New Delhi, Sept. 24 -- National Stock Exchange of India Ltd.'s shares gained in their debut on the BSE after the company raised $2.4 billion in one of the biggest initial public offerings in the country's history.

The stock rose 0.8% to 1,800 rupees in pre-market trading, compared with an IPO price of 1,785 rupees a share. The deal valued the world's biggest derivatives exchange at 4.4 trillion rupees ($46 billion).

The debut gives investors access to one of the linchpins of India's fast-growing capital market. It's also a chance to weigh in on the debate over NSE's worth. On the one hand, the company's long-term growth trajectory drove healthy institutional demand. On the other, and near-term concerns over derivatives volumes, regulato...