In a nation where equity investing was once a marginal habit, India's National Stock Exchange has stepped into the public markets and found an audience far larger than the offering itself could accommodate. The $2.3 billion IPO drew more than $10 billion in bids, a ratio that speaks less to speculation than to a generational shift in how hundreds of millions of Indians are beginning to think about wealth. Valued at nearly twice the earnings multiple of its American counterparts, the NSE is being priced not for what it is, but for what a rising middle class is becoming.