India's NSE IPO draws over $10 billion, traders eye modest listing pop

India’s National Stock Exchange (NSE) IPO pulled in more than $10 billion in bids by the final day of trading Monday, for a $2.3 billion offer that is the country’s biggest after Hyundai Motor India. The IPO’s price band is 1,700 to 1,785 rupees per share, with a valuation target up to $46 billion—about 15% to 20% below earlier roadshow estimates. Bids covered 505.81 million shares, 5.71 times the 88.64 million shares on offer. Qualified institutional buyers led at 12.68x. Trading is expected to begin Thursday.