The National Stock Exchange of India Ltd's Rs 225.69 billion ($2.3 billion) initial public offering opened for subscription on Thursday.
The issue was subscribed 0.09 times as of 10:20 a.m. IST, according to exchange data.
The $2.3 billion IPO is one of India's biggest-ever IPOs and comes at a time when the primary market is attracting major issuers, including billionaire Mukesh Ambani-backed Jio Platforms, which is expected to list by year-end.
NSE's float would cap a decade-long effort in which regulatory scrutiny and legacy legal issues repeatedly delayed its listing.
The stock exchange operator on Wednesday allotted shares worth $703.04 million to marquee global and domestic investors, including the sovereign wealth funds of Norway and Abu Dhabi, as part of its anchor book allocation ahead of the IPO.