The National Stock Exchange of India is seeking up to $2.36 billion in an initial public offering that could count among the country's largest listings.

The operator of India's largest stock exchange set a price band of 1,700 to 1,785 rupees for the sale of 126.4 million existing shares, it said Friday. The number of shares is smaller than initially estimated in its draft red-herring prospectus filed in June.

At the upper end of the price range, the IPO gives the company a valuation of 4.418 trillion rupees, equivalent to $46.17 billion, based on its total number of shares.

The offer opens next Thursday and closes Sept. 21.

Selling shareholders include State Bank of India, Morgan Stanley and the Canada Pension Plan Investment Board.

The bourse first filed to go public in 2016, but faced years of delays due to regulatory disputes and legal proceedings. Its smaller rival BSE, formerly known as the Bombay Stock Exchange, listed in 2017.

While NSE's IPO would be the largest this year so far, the trimmed deal means it trails the 2024 listing of Hyundai Motor India, which raised more than $3 billion. Another potential mega IPO by Reliance Industries' Jio Platforms could also rival NSE's.

The highly anticipated offerings could be a shot in the arm for India's subdued capital markets, which have been weighed by weaker sentiment amid macroeconomic uncertainty. The benchmark Sensex has declined more than 10% year to date.