Why India's Superstar Investors are Refusing to Sell NSE Shares
As the National Stock Exchange (NSE) prepares for India's largest-ever initial public offering, a fascinating divide has emerged among its shareholders. While massive institutions like SBI prepare to book astronomical profits, a group of India's most legendary individual investors have decided to hold their positions instead of participating in the offer for sale.
The High-Stakes Holdouts: Damani, Agrawal, and Khanna
While the NSE IPO is structured entirely as an offer for sale (OFS) of approximately 148.9 million shares, several "superstar" investors are choosing long-term capital appreciation over immediate liquidity.
Leading this group is retail tycoon Radhakishan Damani. Holding roughly 3.9 crore shares (a 1.58% stake), Damani’s position is valued at approximately Rs 8,032 crore based on last unlisted market trades of Rs 2,055 per share. This single holding is worth more than what several exiting institutional investors are expected to realize combined.
Other notable individual investors opting out include:
- Sunil Kant Munjal (Hero Group): Holds 1.02 crore shares worth ~Rs 2,040 crore.
- S. Gopalakrishnan (Infosys Co-founder): Holds 94.29 lakh shares worth ~Rs 1,886 crore.
- Ignatius Navil Noronha (Dmart CEO): Holds 30 lakh shares worth ~Rs 600 crore.
- Dolly Khanna: The smallcap specialist holds 15.16 lakh shares worth ~Rs 311 crore.
- Raamdeo Agrawal & Motilal Oswal: Both veteran value investors are holding 8 lakh shares each, valued at roughly Rs 164 crore each.
Even the Life Insurance Corporation of India (LIC), the exchange's largest shareholder with an 11% stake, has declined to participate in the OFS, opting to retain its position intact.
The Great Exit: Institutional Windfalls
The decision to "sit out" stands in stark contrast to the massive profits being realized by public-sector institutions. For many, the NSE IPO represents a once-in-a-lifetime jackpot.
State Bank of India (SBI) is selling 2.47 crore shares, aiming for a staggering 256,775% profit on its original investment. Similarly, public insurers New India Assurance and National Insurance—who originally acquired shares at just 32 paise—are looking at returns of up to 6,422 times. Overseas giants like Temasek and Morgan Stanley are also exiting, eyeing returns in the range of 31x to 33x.
Valorisation et envergure de l'IPO
L'émission proposée de 30 000 crores de roupies devrait éclipser le record détenu par Hyundai Motor India. À un prix indicatif de 2 000 roupies par action, la NSE serait valorisée à environ 5 lakh crores de roupies (52 milliards de dollars).
Il est intéressant de noter que, malgré sa part de marché dominante, la valorisation projetée de la NSE semble conservatrice par rapport à celle de son rival. À ces niveaux, la NSE se négocierait à un ratio cours/bénéfice (P/E) de 49, alors que son concurrent plus modeste, la BSE, s'échange à un P/E de plus de 66. Selon le DRHP, l'allocation de l'émission est fixée à 50 % pour les investisseurs institutionnels qualifiés, 35 % pour les investisseurs particuliers et 15 % pour les soumissionnaires non institutionnels.
Points clés à retenir
- Détention stratégique : Des investisseurs de premier plan tels que Radhakishan Damani et la LIC font l'impasse sur l'IPO pour maintenir leur participation à long terme dans la bourse dominante de l'Inde.
- Rendements sans précédent : Les sorties institutionnelles comme celles de la SBI et de New India Assurance enregistrent des rendements massifs, multipliés par des milliers, sur leur capital initial.
- Événement historique sur le marché : Avec un objectif de 30 000 crores de roupies, l'IPO de la NSE est en passe de devenir la plus grande introduction en bourse de l'histoire de l'Inde, valorisée à environ 5 lakh crores de roupies.