New Delhi, Sept. 15 -- The IPO market is once again heating up, but this time investors have two very different stories to choose from. While one issue offers the heft and dominance of a market-infrastructure giant, the other brings exposure to a business riding the fast-moving electric mobility theme.

With both IPOs arriving almost back-to-back, the bigger question is not simply which one could list higher, but which business offers the more compelling opportunity for investors. The much-awaited NSE IPO is set to open on September 17, while Hero Motors is scheduled to hit the subscription window a day earlier on September 16.

Here is a closer look at the two IPOs, their GMP signals, valuations, issue structures and analyst views to ass...