Mumbai — India’s National Stock Exchange attracted more than $10 billion in investor bids on Monday as its $2.3 billion initial public offering entered its final day.

The IPO was subscribed 5.7 times, according to exchange data available at 5:02 p.m. IST. Investors placed bids for 502.69 million shares, compared with the 88.64 million shares made available through the offering.

Including anchor investments, total bids reached 964.76 billion rupees, or $10.07 billion, based on the upper end of the IPO’s price range of 1,700 to 1,785 rupees per share.

The final bid total could still change because bidding data was scheduled to continue updating until 7:00 p.m. IST.

The offering marks a significant stage in the National Stock Exchange’s efforts to become a publicly traded company after a decade-long process. NSE shares are scheduled to begin trading on Thursday.

With a value of $2.3 billion, the offering ranks as India’s second-largest IPO.

Investor demand comes as attention remains focused on India’s equity market and the country’s expanding role in Asian capital markets. As one of India’s central financial-market institutions, the exchange’s listing has drawn close attention from investors.

The public-market debut also brings to an end the lengthy process of listing the exchange itself. Once trading begins, the NSE’s share price will be determined by market conditions.

The IPO price band was fixed at between 1,700 and 1,785 rupees per share, with the $10.07 billion bid figure calculated using the upper end of that range.

Exchange data showed that investor demand substantially exceeded the number of shares available in the offering.

The transaction comes as companies across Asia continue to raise capital through equity markets. While strong IPO subscriptions can indicate investor interest in new listings, subscription levels do not determine how a company’s shares will perform after trading begins.

NSE shares are expected to start trading Thursday, giving investors their first opportunity to buy and sell the exchange operator in the public market.

The exchange rate used in the Reuters report was $1 to 95.8150 Indian rupees.

The NSE listing is consequently expected to receive significant attention in India because of both the offering’s size and the exchange’s role in the country’s financial-market infrastructure.

Original article