A decade-long road to an initial public offering for the world’s largest derivatives exchange is at risk of ending with a whimper.
The National Stock Exchange of India Ltd. will make its debut on rival BSE Ltd. Thursday after raising $2.4 billion in an initial public offering, the country’s second-biggest ever. Subdued retail demand for the deal and the gray market indicating a gain of between 2% and 3% suggest that a blowout first day pop is unlikely, even after valuation concerns forced the company to dial back both the size and the price of the listing.
