Why India's Superstar Investors are Skipping the Massive NSE IPO
As the National Stock Exchange (NSE) prepares for what is set to be India's largest-ever initial public offering, a fascinating divide has emerged among its shareholders. While institutional giants race to monetize decades of growth, a group of India’s most legendary individual investors has chosen to hold their positions firmly.
The Great Holdout: High-Profile Investors Rejecting Exit
The proposed ₹30,000 crore NSE IPO is structured entirely as an Offer for Sale (OFS), meaning existing shareholders are selling their stakes to new investors. However, several "superstar" investors are opting out of this massive liquidity event, signaling deep confidence in the exchange's long-term trajectory.
Leading the list is retail tycoon Radhakishan Damani, who holds approximately 3.9 crore shares (a 1.58% stake). Based on recent unlisted market trades of ₹2,055 per share, Damani’s holding is valued at a staggering ₹8,032 crore—a sum that exceeds the expected realizations of several exiting institutions.
Other notable names refusing to sell include:
- Sunil Kant Munjal (Hero Group): Holding 1.02 crore shares worth ~₹2,040 crore.
- S. Gopalakrishnan (Infosys Co-founder): Holding 94.29 lakh shares worth ~₹1,886 crore.
- Ignatius Navil Noronha (DMart CEO): Holding 30 lakh shares worth ~₹600 crore.
- Dolly Khanna, Raamdeo Agrawal, and Motilal Oswal: All opting to retain their respective stakes rather than booking profits.
Even the largest shareholder, Life Insurance Corporation of India (LIC), is not participating in the OFS, choosing to maintain its ~11% stake intact.
The Contrast: Institutional Windfalls and Massive Returns
While the individual legends are holding, public sector institutions are gearing up for historic exits. The scale of profit for these entities is almost unimaginable. State Bank of India (SBI) is selling 2.47 crore shares, which is expected to yield a massive 256,775% profit on its original investment.
Similarly, public insurers like New India Assurance and National Insurance—who originally acquired shares at just 32 paise—are looking at returns of up to 6,422 times. Global players like Temasek and Morgan Stanley are also participating, eyeing returns in the range of 31x to 33x.
Valuation and Market Context
Der NSE-Börsengang wird die Börse bei einem indikativen Preis von 2.000 ₹ pro Aktie auf etwa 5 Lakh Crore ₹ (52 Mrd. $) bewerten. Dies entspricht einem Kurs-Gewinn-Verhältnis (KGV) von 49 und einem Kurs-Buchwert-Verhältnis (KBV) von 15, basierend auf den prognostizierten Gewinnen für das Geschäftsjahr 2026 (FY26).
Interessanterweise lässt diese Bewertung die NSE trotz ihres dominanten Marktanteils „günstiger“ erscheinen als ihren Rivalen BSE, der mit einem deutlich höheren KGV von über 66 gehandelt wird. Da regulatorische Vorschriften verhindern, dass eine Börse an ihrer eigenen Plattform notiert wird, werden die NSE-Aktien an der BSE gelistet.
Wichtigste Erkenntnisse
- Strategische Zurückhaltende: Top-Investoren wie Radhakishan Damani und die LIC weigern sich, an dem 30.000-Crore-₹-OFS teilzunehmen, was auf eine langfristige Überzeugung hindeutet.
- Beispiellose Renditen: Institutionelle Verkäufer wie die SBI und New India Assurance werden astronomische Gewinne realisieren, die von Tausenden bis hin zu Hunderttausenden von Prozent reichen.
- Rekordverdächtiges Ausmaß: Der NSE-Börsengang wird den von Hyundai Motor India aufgestellten Rekord von 27.000 Crore ₹ übertreffen und damit zu einem Meilenstein an den indischen Kapitalmärkten werden.