Tag: NSE IPO

  • NSE IPO Set for BSE Debut on September 24: Grey Market Premium Drops to Rs 45.5

    NSE IPO Set for BSE Debut on September 24: Grey Market Premium Drops to Rs 45.5

    NSE’s Long-Awaited Public Debut

    The National Stock Exchange of India (NSE) is set to begin trading on the BSE on September 24, after its Rs 22,562 crore initial public offering attracted solid demand from both retail and institutional investors. The IPO closed on September 21, and the listing marks NSE’s first appearance as a publicly traded company.

    Because the offering is structured as an offer for sale (OFS), the proceeds will go to existing shareholders rather than to the exchange itself. The issue carried a price band of Rs 1,700 to Rs 1,785, with eight shares per lot.

    GMP Cools Ahead of Listing

    Heading into the debut, the grey market premium (GMP) has cooled sharply, signaling more measured expectations among unofficial market participants. Moneycontrol reported a GMP of around Rs 45.5 on September 22, implying a listing price of roughly Rs 1,830 — about 2.55% above the upper end of the IPO price band.

    Earlier estimates had been stronger, with Business Standard reporting a Rs 68 GMP and Mint later citing Rs 81. These unofficial premiums can change quickly before shares begin trading, and the actual listing price may differ from grey market expectations.

    Subscription Highlights

    According to exchange data, the NSE IPO was subscribed 5.71 times by the final bidding day. Institutional demand led the way:

    • Qualified institutional buyers: 12.68 times
    • Non-institutional investors: 6.55 times
    • Retail investors: 1.39 times

    What to Watch on Listing Day

    Trading is expected to begin around 10 AM IST on Thursday, September 24, with the BSE hosting the debut. Market observers have highlighted NSE’s strong position across Indian capital markets and its diversified financial infrastructure.

    Shivani Nyati of Swastika Investmart said the IPO could deliver “minor listing gains,” while also emphasizing the company’s long-term investment case. The opening price will show whether strong institutional participation can overcome the recent cooling in grey market sentiment.

  • Indian Stock Market Opens Lower: Sensex Plunges 500 Points, Nifty Falls 200 Points as NSE Listing Takes Center Stage

    Indian Stock Market Opens Lower: Sensex Plunges 500 Points, Nifty Falls 200 Points as NSE Listing Takes Center Stage

    Indian equity markets opened sharply lower on Thursday, with the BSE Sensex plunging more than 500 points and the NSE Nifty falling over 200 points. The decline was attributed to weak global cues, rising bond yields, and expensive crude oil. The much-anticipated listing of the National Stock Exchange (NSE) on the bourses remained the key domestic event of the day.

    On Wednesday, the Nifty had rebounded 0.62%, driven by a 2.4% surge in metals. However, experts warned that market volatility would remain elevated with sharp intraday swings. The total market capitalization of BSE Sensex companies stood at Rs 4,83,54,454 crore.

    Overnight, US markets ended mixed, with the Nasdaq hitting a fresh record close, while the S&P 500 was nearly flat and the Dow Jones fell sharply.

    The main focus on Thursday was the listing of NSE shares on the BSE and the Metropolitan Stock Exchange of India (MSEI). NSE’s shares were expected to see a modest gain of 2-3%. On the BSE Sensex website, the pre-open status of NSE Ltd. stood at Rs 1,735 at 9:22 am. The NSE IPO was priced in a band of Rs 1,700-1,785 per share, with Rs 1,785 being the upper end. However, GIFT Nifty futures were at 23,270 points in the morning, indicating a negative start for the Nifty 50 index.

    Among the 30 Sensex firms, major winners included Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid, and Larsen & Toubro. On the other hand, HCLTech, Infosys, Tata Consultancy Services, Titan, and Mahindra & Mahindra were among the laggards.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Analytics Insight does not provide financial advice or guidance on stocks. Readers are encouraged to conduct their own research before making investment decisions.

  • NSE IPO Closes Today: Institutional Investors Sell Only 5.11% Stake in Rs 22,569 Crore OFS

    NSE IPO Closes Today: Institutional Investors Sell Only 5.11% Stake in Rs 22,569 Crore OFS

    The National Stock Exchange (NSE) IPO enters its final bidding day today, with major shareholders choosing to retain most of their stakes even as the Offer for Sale (OFS) concludes. The Rs 22,569-crore issue closes on September 21, and NSE shares are expected to debut on the stock exchanges on September 24.

    Limited Sell-Down by Institutional Investors

    Institutional investors collectively held a 36.82% stake in NSE before the IPO but have offered shares equivalent to only 5.11% of the exchange through the OFS. This limited sell-down allows these shareholders to monetize a portion of their investments while keeping significant exposure to the exchange ahead of its public listing.

    The selling group comprises 20 institutional investors — nine foreign investors and 11 domestic institutions. Foreign investors collectively held 15.96% of NSE before the IPO, while domestic institutions controlled 20.86%.

    Key Shareholders and Their Reductions

    Several large institutional investors trimmed their holdings by roughly 7% through the OFS:

    • Aranda Investments held 4.54% before the OFS.
    • Stock Holding Corporation had a 4.44% stake.
    • SBI Capital Markets entered the OFS with a 4.33% stake.
    • ChrysCapital held 3.73% before selling shares.

    Among foreign investors, Crown Capital sold around 11% of its pre-OFS holding, while TA Asia Pacific reduced its position by approximately 6% during the share sale.

    IPO Details and Subscription

    The NSE IPO offers up to 12.64 crore shares at a price band of Rs 1,700 to Rs 1,785 per share. At the upper end of the price band, NSE is valued at approximately Rs 4.42 lakh crore.

    The issue became fully subscribed on its second day of bidding, making it India’s second-largest public issue. Only Hyundai Motor India’s Rs 27,870-crore IPO in 2024 was larger.

    Because the NSE IPO is structured as an OFS, the exchange itself will not receive any proceeds. Instead, the money raised will go directly to the existing shareholders selling their shares.

    The OFS initially targeted 14.9 crore shares, but shareholders reduced the offer to 12.64 crore shares. That change lowered the expected issue size from around Rs 30,000 crore to the final Rs 22,569 crore figure.

    With the IPO closing today, all eyes now turn to the September 24 listing, where the retained stakes of institutional investors will remain exposed to market performance.

  • NSE IPO Enters Day 2 With 43% Day-1 Subscription; Grey Market Premium Holds Near 8%

    NSE IPO Enters Day 2 With 43% Day-1 Subscription; Grey Market Premium Holds Near 8%

    NSE IPO Bidding Continues After Strong Opening-Day Demand

    The National Stock Exchange’s much-awaited initial public offering moved into its second day of bidding on September 18 after receiving 43% subscription on the opening day. The Rs 22,569-crore issue is one of India’s largest public offerings and has drawn strong interest from investors and market participants.

    The IPO opened on September 17 and will remain available for subscription until September 21. NSE has set the price band at Rs 1,700 to Rs 1,785 per share. The issue is structured as an offer for sale (OFS), meaning the exchange itself will not receive any proceeds from the shares sold by existing shareholders.

    Day 1 Subscription Highlights

    By the end of the first day, investors had placed bids for about 3.84 crore shares against the 8.86 crore shares available, taking the overall subscription to 0.43 times. Here is the segment-wise subscription:

    • Retail investors: 0.44 times
    • Non-institutional investors: 0.72 times
    • Qualified institutional buyers: 0.19 times
    • Employee portion: 0.98 times

    The IPO comprises 12.64 crore shares offered by existing shareholders. Around 50% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. The minimum retail application is for eight shares, which costs Rs 14,280 at the upper end of the price band.

    Grey Market Premium Signals Moderate Listing Expectations

    In the unofficial grey market, NSE shares were commanding a premium of around 8% on the second day of bidding. Business Standard reported a premium of up to 7.96%, with shares changing hands at roughly Rs 1,927 — about Rs 142 above the upper end of the IPO price band.

    Investors should note that the grey market premium is not an official market indicator. It can change before listing and does not guarantee the price at which NSE shares will eventually trade.

    What Brokerages Are Saying

    Brokerages have largely focused on NSE’s strong market position, earnings potential, and valuation, while also flagging risks tied to trading volumes and regulatory changes.

    Swastika Investmart highlighted NSE’s valuation against listed peer BSE and noted that the exchange’s earnings remain sensitive to market activity.

    Religare Broking said in an IPO note: “NSE’s IPO presents a balanced outlook, with financial performance in FY26 impacted by regulatory changes and moderation in trading activity, while operational metrics remained resilient, supported by increasing investor participation, fund mobilization and market presence. At a P/E of 42.9x, the valuation reflects the company’s established market position and future growth potential, while leaving limited room for earnings disappointments.”

    The note added: “Regulatory developments, including SEBI measures on options trading, remain key factors influencing trading volumes and transaction-based income. While the long-term growth opportunity in India’s capital markets remains favorable, the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, we assign a Neutral rating.”

    Ventura pointed to NSE’s scale, technology capabilities, and position within India’s capital-market ecosystem. These observations represent the respective brokerages’ views and are not a guarantee of future returns.

    IPO Timeline

    The IPO will close on September 21. Allotment is likely on September 22, with shares credited on September 23 and listing expected on September 24.

  • NSE IPO Day 1: Retail and HNI Demand Outpaces Institutional Interest

    NSE IPO Day 1: Retail and HNI Demand Outpaces Institutional Interest

    The National Stock Exchange (NSE) of India launched its much-anticipated initial public offering (IPO) on Day 1, with overall subscription reaching 43%. The Rs. 22,562 crore offer saw bids for nearly 3.8 crore shares against the 8.9 crore shares on offer. However, the response from institutional investors was notably cautious, with only 19% of their allotted portion subscribed.

    In contrast, retail investors subscribed 44% of their quota, while non-institutional investors (HNIs) showed stronger demand at 72%. The employee portion was almost fully subscribed, underscoring broad-based interest from smaller investors.

    Key Details of the NSE IPO

    The IPO is structured as an offer for sale, meaning the exchange will not receive any fresh capital from the proceeds. The price band is set at Rs. 1,700 to Rs. 1,785 per share, placing NSE’s valuation at around Rs. 4.42 lakh crore at the upper end. This is lower than earlier expectations of approximately Rs. 5 lakh crore, partly due to concerns over derivatives trading and future earnings.

    NSE remains a cornerstone of India’s financial markets, but its FY26 revenue dipped 3.1% and profit fell 15.5%, which may have contributed to the tempered institutional appetite.

    Why Institutional Investors Are Holding Back

    The low institutional participation on Day 1 does not necessarily signal rejection. In large IPOs, institutional bids often build up closer to the closing date. Domestic institutions such as SBI, SBI Caps, SHCIL, Bank of Baroda, and several private life insurers hold NSE stakes valued at roughly Rs. 72,000 crore, indicating long-term confidence.

    Investors are weighing NSE’s dominant market position against its recent earnings performance. The next few days will be crucial to see if institutional investors increase their participation, which could significantly boost overall subscription numbers.

    As the IPO enters its critical phase, market watchers will closely monitor the demand from qualified institutional buyers (QIBs) in the coming days.

  • NSE IPO Attracts 43% Subscription on Opening Day for Rs 22,569 Crore Offering

    NSE IPO Attracts 43% Subscription on Opening Day for Rs 22,569 Crore Offering

    India’s National Stock Exchange (NSE) launched its much-anticipated initial public offering (IPO) on Thursday, and the Rs 22,569 crore issue saw a 43% subscription rate on the first day. Investors bid for 3.83 crore shares against the 8.86 crore shares on offer, making it the country’s second-largest public offering.

    The IPO faced cautious demand as eleven other public offerings competed for investor capital in the same week. Qualified institutional buyers subscribed 19%, while retail investors reached 44% and non-institutional investors hit 72%.

    The NSE IPO has a price band of Rs 1,700 to Rs 1,785 per share, implying a valuation near USD 46 billion. Regulatory changes and weaker options activity have raised questions about future derivatives-led earnings growth. NSE generates about 80% of its revenue from trading, with options contributing around 60% of trading revenue. Options volumes have fallen 27% from their 2024 peak, increasing investor focus on future revenue growth.

    The crowded IPO calendar added another hurdle for the massive NSE public offering this week. Five mainboard and six SME issues together targeted around Rs 24,500 crore from investors. The NSE issue represented more than 90% of that combined value, concentrating demand around one enormous offering. Market participants therefore had several opportunities to distribute capital instead of committing heavily on opening day.

    The offer follows an offer-for-sale structure, limiting the direct benefit for NSE from the public issue. Existing shareholders are selling shares, while the exchange receives no fresh funds for expansion or new investments. NSE reduced the offering from an earlier plan, bringing the issue below its initial estimate of around Rs 30,000 crore.

    Institutional caution became clearer through first-day figures, despite strong anchor investor participation before launch. NSE raised Rs 6,746 crore from anchors, including LIC, Goldman Sachs, Fidelity, and major sovereign wealth funds. Reuters quoted Fident Asset Management founder Aishvarya Dadheech on institutional participation near the closing stages: “Subscriptions will pick up as institutional buyers start coming in.”

    The NSE IPO remains open through September 21, with listing planned for September 24. The muted opening reflects timing, valuation concerns, and uncertainty around derivatives growth rather than a single factor.

  • NSE IPO Opens September 17 Alongside Six Stock Debuts: Key Details for Investors

    NSE IPO Opens September 17 Alongside Six Stock Debuts: Key Details for Investors

    NSE IPO Opens for Subscription

    Dalal Street is bracing for a busy session on Thursday, September 17, as the National Stock Exchange’s long-awaited initial public offering opens for subscription. The same day, six companies that completed their IPOs last week are scheduled to begin trading on the NSE and BSE.

    The NSE IPO is an offer for sale, meaning existing shareholders are selling their shares and the exchange itself will not receive any proceeds from the offering. The issue is valued at around Rs. 22,568 crore, making it one of India’s largest public offerings, with a price band fixed at Rs. 1,700 to Rs. 1,785 per share. The subscription window remains open from September 17 to September 21.

    Ahead of the public issue, 189 institutional investors participated in the anchor allocation, buying shares worth approximately Rs. 6,746 crore at Rs. 1,785 per share.

    Six Companies Ready for Listing Day

    Investors will also track the stock-market debut of six companies that wrapped up their IPOs last week:

    • RentoMojo
    • LCC Projects
    • Manipal Payment & Identity Solutions
    • Asset Reconstruction Company (India)
    • Karamtara Engineering
    • Steamhouse India

    Collectively, these six issues generated strong demand. According to the Times of India, the offerings drew total bids of around Rs. 1.4 lakh crore, against a combined mobilisation target of about Rs. 7,100 crore.

    Among the debutants, RentoMojo raised about Rs. 1,255.6 crore, Karamtara Engineering Rs. 875 crore, Manipal Payment & Identity Solutions Rs. 805 crore, Asset Reconstruction Company (India) Rs. 733 crore, LCC Projects Rs. 427 crore and Steamhouse India Rs. 414 crore.

    Derivatives Market in Focus

    The NSE listing also comes at a time of change in the derivatives segment, a key revenue source for the exchange. Reuters reported that investors are weighing recent regulatory changes and softer derivatives volumes while assessing the offer.

    With the primary market buzzing, Thursday’s session is expected to keep Dalal Street active as both the exchange’s IPO and the new listings take centre stage.

    This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making investment decisions.

  • NSE IPO Subscription Begins: Price Band, GMP, Brokerage Insights, and Key Dates

    NSE IPO Subscription Begins: Price Band, GMP, Brokerage Insights, and Key Dates

    The much-anticipated initial public offering (IPO) of the National Stock Exchange (NSE) opens for public subscription on September 17, giving investors a chance to participate in one of India’s largest public issues. The subscription window remains open through September 21, with trading on the BSE scheduled to begin on September 24.

    IPO Price Band and Offer Details

    The NSE IPO is priced between Rs. 1,700 and Rs. 1,785 per share. The issue, which totals approximately Rs. 22,569 crore at the upper price band, is entirely an offer for sale (OFS). This means all proceeds will go to existing shareholders, not to the exchange itself.

    Lot Size and Retail Subscription

    Retail investors can bid for a minimum of eight shares, requiring an outlay of Rs. 14,280 at the upper end of the price band. The net offer reserves 50% for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.

    The exchange has trimmed the number of shares on offer compared with earlier plans, with the final offer comprising up to 12.64 crore shares through the OFS route. On September 16, anchor investors were allocated shares worth roughly Rs. 6,746 crore at Rs. 1,785 per share. LIC was among the largest anchor investors, joined by Norway’s Government Pension Fund, Abu Dhabi Investment Authority, and Fidelity.

    NSE IPO GMP Today

    The grey market is signaling a premium over the upper price band. Business Standard reported a grey market premium (GMP) of up to 9%, placing NSE shares around Rs. 1,945 — a Rs. 160 premium over the issue price of Rs. 1,785.

    Important note: GMP is an unofficial, speculative indicator that can change before listing. It should not be viewed as a guaranteed listing gain or as a substitute for evaluating the company’s fundamentals and valuation.

    What Brokerages Recommend

    Brokerage views are mixed. Choice Broking, Ventura, and Swastika have issued “Subscribe” recommendations, citing NSE’s dominant position in cash equities and equity derivatives, along with its clearing, indices, market data, and analytics businesses.

    Religare Broking has taken a “Neutral” stance, pointing to NSE’s dependence on trading activity, transaction charges, and regulatory changes. The brokerage also cautioned that a slowdown in market volumes could pressure earnings.

    “There is no other way to own Indian market infrastructure at this scale, and a first listing rarely comes cheap. Accordingly, we assign a rating of SUBSCRIBE.” — Choice Broking

    Allotment and Listing Timeline

    Share allotment is expected to be finalized on September 22, with shares likely to be credited to investors’ demat accounts on September 23. NSE’s shares are scheduled to debut on the BSE on September 24.

    Investors evaluating the IPO should weigh NSE’s market position, valuation, reliance on trading volumes, regulatory environment, and the fact that the issue is entirely an offer for sale.

  • NSE IPO Set to Open on September 17: 12.64 Crore Shares Offered at Rs. 1,700–1,785 Price Band, Key Risks Explained

    NSE IPO Set to Open on September 17: 12.64 Crore Shares Offered at Rs. 1,700–1,785 Price Band, Key Risks Explained

    The National Stock Exchange (NSE) is finally bringing its long-awaited initial public offering (IPO) to the market. The IPO will open for subscription on September 17 and close on September 21, with a price band fixed at Rs. 1,700 to Rs. 1,785 per share. The entire issue is structured as a 100% offer for sale (OFS), meaning no fresh shares will be issued and NSE will not receive any proceeds. All funds will go to the selling shareholders.

    OFS Size Reduced Before Opening

    Selling shareholders have scaled back the number of shares on offer from about 14.89 crore in the draft documents to approximately 12.64 crore in the final offer. This revised issue represents about 5.2% of NSE’s equity capital and values the exchange at nearly Rs. 4.42 lakh crore at the upper end of the price band.

    State Bank of India (SBI) is among the largest sellers, planning to offload about 1.60 crore shares, which could fetch around Rs. 2,850 crore at the top price. SBI Capital Markets will separately offer about 87.8 lakh shares. Other sellers include General Insurance Corporation of India, Bank of Baroda, Stock Holding Corporation of India, and several institutional investors. Some shareholders have reduced the number of shares they plan to sell compared with earlier filings, reflecting the valuation below some market expectations. An analyst tracking the issue noted, With the price band that we eventually saw, it made sense for the shareholders to hold onto their shares for the future.

    NSE Maintains Dominant Market Position

    NSE holds a commanding position across multiple segments of India’s capital market. It has been the country’s largest exchange by cash-market turnover and equity derivatives activity for years. On a global scale, in FY26, NSE accounted for about 11.4% of global cash equity activity and around 51.2% of equity derivatives contracts, according to data cited in the offer documents.

    The exchange also plays a major role in the primary market. Companies raised approximately USD 20.1 billion through NSE in FY26, and 219 IPOs were listed during the year. Rising retail participation, higher institutional activity, digital adoption, and wider fundraising are expected to support activity on Indian exchanges over the long term.

    Technology and Data Drive Revenue

    NSE operates a technology-driven trading platform that handles large volumes across equities, derivatives, and currencies. Its systems also support clearing, surveillance, settlement, and investor services. NSE Clearing supports both T+1 and T+0 settlement cycles. The exchange has also expanded internationally through NSE International Exchange at GIFT City, offering products linked to Indian markets.

    Beyond transaction fees, NSE earns revenue from colocation, market data, connectivity, index licensing, and terminal services. Its colocation racks grew from 934 in FY24 to 1,868 by the first quarter of FY27. Revenue from colocation, connectivity, data, and index licensing rose from Rs. 1,395 crore in FY24 to Rs. 1,956 crore in FY26.

    Key Risks: Trading Volumes, Cyber Threats, and Regulatory Changes

    NSE’s revenue remains closely tied to trading activity. Weak economic conditions, high interest rates, inflation, or lower investor participation could reduce market volumes and transaction income. Regulatory changes can also affect trading patterns, especially in derivatives, where NSE earns a large share of its transaction revenue.

    Technology failures and cyberattacks are another concern. NSE reported a distributed denial-of-service attack in May 2025, though it did not report any uncontained cybersecurity incidents during FY24–FY26. Its clearing business also carries counterparty risk if a member fails to meet settlement obligations. NSE Clearing must maintain adequate Settlement Guarantee Funds and strong risk controls to support market operations.

    The NSE IPO therefore gives existing shareholders a route to sell part of their holdings while bringing India’s largest stock exchange to the public market without raising fresh capital.

  • NSE IPO Finally Opens After a Decade of Regulatory Delays: Key Details and Investor Insights

    NSE IPO Finally Opens After a Decade of Regulatory Delays: Key Details and Investor Insights

    The National Stock Exchange of India (NSE) is set to go public after nearly a decade of regulatory and legal hurdles. The much-anticipated NSE IPO will open for subscription on September 17 and close on September 21, with anchor investor bidding on September 16. Shares are expected to list on or around September 24.

    IPO Details

    The price band has been set at Rs 1,700 to Rs 1,785 per share. The offer comprises 126.4 million existing shares through a complete offer for sale. NSE will not raise fresh capital; instead, existing shareholders will sell part of their holdings. At the upper end of the price band, the IPO values NSE at approximately USD 46 billion.

    Why the NSE IPO Was Delayed for Nearly a Decade

    NSE first pursued a public listing in 2016, but the process was halted by regulatory investigations. The core issue involved the exchange’s co-location system, which allowed trading firms to place servers near NSE’s trading systems. Regulators examined allegations that some brokers had unfair access to NSE’s trading infrastructure.

    In 2019, the Securities and Exchange Board of India (SEBI) passed orders against NSE regarding the co-location matter. NSE challenged parts of SEBI’s findings, and the case moved through the Securities Appellate Tribunal and eventually the Supreme Court. Additional questions over dark fibre connections also prolonged the regulatory scrutiny, keeping the NSE listing in limbo.

    Legal Settlement Clears Path for IPO

    In 2025, NSE renewed efforts to resolve the long-running disputes by filing settlement applications with SEBI covering both the co-location and dark fibre cases. The exchange proposed a settlement payment of Rs 1,491 crore to close the pending matters. In July 2026, SEBI granted in-principle approval for the settlement, contingent on payment. The Supreme Court dismissed the regulator’s case in early September after the settlement process advanced, ending a regulatory dispute that had lasted around a decade and removing a major legal barrier to the NSE IPO.

    Investor Considerations

    After several existing shareholders reduced their planned share sales, the final offer size of 126.4 million shares is more than 15% lower than the earlier proposal. At the upper price of Rs 1,785 per share, selling shareholders could receive approximately Rs 22,500 crore. NSE itself will not receive any proceeds from the offer.

    NSE remains India’s largest stock exchange by trading activity. It has more than 2,200 listed companies and controls about 95% of India’s cash equity market, according to its disclosures. NSE also holds roughly 75% of the equity derivatives market and ranks as the world’s largest derivatives exchange by the number of contracts traded.

    For the financial year ended March 2026, NSE reported a profit of Rs 103 billion, down 15% from the previous year. Revenue reached approximately Rs 187 billion, more than double its 2019 level. Transaction charges generate over 80% of NSE’s total income, with derivatives trading contributing a significant portion.

    The NSE IPO is now poised for its public debut after years of regulatory investigations, appeals, and settlement talks. The offer opens on September 17, bringing India’s largest stock exchange closer to a listing it first pursued in 2016.