the maximum ceiling of the IPO’s price band. Notably, the Life Insurance Corporation of India (LIC) led the pack as the primary investor, accounting for roughly 6% of the anchor book. Other high-profile participants included major global players such as the Abu Dhabi Investment Authority, Fidelity, and Norway’s sovereign wealth fund.

This $2.3 billion offering stands as one of the largest market debuts in Indian history and coincides with a period of significant activity in the nation’s primary markets. The entire IPO consists of an offer for sale by existing shareholders, meaning the exchange itself will not receive any capital from the proceeds. As the subscription window opens this Thursday, the distribution strategy allocates half of the issue to qualified institutional buyers, while reserving approximately 35% for retail investors. The massive operation is being managed by a consortium of 20 prominent investment banks, including industry giants like Morgan Stanley, Citi, and HSBC.