National Stock Exchange of India Ltd.’s valuation in the private markets has doubled to $36 billion in the last four months, backed by investor expectation that an initial public offering could materialize as early as the first quarter of next year,

Unlisted shares in the world’s largest derivative exchange by contracts are in high demand with wealth managers whose rich clients want to own a piece of the company, said the people, asking not to be identified citing private information.

NSE's valuation has doubled to $36 billion in four months. Unlisted shares are in high demand due to IPO expectations. Wealth managers are buying the shares, which are trading in the range of Rs 5,700 to Rs 6,