The roughly 22,560 crore rupee IPO raised no new money for the exchange. Its sellers included Canada's CPP Investments and other long-term overseas holders.
One of India's most prominent private-market exits arrived through the stock market, and the early trading has been flat.
The National Stock Exchange of India listed on Thursday after an initial public offering made up entirely of shares sold by existing holders. It sold 12.64 crore shares at 1,785 rupees each, for an issue size of about 22,560 crore rupees. No new shares were issued, so the exchange itself raised nothing.
The stock opened at 1,800 rupees, 0.84% above the offer price, and closed its first day at 1,818. On Friday it closed at 1,792.65, down 1.39%, still just above the IPO price.
The sellers
The offering was a way for long-term investors to cash out. Canada Pension Plan Investment Board sold 1.19 crore shares, worth about 2,120 crore rupees at the offer price. Other selling shareholders included Aranda Investments (Mauritius), about 2,008 crore rupees, MS Strategic (Mauritius), about 1,964 crore rupees, and an affiliate of TA Associates, about 357 crore rupees, along with other overseas holders.
The unlisted premium
Before the listing, NSE shares traded in India's unlisted market at about 1,975 to 2,000 rupees in early September. The IPO priced about 10% below that range, and the stock has stayed near the offer price. For investors who bought in private secondary trades at the higher level, the listing has so far locked in a loss rather than a gain.
That gap is a data point on how much of a pre-IPO private-market valuation survives contact with public investors. A book about six times subscribed did not translate into a strong debut.
For the selling shareholders, the exit is complete at the offer price regardless of how the stock trades. For the broader market, NSE's performance over its first weeks will shape how other large Indian private companies, many backed by global funds, price their own listings.